The power distribution networks of present times require a more efficient, reliable, and intelligent grid so as to achieve the levels of performance and control needed to manage its rapidly transforming structure and distribution dynamics. With the increasingly intermittent, volatile, and distributed nature of power generation sources, the present-day grid requires a digital makeover. The vast advancements in grid automation technology and the development of digital substations is making this transformation easy to achieve.
This report on the Global Digital Substation Market analyzes and forecasts the market at country, region, and global levels. The market has been forecast based on revenue (US$ mn/bn) from 2016 to 2024. The study presents a thorough analytical overview of factors such as drivers, trends, opportunities, restraints, regulatory compliances, and level of competition in the market, which are expected to have a notable impact on the future growth prospects of the market. All these aspects have been analyzed on regional and global levels.
The report presents an in-depth value chain analysis of the market, providing the reader a comprehensive view of ways, products, or services through which the consumer can be served in a more efficient manner. Porter’s Five Forces model for the market has also been included in the report to help the reader understand the state of competition and opportunities for established and new entrants in the market. The study also encompasses detailed market attractiveness analysis, wherein market segments such as end-users, product varieties, and regional markets are benchmarked on the basis of their market size, growth potential, present growth rate, and general attractiveness.
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The global market for digital substations is expected to exhibit growth at a healthy pace in the next few years. Growth will be mostly attributable to the rising demand for installing smart grids in emerging economies, where electricity consumption is bulging and measures of effective power transmission are essential to serve the swelling consumer base, and the need to replace aging power distribution infrastructure across developed economies. Digital transformation across a number of key end-use industries is also expected to be one of the key factors driving the global digital substation market in the next few years.
However, the overall growth of the market will be restrained due to factors such as the requirement of high initial investments for switching from conventional power distribution networks to advanced ones and the rising sophistication of security threats in the power industry. Nevertheless, the rising numbers of renewable energy generation projects across key regional markets will lead to vast growth opportunities for players operating in the global digital substation market.
Global Digital Substation Market: Geographical and Competitive Dynamics
From a geographical perspective, the global digital substation market has growth opportunities across developed economies in regions such as Europe and North America as well as emerging economies in regions such as Latin America and Asia Pacific. Developed economies will require digital substations to replace the ageing power distribution infrastructures. In Asia Pacific, the rising focus on the development of renewable energy sector and the increasing shift from conventional power distribution infrastructure to smart grids will drive the market.
The report also presents a thorough overview of the competitive landscape of the global digital substation market. The report presents detailed business profiles of some of the market’s leading vendors such as General Electric, ABB Ltd., Honeywell International Inc., Siemens AG, Emerson Electric, NR Electric Co., Ltd, Schneider Electric, and Larsen & Toubro.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.