Global Market Insights added a report on Digital Substation Market that provide in-depth information about market overview, top vendors, Key market highlights, product types, market drivers, challenges, trends, industry landscape, size and forecast, five forces analysis, Key leading countries/Region.
Digital Substation Market surpassed USD 7 billion in 2018 and is predicted to grow at a CAGR of 7% by 2025. Advancing product configurations coupled with rising demand for reliable & safe electrical networks across commercial, industrial, utility and residential establishments will escalate the business growth. Furthermore, allied regulatory initiatives and updates positively influenced by standard product specifications for consumers and installers have strengthened the industry dynamics. Regional shift toward the adoption of renewable electricity infrastructure and electrification across off grid network have further incorporated a positive business scenario.
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In the recent years, the industry has gained impetus owing to rising concerns associated with health, electrical supply faults, fire and other operational hazards. Lack of effective electricity infrastructure across developing countries along with paradigm shift towards the expansion of prevailing network has infused a favorable business scenario. Furthermore, advancing product specifications along with major industry players undertaking mergers & acquisitions as a key strategic implication will augment the industry landscape.
Digital substation market has primarily been influenced by various regulatory mandates and guidelines, which have laid numerous standards pertaining to the manufacturing & deployment of these units. Standalone areas have acted as a pivotal for regulators & installers as these products hold a significant potential for industry expansion. Moreover, the rising energy demand supported by favorable consumer inclination to integrate a renewable electricity infrastructure will energize the business landscape.
Consumer shift favored by government strategies to develop an optimized and smart electrical network has fueled the industry growth. Major industry participants have been allocating funds to develop technologies to enhance the ongoing digitalization across the industrial platform. Communication technology has witnessed momentum across substation units on account of their efficient feedback capabilities; allowing optimal time for fault detection and failure corrections. In addition, utilities are aligning their fund flows toward an uninterrupted power supply across major regions which has integrated a sustainable business scenario.
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Digital substation market across Asia Pacific, in 2018, exceeded USD 2.5 billion. Energy demand has primarily been driven by the ongoing and planned industrial & commercial establishments. Shifting trends subject to the renewal of overhead transmission lines with aerial bunched cables & underground wires will further complement the technological adoption. Furthermore, advancing economic scenario along with ongoing technological enhancements will result in swift growth of micro-grid network, which will positively sway the business outlook.
Prominent digital substation market players include Locamation, NetControl, Texas Instruments, NR Electric, GE, Schneider, Cisco, L&T, Open System International, ABB, Efacec, Tesco Automation, Belden Inc., Emerson electric, Eaton, Siemens, Rockwell Automation, Beijing Sifang Automation Co and Guodian Nanjing Automation Co.