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Digital Substation Market Growing at a CAGR 7.1% | Key Player General Electric, Siemens, Eaton, Schneider Electric, Honeywell

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Digital Substation Market Growing at a CAGR 7.1% | Key Player General Electric, Siemens, Eaton, Schneider Electric, Honeywell

April 01
09:54 2021
Digital Substation Market Growing at a CAGR 7.1% | Key Player General Electric, Siemens, Eaton, Schneider Electric, Honeywell

ABB (Switzerland), General Electric Company (US), Siemens AG (Germany), Eaton Corporation Inc. (Ireland), Schneider Electric SE (France), Honeywell International Inc. (US), Cisco System (US), NR Electric (China), Emerson Electric Co. (US), and Larsen & Toubro Limited (India)
Digital Substation Market with Covid-19 Impact Analysis by Module (Hardware, Fiber-Optic Communication Networks, and Scada Systems), Type (Transmission and Distribution), Voltage, Installation Type, Industry, and Region – Global Forecast to 2025

The Digital Substation Market is projected to reach USD 9.1 billion by 2025 from USD 6.4 billion in 2020; it is expected to grow at a CAGR of 7.1% from 2020 to 2025. The digital substation market in APAC is projected to grow at the highest CAGR during the forecast period. The modernization of industrial infrastructure in APAC is growing at a high rate for a few years, and the same trend is expected to continue in the future. Rapid industrialization, modernization of grid infrastructure, entry of many private companies in the power sector, increased spending by governments to boost the utility sector, and increasing number of power utilities are some of the key driving factor of the market. Digital substations provide cost-effective solutions, which help in meeting the rising demand for electricity in countries such as China, India, and Singapore.

Fiber-optic communication networks segment of the digital substation market projected to grow at the highest CAGR during the forecast period.

The fiber-optic communication networks segment is projected to grow at the highest CAGR from 2020 to 2025. The growth of this segment can be attributed to the advantages offered by fiber-optic communication networks over general copper wires. Some of the major advantages offered by the fiber-optic communication networks include improved reliability for long-distance transmission, enhanced security, long lifespan, and ease of maintenance. Various countries and companies are replacing copper wires with the fiber-optic cables to increase their operational efficiency.

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Among type, the transmission segment projected to hold a larger share of the digital substationmarket during the forecast period.

Transmission substations integrate transmission lines with networks having multiple parallel interconnections so that that power can be transmitted easily over long distances from any generator to any consumer. These transmission grids are often called bulk power systems. Transmission substations connect two or more transmission lines with the same voltages. These substations contain high-voltage switches that allow lines to be connected or isolated, in case of any fault or maintenance activity taking place in transmission lines.

Key players in the digital substation market include ABB (Switzerland), General Electric Company (US), Siemens AG (Germany), Eaton Corporation Inc. (Ireland), Schneider Electric SE (France), Honeywell International Inc. (US), Cisco System (US), NR Electric (China), Emerson Electric Co. (US), and Larsen & Toubro Limited (India).

Top 2 Players in Digital Substation Market:

ABB (Switzerland)

ABB focuses on new projects, partnerships, and expansions to maintain its global market presence. In September 2019, ABB signed a 5-year contract with Austrian Power Grid (APG), an Austria-based transmission system operator, to supply gas-insulated switchgears (GIS) during the largest electricity grid expansion in the country. Such long-term contracts help the company to grow and maintain good relations with customers.

The company has strong presence in Europe and generates ~36% of its revenue from this region. It should focus on other geographies, such as North America, the Middle East, and South America, for improved revenue generation. Additionally, the company could focus on developing innovative products for the digitization of substations, similar to its competitors.

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GE (US)

GE focuses on both organic and inorganic growth strategies for expanding its power business. Product launches and developments, and expansions are the key growth strategies adopted by the company for maintaining its position in the digital substation market. In September 2019, GE’s Grid Solutions business invested USD 10 million to expand its range of sulfur hexafluoride (SF6)-free high-voltage substation equipment to include all key high-voltage levels by 2025. This is one of Grid Solution’s biggest portfolio investments in years that support customers in their efforts to reduce greenhouse gas emissions. GE could emphasize more on inorganic growth strategies, such as mergers & acquisitions, to target emerging and rapidly growing markets, such as India, China, and South Korea, in APAC.

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