The report "Digital Substation Market with Covid-19 Impact Analysis by Module (Hardware, Fiber-Optic Communication Networks, and Scada Systems), Type (Transmission and Distribution), Voltage, Installation Type, Industry, and Region - Global Forecast to 2025" According to the new research report the global digital substation market is projected to reach USD 9.1 billion in 2025 from USD 6.4 billion in 2020, at a CAGR of 7.1% between 2020 and 2025.The growth of this market can be attributed to the increasing investments in smart cities and the development of smart grid infrastructure and superior benefits of digital substations over traditional counterparts are the major factors contributing to the growth of the Digital Substation market globally.
Browse 112 market data Tables and 55 Figures spread through 199 Pages and in-depth TOC on "Digital Substation Market with Covid-19 Impact Analysis by Module (Hardware, Fiber-Optic Communication Networks, and Scada Systems), Type (Transmission and Distribution), Voltage, Installation Type, Industry, and Region - Global Forecast to 2025"
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Fiber-optic communication networks segment is estimated to be the fastest growing market
Fiber-optic communication networks segment is expected to register the highest CAGR in the digital substation market from 2020 to 2025. The market growth can be attributed to several benefits offered by the fiber-optic communication networks including improved reliability for long-distance transmission, enhanced security, long lifespan, and ease of maintenance. Also, various countries and companies are replacing copper wires with the fiber-optic cables to increase their operational efficiency.
Transmission substation to account for a larger share of the digital substation market
With the growing population and the increasing demand for electricity, the requirement of replacing aging transmission and distribution power station infrastructure is also increasing. The digital substations installed with IEC 61850 compliance are capable of carrying out large power transmissions. Moreover, they have a long lifespan. Therefore, the investor-owned utilities are spending increasingly on upgrading their transmission substation infrastructures to transform them into digital substations. Thus, transmission substation is estimated to account a larger share of the digital substation market.
Asia Pacific to account for a significant share of the global digital substation market
Asia Pacific to account for a significant share of the global digital substation market during the forecast period. Several initiatives have been taken by various governments in APAC countries to improve the power and energy sector, which is driving the growth of the digital substation market. Moreover, the Government of India has launched several schemes to revive the power distribution in utilities and for village electrification systems.
The report profiles key players such as ABB (Switzerland), General Electric Company (US), Siemens AG (Germany), Eaton Corporation Inc. (Ireland), Schneider Electric SE (France), Honeywell International Inc. (US), Cisco System (US), NR Electric (China), Emerson Electric Co. (US), and Larsen & Toubro Limited (India).
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