Digital Substation Global Market To Grow At Rate Of 11% Through 2026May 23, 2022
The Business Research Company covers the digital substation market drivers and restraints, market size, major players, and the impact of COVID-19 on the market.
LONDON, GREATER LONDON, UK, May 20, 2022 /EINPresswire.com/ — According to ‘Digital Substation Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026’ published by The Business Research Company, the digital substation market size is expected to grow to $10.47 billion in 2026 at a CAGR of 11.19%. The increasing demand for electricity is expected to propel the digital substation market growth.
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The digital substation market consists of sales of digital substation by entities (organizations, sole traders, and partnerships) that is used to communicate between the relays in the control house and the instrument breakers, transformers, and merging units in the station yard. The digital substation brings digital technology into the substation. The term digital substation refers to electrical substation in which operation is controlled by distributed intelligent electronic devices (IEDs) linked by the communication networks. It is possible by the use of computing technologies in the substation.
Global Digital Substation Market Trends
Strategic collaboration between companies is a key trend gaining popularity in the digital substation market. According to the digital substation market analysis, companies that provide digital solutions are undergoing partnerships and collaborations to cope up with the digital transformation that is occurring at a rapid pace. For instance, in December 2020, ABB, a Sweden-based technology and industrial company that provides digital substations, partnered with CORYS, a manufacturing business established in France. The collaboration will develop digital twin modeling and simulation technology in the energy and industrial industries. Furthermore, in September 2020, Siemens AG, a Germany-based engineering and manufacturing company that provides digital substations, partnered with Atos, a France-based information technology services and consulting firm, for a deal amount of $3.40 billion. Siemens’ digital goals in the areas of services modernization and digitalization, data-driven digital, cloud transformation, and cybersecurity are likely to be accelerated as a result of the relationship.
Global Digital Substation Market Segments
The global digital substation market is segmented:
By Voltage Level: Low, Medium, High
By Type: Transmission, Distribution
By Module: Fiber Optics Communication Network, Supervisory Control and Data Acquisition, Hardware
By Industry Vertical: Power Generation, Metal and Mining, Oil and Gas, Transportation and Logistics, Defence and Aerospace, Process and Manufacturing, Others
By Geography: The global digital substation market report is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe accounts for the largest share.
Read more on the global digital substation market report here
Digital Substation Global Market Report 2022 is one of a series of new reports from The Business Research Company that provides digital substation market overviews, analyzes and forecasts market size and growth for the global digital substation market, market share, market segments and geographies, market players, market leading competitor revenues, profiles and market shares. The digital substation market report identifies top countries and segments for opportunities and strategies based on market trends and key competitors’ approaches.
TBRC’s Digital Substation Global Market Report 2022 includes information on the following:
Data Segmentations: Market Size, Global, By Region and Country, Historic and Forecast, and Growth Rates for 60 Geographies
Key Market Players: ABB Group, NR Electric, Eaton Corporation Inc., Schneider Electric, General Electric, Larsen & Toubro, Siemens, Tekvel, Toshiba, Yamal LNG, DNV GL, Hitachi, Igrid T&D, Kalkitech, Locamation, and Panasonic Corporation.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
And so much more.
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