DUBLIN, October 11, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Digital Substation Market by Module (Hardware, SCADA, & Fiber Optics Communication Network), Voltage (Below 66kV, 66kV-220kV, 220-550kV, & Above 550kV), Type (Transmission & Distribution), Industry, & Geography - Global Forecast to 2022" report to their offering.
The digital substation market is expected to be valued at USD 8.42 Billion by 2022, growing at a CAGR of 6.8% between 2016 and 2022
Several countries are looking for reliable and stable power supply, in terms of renewable sources, for power generation. This is expected to fuel the demand for installation of digital substations in upcoming smart cities as power generation is majorly done through renewables such as solar and wind energy.
The digital substation market, on the basis of module, has been segmented into hardware, fiber optics communication network, and supervisory control and data acquisition. Among all the segments, the market for hardware is expected to grow at the highest CAGR during the forecast period. Major investments in railway and metro projects in APAC and South America are likely to drive the digital substation market for protective devices for the transportation industry during the forecast period.
The digital substation market, on the basis of type, has been segmented into transmission and distribution substations. APAC is the fastest growing market for transmission digital substations due to rapid industrialization, and also there is a huge opportunity for investments in renewable energy projects, such as wind and solar, for power generation in this region. To meet the growing demand for electricity, the companies in APAC are encouraging the installation of digital substations.
The digital substation market, on the basis of voltage, has been segmented into below 66 kV, 66kV-220kV, 220kV-550kV, and above 550kV. Among these voltage ranges, the market for digital substations with a voltage range of 220kV-550kV is expected to grow at the highest CAGR during the forecast period, and this market growth can be attributed to the increased investments in transmission infrastructure in APAC.
The digital substation market, based on industry, has been segmented into utility, oil & gas, metal, mining, and transportation. Among these industries, utility is expected to hold the largest share of the digital substation market, followed by oil & gas, during the forecast period. The growth of the market for the utility industry can be attributed to the increasing demand for the replacement of aging infrastructure and the use of renewables such as solar and wind for electricity generation.
Key players in this market focus on strategic partnerships, acquisitions, agreements, and new product launches to increase their revenue. ABB Ltd. is a leading player in the digital substation market. The company focuses on new projects and new product launches to maintain its leading position worldwide. Recently, in 2016, ABB provided power infrastructure for the offshore platform as well as the onshore substations to efficiently integrate into Rampion Offshore Wind Farm, the U.K.'s. transmission grid; the company also extended an existing substation that received the wind power.
The key players operating in this market include
- ABB Ltd. (Switzerland)
- Siemens AG (Germany)
- General Electric (U.S.)
- Cisco systems, Inc. (U.S.)
- Schneider Electric (France)
- Honeywell International Inc. (U.S.)
- Emerson Electric (U.S.)
- Larsen & Toubro (India)
- Eaton Corp., (Ireland)
- NR Electric Co., Ltd (China)
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insight
5 Market Overview
6 Technological Overview
7 Industry Trends
8 Digital Substation Market, By Module
9 Digital Substation Market, By Type
10 Digital Substation Market, By Voltage
11 Digital Substation Market, By Industry
12 Geographic Analysis
13 Competitive Landscape
14 Company Profiles
For more information about this report visit http://www.researchandmarkets.com/research/6tj2t2/digital
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SOURCE Research and Markets