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Digital Substation Market to register extensive growth via utility sector

Author : Ronak Bora | Published Date : 2019-04-05 

Global Market Insights, Inc. has announced the launch of digital substation market, a comprehensive study enumerating the latest price trends and pivotal drivers rendering a positive impact on the industry landscape. Further, the report is inclusive of the competitive terrain of this vertical in addition to the market share analysis and the contribution of the prominent contenders toward the overall industry.

Based on the voltage, the digital substation market is segmented into systems with up to 220 kV, 220 to 550 kV, and above 550 kV energy. Several industries are implementing are up to 550kV. These systems are mostly used in space-restricted areas such as urban and industrial areas. The 220kV to 550kV digital substation industry is anticipated to show a high growth rate owing to growing investments by key players in the utility sector, mainly in the transmission infrastructure. For instance, in April 2017, Larsen & Toubro Limited announced that the company acquired a power transmission and distribution contract worth USD 817 million from the Government of Qatar to build 30 new substations of varying voltage levels across Qatar.
 
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The digital substation market is segmented based on types as distribution and transmission substations. The transmission digital substation industry will witness high growth over the coming years owing to the growing demand from end-use industries to replace the legacy utility infrastructure. To avoid power outages owing to inferior standards, investor-owned utilities are investing heavily in upgrading their transmission substations by installing the digital systems, which is attributing to the growth of the segment. 

The substantial growth of the digital substation market can be majorly attributed to the rising need to replace and redevelop the legacy infrastructure in developed countries to serve a large customer base. The industry is witnessing a growing trend of digital transformation across several end-use sectors as these systems provide enhanced safety, high efficiency, easy maintenance, investment security, and built-in cybersecurity. A major driving factor for the high adoption of these stations is the improved communication capability of the digital systems.

Based on the end-use industry, the digital substation market is classified into metal, mining, utility, transportation, and oil & gas sectors. The utility sector accounted for the majority of the market share owing to the rise in demand for renewable energy sources such as hydro, wind, and solar to meet the end-use demand for power generation. The digital substations are being implemented to a high extent in the utility sector owing to their high usage in distributing and transmitting power. The sector has witnessed a high demand & supply gap in the majority of the developed and developing economies. The industry is witnessing a rise in the number of project launches, such as solar projects in the Middle East and Asia Pacific countries, driving the utility digital substation industry growth.
 
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Asia Pacific digital substation market is expected to grow at a high rate owing to the expanding power distribution networks in countries including India, Singapore, Indonesia, Malaysia, and Taiwan. The region has witnessed a rise in the electricity consumption owing to the large consumer base and fast industrialization. Moreover, increasing government initiatives to enhance the legacy infrastructure and ongoing projects, such as building renewable energy sources of high voltage capacity, are supporting the regional digital substation industry growth. 

Digital Substation Market size is anticipated to grow substantially owing to the increasing usage of smart grid technology, the rise in substation modernization, and growing need for low-cost and flexible power solutions. Several countries are depending heavily on renewable energy sources for power generation, a major factor that drives the industry growth. In economies including Brazil, China, and India, electricity consumption is rising thereby driving the demand for smart grids. In addition, the digital substation sector is witnessing a growing demand for electricity coupled with the rise in government funding initiatives in partnership with the regional utility companies, driving the global digital substation industry.

Browse Full Report: www.gminsights.com/industry-analysis/digital-substation-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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