Digital Substation Market worth over $10.5bn by 2028

Digital Substation Market size is set to surpass USD 10.5 billion by 2028, as reported in the latest study by Global Market Insights Inc.
 

The digital substation market growth is attributed to the growing demand for effective & efficient control and monitoring technologies across T&D networks. The lack of efficient & sustainable electrical infrastructure in developing nations along with a continuous shift toward the refurbishment and replacement of electrical networks in developed nations has led to a positive business scenario. Henceforth, expansive industrial strategies along with the rapid integration of cost-competitive & efficient products will steer industry potential.
 

The ongoing COVID-19 pandemic, however, has adversely impacted the overall market expansion in the last two years owing to the closure of several manufacturing & commercial facilities. The industry growth is anticipated to bounce back during the forecast period on account of ongoing vaccination drives around the globe.
 

The ongoing adoption of automated electrical systems to curb electrical losses and unnecessary cost inclusions will complement the digital substation market progression

The incorporation of technology-aided systems including PLC networks and monitoring & control software across substations to enhance the functionality of inclusive systems will increase the product acceptance in the coming years. In addition, the ongoing deployment of automated electrical equipment across existing substation units to upgrade & curb unnecessary cost inclusions in new substation installations will complement the product portfolio. The introduction of self-assisted protection units and electrical components favored by a positive utility inclination, primarily across developed economies, has infused favorable industrial prospects.
 

Browse key industry insights spread across 580 pages with 1085 market data tables & 36 figures & charts from the report, “Digital Substation Market Size, By Component (Substation Automation System, Communication Network, Electrical System {Transformer, Busbar, Protection Devices [Circuit Breaker, Protective Relay, Switchgear]}, Monitoring & Control System {Human Machine Interface, Programmable Logic Controller}), By Architecture (Process, Bay, Station), By Application (Transmission, Distribution), By Connectivity (< 33 kV, 33 kV to 110 kV, 110 kV to 220 kV, 220 kV to 550 kV, > 550 kV), By Voltage Level (Low, Medium, High), By End-use (Utility, Industrial), By Installation (New, Refurbished), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/digital-substation-market
 

Increasing government investments along with the growing demand for smart & effective electrical equipment to propel the digital substation market demand

Ongoing governmental investment across industrial establishments including manufacturing and process industries across developing as well as developed regions has been a significant growth driver for digital substation deployment. These establishments require a higher amount of electricity, thereby augmenting the overall electricity demand from the industrial sector.
 

Moreover, growing per capita incomes of the population across the globe have led to an increase in spending across consumer products which has positively driven the development & expansion of these establishments. Furthermore, ongoing development across the industrial sector has escalated the energy consumption which in turn has boosted the demand for smart and effective network components, therefore stimulating the industry expansion.
 

Constant technological advancements coupled with burgeoning R&D expenditures in supplying efficient power units will drive the industry value

Ongoing technological enhancements to cater to electrical power losses and deploy automated systems across T&D networks will accelerate the digital substation market revenue. For instance, in 2020, Eaton launched PredictPulse, a redesigned remote management & monitoring service to support data centers and IT solutions in monitoring power infrastructure operations. Additionally, rising R&D expenditures by major industry players to improve the functionality and applicability of these units will fuel the product penetration during the forecast period.
 

The retrofitting and refurbishment of existing power grid networks across Europe will strengthen the industry demand

Europe digital substation market is expected to witness 6.5% growth rate through 2028. The renovation and replacement of conventional grid infrastructure coupled with growing concerns toward grid security and power supply stability will boost the regional product demand. Favorable schemes & incentives to incorporate IT solutions across the power sector will substantially propel the development of grid networks, proliferating the industry dynamics; however, the impact of the COVID-19 pandemic on the power industry in the region may restrict the streamlined flow of supplies till the second quarter of 2022. Ongoing vaccination drives along with the lifting of lockdown protocols will complement the product preference during the forecast timeline.
 

Innovations & collaborations along with joint ventures are amongst the top strategies adopted by eminent players

Eminent companies operating in the market include GE, Schneider Electric, Texas Instruments, ABB, Emerson Electric, Eaton, Tesco Automation, NR Electric, Open System International, Rockwell Automation, L&T, Cisco, Siemens, NetControl, Belden Inc, Guodian Nanjing Automation Co., Locamation, Efacec, and SIFANG. Strategic implications including mergers, agreements, joint ventures, and partnerships amongst leading companies will augment the business outlook.