PUNE, India, September 27, 2016 /PRNewswire/ --
According to this new market research report "Digital Substation Market by Module (Hardware, SCADA, & Fiber Optics Communication Network), Voltage (Below 66kV, 66kV-220kV, 220-550kV, & Above 550kV), Type (Transmission & Distribution), Industry, & Geography - Global Forecast to 2022", published by MarketsandMarkets, The market was valued at USD 5.24 billion in 2015 and is estimated to reach at USD 8.42 billion by 2022, growing at a CAGR of 6.8% between 2016 and 2022.
Browse 70 market data Tables and 66 Figures spread through 167 Pages and in-depth TOC on "Digital Substation Market"
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Factors such as growing demand for low-cost and more flexible solutions, modernization of digital substations, and use of smart grid technology in plug-in hybrid vehicles are driving the growth of the digital substation market.
Utility expected to hold the largest market share during the forecast period
The utility sector held the largest share of the Digital Substation Market in 2015, followed by the oil & gas sector, and the same trend is expected during the forecast period. The growth in the digital substation market for the utility industry can be attributed to the increase in demand for renewables, mainly wind and solar, which are also pricing out traditional power generation resources.
The market for transmission substations expected to grow at the highest CAGR between 2016 and 2022
With the increase in demand for electricity, the demand for the replacement of aging infrastructure for power delivery systems is also rising. The existing infrastructure cannot sustain the bulk power movements or inferior standards. Due to inferior standards, the chances of power outages are gradually increasing. Therefore, investor-owned utilities are spending more on upgrading transmission substation infrastructure. The market for transmission substations is expected to grow at a CAGR of 6.9% between 2016 and 2022.
The digital substation market in APAC likely to grow at a high CAGR during forecast period
Several initiatives have been taken up by the Government of India to improve its power and energy sector, which is one of the major factors supporting the growth of the digital substation market in APAC. 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.
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Major players operating in the digital substation 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.
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