A new report published by QY Research offers a detailed account of the future growth prospects and other vital dynamics of the global digital substation market. Carrying the title “Global Digital Substation Market Research Report 2018,” the report spans different aspects of the market, viz. competition, segmentation, and regional growth.
The global digital substation market is predicted to rise at a 3~11% annual growth rate between 2018 and 2025. Taking into account the current demand for digital substation, the global market is envisioned to enjoy a good future.
In 2017, the sales of digital substation grew to 69 units, increasing from 51 units achieved in 2013, at a 7.85% average growth rate.
Global Digital Substation Market: Drivers
The demand for digital substation is projected to see a rise as a result of the rising adoption in the utilities sector. Advantages such as reduced maintenance costs and better availability and reliability in comparison with traditional substations could further propel the demand in the global digital substation market. Less use of copper wiring in digital substation helps to reduce a considerable amount of cost.
Moreover, high penetration of digital substation in emerging as well as developed countries is predicted to give momentum to the growth of the market. Introduction of new solutions offered in the global digital substation market could create strong growth opportunities for players to cash in on.
Emerging regions such as Asia Pacific are prognosticated to increase the demand for digital substation while riding on the growing requirement of energy. On the other hand, high presence of market leaders could push the digital substation market in developed regions.
Global Digital Substation Market: Forecast by Application
By application, the global digital substation market is segmented into industrial and power utility. Both the segments are closely assessed by the researchers authoring the report.
Global Digital Substation Market: Forecast by Product
By product, the global digital substation market is classified into above 330 kV, 110-330 kV, and up to 110 kV. All of the three segments are broadly analyzed in the report.
Global Digital Substation Market: Forecast by Region
On the geographical front, Europe is the largest market for digital substation vis-à-vis production. In 2017, it accounted for a 49.03% of the global digital substation sales in terms of volume. It is also studied to be the largest digital substation market on the basis of revenue.
Europe could be followed by China and North America during the course of the forecast period. In 2017, they secured close to a 21.60% and 25.83% share of the global sales respectively. However, Europe topped the global sales in that year by accounting for a 32.69% share.
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Global Digital Substation Market: Key Players
The global digital substation market is a highly concentrated one. Leading companies operating in the global digital substation market are Schneider Electric, Siemens, General Electric, and ABB. As per the report, large multinational companies could be major manufacturers of digital substation. The first producer secures a 34.22% share of the global digital substation market on the basis of revenue.
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