PUNE, India, October 31, 2017 /PRNewswire/ --
According to the new market research report "Digital Substation Market by Module (Hardware, Fiber Optic Communication Network, and SCADA), Type (Transmission and Distribution Substation), Voltage (Up to 220 kV, 220-550 kV, and above 550 kV), Industry, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 6.32 Billion in 2017 and is expected to reach USD 9.96 Billion by 2023, at a CAGR of 7.87% between 2017 and 2023. The moderate growth of the digital substation market can be attributed to the increase in demand for electricity and the need to replace aging infrastructure. Government funding initiatives in collaboration with the private utilities is increasing the installation of digital substations across the globe.
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Browse 68 Market Data Tables and 39 Figures spread through 156 Pages and in-depth TOC on "Digital Substation Market - Global Forecast to 2023"
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Hardware module expected to lead the digital substation market
The hardware module is expected to hold the largest share of the market between 2017 and 2023. The hardware module includes components such as transformers, bus bars, protection devices, and interfacing units. Transformers form a major part of the market, as they are the primary component that is installed in the substation. These hardware components have the largest share of the overall market owing to their extensive use in digital substations.
Digital substation market for the utility industry is expected to grow at the highest CAGR between 2017 and 2023
The utility industry is one of the booming application areas pertaining to digital substations, owing to the high demand-supply gap in energy in most of the developing and developed nations. Its market growth can be attributed to the increase in demand for renewable energy sources, such as wind, solar, and hydro to meet the consumers' demand for power generation. Digital substations have a large scope in the utility industry as these systems are used in transmitting and distributing power.
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Asia Pacific held the largest share of the digital substation market in 2016
Asia Pacific (APAC) held the largest share of the market in 2016. This growth can be attributed to the fact that several initiatives have been taken up by the Government of India to develop its power and energy sector, which is a major factor supporting the growth of the digital substation market in APAC. For instance, in 2016, ABB Ltd. (Switzerland) received an order from the Adani Group (Ahmedabad) to commission five substations that would involve the integration of 648 MW solar project at Kamuthi in Tamil Nadu.
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Some of the major players in the digital substation market are ABB Group (Switzerland), General Electric (US), Siemens (Germany), Schneider Electric (France), and Cisco Systems (US).
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