“The digital substation market is likely to grow at a CAGR of 6.8% during the forecast period”
The digital substation market is expected to be valued at USD 8.42 billion by 2022, growing at a CAGR of 6.8% between 2016 and 2022. The market growth can be attributed to the increasing demand for the replacement of the aging infrastructure. However, digital transformation in the oil & gas sector requires high capital expenditure for re-engineering the traditional processes, and there is a decline in the growth rate of the oil & gas industry. These factors are restraining the growth of the digital substation market.
“The market for digital substations with a voltage range of 220kV–550kV is expected to grow at a high rate during the forecast period”
The market for digital substations with a voltage range of 220kV–550kV is expected to grow at the highest CAGR between 2016 and 2022. The market growth can be attributed to the recent investments made by major companies in the utility sector. Recent developments are also taking place in this segment. For instance, in October 2015, Larsen & Toubro (India) was awarded a power transmission & distribution contract to build a 220 kV substation in the Middle East for various utility applications. The contract was worth USD 209.7 million.
“The market in APAC is expected to grow at the highest rate during the forecast period.”
The digital substation market in APAC is expected to grow at the highest CAGR between 2016 and 2022. The market growth can be attributed to the several initiatives taken up by the Government of India to improve its power and energy sector. Plans to build renewables with an energy capacity of 175GW by 2022, several schemes organized to revive distribution in utilities, and village electrification programs, among others, are some of the initiatives taken up by the Government of India.
Breakdown of profile of primary participants:
- By Company Type: Tier 1- 14%, Tier 2- 29%, and Tier 3- 57%
- By Designation: C-Level Executives- 28%, Directors - 29%, and Others- 43%
- By Region: North America-29%, Europe-57%, and APAC -14%
The key players operating in this market include ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric (U.S.), Cisco systems, Inc. (U.S.), Schneider Electric (France), Honeywell International Inc. (U.S.), Emerson Electric (U.S.), Larsen & Toubro (India), Eaton Corp., (Ireland), and NR Electric Co., Ltd (China), among others.
In this report, various segments such as module, voltage, type, industry, and geography have been covered for the study. It also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across four main regions: the Americas, Europe, APAC, and RoW (comprising the Middle East and Africa). The Porter’s five forces analysis has been included in the report, along with the description of each of its forces and their impact on the said market.
“Reasons to buy the report”:
- This report includes statistics pertaining to the digital substation market, by voltage, module, type, industry, and geography, along with their respective market size (in terms of value).
- The Porter’s five forces analysis, value chain analysis, and key strategies adopted by the market players have been provided for the digital substation market.
- Major drivers, restraints, opportunities and, challenges for the digital substation market have been detailed in this report.
- The report includes illustrative segmentation, analysis, and forecast for the digital substation market based on its segments and subsegments.