Digital Substation Companies - ABB (Switzerland) and GE (US) are the Leading Key Players
The digital substation market is projected to reach USD 9.1 billion by 2025 from USD 6.4 billion in 2020; it is expected to grow at a CAGR of 7.1% from 2020 to 2025. The digital substation market in APAC is projected to grow at the highest CAGR during the forecast period. The modernization of industrial infrastructure in APAC is growing at a high rate for a few years, and the same trend is expected to continue in the future. Rapid industrialization, modernization of grid infrastructure, entry of many private companies in the power sector, increased spending by governments to boost the utility sector, and increasing number of power utilities are some of the key driving factor of the market. Digital substations provide cost-effective solutions, which help in meeting the rising demand for electricity in countries such as China, India, and Singapore.
Major Digital Substation companies include:
- 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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Top 2 Players in Digital Substation Market:
ABB focuses on new projects, partnerships, and expansions to maintain its global market presence. In September 2019, ABB signed a 5-year contract with Austrian Power Grid (APG), an Austria-based transmission system operator, to supply gas-insulated switchgears (GIS) during the largest electricity grid expansion in the country. Such long-term contracts help the company to grow and maintain good relations with customers.
The company has strong presence in Europe and generates ~36% of its revenue from this region. It should focus on other geographies, such as North America, the Middle East, and South America, for improved revenue generation. Additionally, the company could focus on developing innovative products for the digitization of substations, similar to its competitors.
GE focuses on both organic and inorganic growth strategies for expanding its power business. Product launches and developments, and expansions are the key growth strategies adopted by the company for maintaining its position in the digital substation market. In September 2019, GE’s Grid Solutions business invested USD 10 million to expand its range of sulfur hexafluoride (SF6)-free high-voltage substation equipment to include all key high-voltage levels by 2025. This is one of Grid Solution’s biggest portfolio investments in years that support customers in their efforts to reduce greenhouse gas emissions. GE could emphasize more on inorganic growth strategies, such as mergers & acquisitions, to target emerging and rapidly growing markets, such as India, China, and South Korea, in APAC.
Related Reports:
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
See Also :
Substation Automation Companies
Contact:
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