BANGALORE, India, Sept. 21, 2020 /PRNewswire/ — According to the Latest Market Research Report “Digital Substation Market by Type (Up to 110 kV, 110 to 330 kV, Above 330 kV) by Application (Power Utility, Industrial) and Region – Global Forecast to 2026“, published on Valuates Reports.The Global Digital Substation Market size is expected to grow from USD 1682.2 Million in 2019 to USD 2490.4 Million by 2026 at a CAGR of 5.7% during the forecast period 2021-2026.
Major factors driving the Digital Substation Market size’s growth are growing infrastructure creation in smart cities, rising power demand with limited space supply, increasing demand to replace conventional substation infrastructure, and rising interoperability and protection.
The report offers an in-depth assessment of the growth and other aspects of the Digital Substation market in important regions, including the U.S., Canada, Germany, France, the U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil.
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COVID -19 IMPACT ON DIGITAL SUBSTATION MARKET
The demand for power from industrial & commercial companies has fallen due to COVID-19. Production units were shut down due to a lack of labor and raw materials available. This has contributed to a massive difference between demand and supply. Also, due to this outbreak, digital substation projects were put on hold. It is therefore predicted that the demand for the Digital Substation Market will decrease in 2020. However, it is estimated that the overall situation will normalize by the end of 2020.
TRENDS INFLUENCING THE DIGITAL SUBSTATION MARKET SIZE
The increasing demand for renewable energy projects is expected to dive into the Digital Substation Market size. The renewable energy market is poised to enter a new growth phase, powered largely by increased consumer demand, cost competitiveness, innovation, and collaboration. The decreasing generation costs of renewable energy sources and the increased competitiveness of battery storage are among the key factors driving renewable energy projects’ growth.
The growing demand for renewable energy projects and electricity-generating battery technologies is expected to fuel the Digital Substation Market size during the forecast period.
Investments in smart cities and smart grid infrastructure development is expected to propel the Digital Substation Market size. A smart city is established with multiple hardware and software systems that communicate with each other to deliver data in real-time. A digital substation is a key part of the smart city delivery system as a whole. As each substation system is upgraded to communicate using digital signals, substations are linked to fiber-optic communication networks.
Growing energy demand due to increasing investment in building long-route high-voltage electrical networks as well as refurbishing and upgrading existing infrastructure is expected to increase the Digital Substation Market size.
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DIGITAL SUBSTATION MARKET SHARE ANALYSIS
In terms of electricity consumption and rural electrification, Asia Pacific (APAC) is projected to be the fastest-growing digital substation market. The modernization of industrial infrastructure in APAC has been rising at a rapid pace, and the same trend is expected to continue in the future.
Based on industry, the utility segment held the largest Digital Substation Market share in 2019. The utility sector is responsible for electricity generation, transmission, and distribution.
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DIGITAL SUBSTATION MARKET SEGMENTATION
Segment by Type
- Up to 110 kV
- 110 to 330 kV
- Above 330 kV
Segment by Application
- ABB, General Electric,
- Schneider Electric, etc.
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SIMILAR REPORTS :
● Emergency Mobile Substation Market
North America Production value accounted for less than 54.47% of the total value of the global Emergency Mobile Substation. ABB is the world-leading manufacturer in the global Emergency Mobile Substation market with a market share of 11.27% in 2015.
This report presents the worldwide Emergency Mobile Substation market size (value, production, and consumption), splits the breakdown (data status 2014-2019 and forecast to 2025), by manufacturers, region, type, and application.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-16X267/global-emergency-mobile-substation4
● Packaged Substation Market
In 2019, the global Packaged Substation market size was USD 5835.4 Million, and it is expected to reach USD 7968.6 Million by the end of 2026, with a CAGR of 4.5% during 2021-2026.
The packaged substation’s major sales regions are Asia-Pacific, Europe, and North America, which accounted for about 92% of sales market share in 2018. Asia-Pacific is the largest consumption region with a market share of 52% in 2018.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-3Q3459/global-packaged-substation
● Supervisory Control and Data Acquisition (SCADA) Market
The global Supervisory Control and Data Acquisition market size is projected to reach USD 44.75 Billion by 2026, from USD 32.94 Billion in 2020, at a CAGR of 5.24% during 2020-2026.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-8E3010/covid-19-impact-on-global-supervisory-control-and-data-acquisition-scada
● Substation Monitoring System Market
The global Substation Monitoring System market size is projected to reach USD 3303.6 Million by 2026, from USD 3152.8 Million in 2020.
View Full Report: https://reports.valuates.com/market-reports/a/substation-monitoring-system
● Emergency Mobile Substation Market
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-16X267/global-emergency-mobile-substation
● Substation Automation Market
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-1G3420/global-substation-automation
● Modular Substation Market
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-29C2330/global-modular-substation
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