Digital Substation Market Size, Sales, Market Growth Rate And Competition Landscape, Forecast From 2022 To 2030

The Digital Substation Market is expected to register -7.5% CAGR during the forecast period. Industrial development worldwide is improving the growth rate of the market. The growing digitalization and improvement in infrastructure in smart cities are the main reason for the market growth. High maintenance and investment cost associated with setting up the digital technologies create challenges for the market to overcome. Rising environmental concerns provide ample opportunities for market growth. As a result of the pandemic effect, most of the supply chains slowed down, and the economy of several industries and regions also declined. The manufacturing units got closed due to the less number of workers. In contrast, during the lockdown period, the market attained growth due to developing electricity consumption, and economics improved the market size.

Key Players:

The key players of global digital substation market are-

• ABB Ltd. (Switzerland)
• Siemens AG (Germany)
• General Electric Company (U.S.)
• Schneider Electric (France)
• Honeywell International Inc. (U.S.)
• Cisco Systems, Inc. (U.S.)
• Eaton Corporation plc (Ireland)
• Emerson Electric Co. (U.S.)
• NR Electric Co., Ltd. (China)
• Larsen & Toubro (India)

Get the Sample for More Understanding@ https://www.marketresearchfuture.com/sample_request/5363

Market segmentation

The Digital Substation Market is segregated by module, voltage, type and industry. The market is bifurcated into SCADA, fibre optics communication network and hardware. The hardware segment is expected to register high growth till 2023. The hardware segments consist of protective devices, bus bars, transformers and interfacing units. Transformers are a prominent part of the market as they are one of the primary components installed in the substation. Due to the extensive use of the digital substation, the hardware component holds the largest growth rate. The type segment is divided into distribution substation and transmission substation. In 2016, the distribution substation dominated the market as the segment operates at low voltage and passes the electric energy directly to the residential and industrial sectors. The distribution segment’s growth is due to the growing urbanization and industrialization, and the market is getting boosted. Based on the voltage, the market is classified into up to 220 kV, 220–550 kV, and above 550 kV. In 2016, the 550 VK held high growth of the digital substation market. And in the next five years, it is estimated to be the largest growing voltage. The segment is sustainable in all industrial applications. The industry variables are gas and transportation, utility, mining and metal. The utility market held the largest market share in 2016. It is one of the highest segments due to the digital substation and the high demand and supply gap in energy in most developed areas. The growth of this segment is due to the renewable energy sources like solar, wind and hydro for the consumer’s demand.

Regional analysis

Digital Substation Market has been studied in five major regions: the middle east and Africa, Asia Pacific, Europe, and North America. North America is expected to dominate the market during the forecast period. The growth will occur mainly due to the growing adoption of the digital substation, and the region also has well-established market players. Asia pacific is also contributing to the market due to the growing demand for energy to support the local manufacturing units. Other regions are also growing and will showcase growth in the forecast period.

Browse Full Report Details@ https://www.marketresearchfuture.com/reports/digital-substation-market-5363

Industry news

Hitachi energy has delivered a 150kV digital substation to Indonesia utility, one of the prominent Japanese companies.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Tags: Digital Substation Market, DIGITAL SUBSTATION market analysis, Digital Substation Industry, Digital Substation Market Size, Digital Substation Market Share, Digital Substation Market Revenue See Campaign: https://www.marketresearchfuture.com/reports/digital-substation-market-5363

Contact Information:

Contact: Market Research Future 99 Hudson Street,5Th Floor New York, New York 10013 United States of America Sales: +1 628 258 0071(US) +44 2035 002 764(UK) Email: sales@marketresearchfuture.com

Tags:
PR-Wirein, Wire, Research Newswire, English