Rising electricity complexes is demanding rapid growth in the electric power landscape, thereby boosting the prevalence of digital substations, which overcome the challenges related to cybersecurity. On contrary, increasing digitalization, distribution, and decarbonization of future energy systems are emphasizing the scope of a digital substation. Henceforth, digitalization of substations has become an influential step that positively determines the transformation of energy systems. Digital substation improvises operations administration between distributed intelligent electronic devices (IEDs), which are interconnected by communications networks. It also delivers key benefits specifically in terms of design, installation, engineering, and operation, hence, organizations are adapting the technology and creating Digital Substation Market revenue sources. IEC61850-9.2 process bus and IEC61850 standard collectively act as the heart of the digital substation, because process bus is a high-speed Ethernet communications network. Jointly, they have become a revolution in substation engineering. The process bus affords superior reliability for substations, compared to a single bus. The report covers Digital Substation Market size by type and applications, Digital Substation Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Additionally, this bus offers a significant number of opportunities for lifecycle cost reduction, which encompasses installation, configuration, and commissioning costs. In the recent times, growing demand for the integration of optical current and voltage transducers (CT and VT) into the digital substation has become a trend. In addition to this, ease of incorporation associated with modern CT and VT sensors is boosting the growth of CT and VT in the digital substation market. Improved reliability, commissioning, accuracy in measurements, operations, and information recording have been prominent growth promoting factors of the digital substation market. Thus, the global Digital Substation Market size was evaluated at $6.8 billion in 2018, and is estimated to grow with a CAGR of 6.9%, during the forecast period 2019-2025.
Numerous advantages of the digital substation are attracting the industry players. These advantages are simpler and easier installation, interoperability between devices, better EMC performance, and isolation of circuits, which are proving to be adoption drivers for the digital substation market. Nowadays, digitalized substations are publicizing as key elements of the power supply. These are gradually occupying a prominent role in energy data communication as well. Smart digital technology is ensuring the success of digital transformation in the energy sector. Increase in investments in such innovative technologies has been encouraging the future-proof power grids. Since the substation is a well-known primary component of power grids, the digitalized substation market players are gaining traction from grid operators and utility companies, as it is a cost-effective solution, which increases the sustainability of power supply. Application of digital substations in the transportation industry is set to grow at the fastest CAGR of 8.4% among utility, oil and gas, mining, and metal industries, over the forecast period 2019-2025.
MicroSCADA Pro helps in genuine automation and control solution for transportation. It is an intuitive user interface which assists safe and fast operations. North America is a leading region among other regions in the global digital substation market, with a regional share of 35.1% in 2018. Two U.S. laboratories have been constructed by the National Grid, to troubleshoot problems linked with substation projects. Presence of well-established players coupled with the growing adoption of digital substations in the American countries is creating a demand influx in the digital substation market.
Major Players in Digital Substation Market Include:
Some of the players which are operating in the global digital substation market are ABB, Siemens, G.E, Cisco, Schneider, Honeywell, Emerson, LandT, Eaton, NR Electric, and SEL. These companies have been continuously concentrating on partnership and product launches to strengthen their projects and their brand value in respective geographies.
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ABB Dispersion in the Digital Substation Marketplace:
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To view the original version on The Express Wire visit Digital Substation Market is Driven by the Rising Complexity of Electricity Coupled with Prevalent Acceptance of Digitalization in Power Sector