According to a market report by Lucintel, the future of the digital substation market looks promising with opportunities in the utility, heavy industry, transportation, and other industries. The global digital substation market is expected to grow with a CAGR of 6% from 2021 to 2026. The major drivers for this market are growing infrastructure development in smart cities, increasing power demand with limited space availability, and rising demand for renewable energy projects.
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In this market, transmission substation, and distribution substation are the two types of digital substation that are used in a wide range of industries. Transmission substations will remain the largest segment because they can be integrated with transmission and networks having multiple parallel interconnections for transmitting power over long distances to any user.
Within the digital substation market, utilities will remain the largest end use industry during the forecast period, as it is responsible for the generation, transmission, and distribution of electricity.
Asia Pacific will remain the largest region during the forecast period due to increasing electricity consumption and rural electrification. The modernization of industrial infrastructure in APAC is expected to be high in the future also.
ABB, General Electric Company, Siemens AG, Eaton Corporation Inc., Schneider Electric SE, Honeywell International Inc., and Cisco System are among the major digital substation manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global digital substation market by type, module, voltage, installation type, end use industry, and region. Lucintel has prepared a comprehensive research report titled “Growth Opportunities in the Global Digital Substation Market 2021-2026: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global digital substation market by module, type, installation type, voltage, end use industry, and region as follows:
By Module [$M shipment analysis for 2015 – 2026]:
Hardware
Fiber-Optic Communication Networks
SCADA Systems
By Type [$M shipment analysis for 2015 – 2026]:
Transmission Substation
Distribution Substation
By Installation Type [$M shipment analysis for 2015 – 2026]:
New Installations
Retrofit Installations
By Voltage [$M shipment analysis for 2015 – 2026]:
Up to 220kV
220-500kV
Above 500kV
By End Use Industry [$M shipment analysis for 2015– 2026]:
Utilities
Heavy Industries
Transportation
Others
By Region [$M shipment analysis for 2015 – 2026]:
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Asia Pacific
China
Japan
India
South Korea
The Rest of the World
This more than 150 page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. We offer market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.