Digital Substation Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Transmission Substation, Distribution Substation), By Voltage (Up to 220KV, 220-550KV, Above 550KV), By Module (Hardware, Fibre optic, SCADA), By End-User (Electric Utility, Oil & Gas, Mining, Transportation, Others), And By Geography - Forecasts From 2019 To 2024

The incorporation of intelligent electronic devices (IEDs) with a communication network is transforming the analogous system of the substation in the energy and power industry. The digital substation market is anticipated to expand at a CAGR of 7.55% between 2018 and 2024. Technical advancement has led the electrical system for digitization, resulting in the implementation of digital substations over traditional substations.

The digital substation market is expected to see substantial growth during the forecast period owing to the rising usage of smart grid technology, redevelopment of the older power infrastructure, construction of smart cities and favourable government initiatives, such as the “National Smart Grid Mission” in India, building varying voltage level substation in Qatar with the help of Larsen & Toubro. In addition, reduced maintenance, flexibility and better electric system protection are some additional benefits that are further fueling the demand for the digital substation market. However, the high initial investment will hinder the growth of the digital substation market.

The global digital substation market is segmented in terms of type (transmission substation, distribution substation), voltage level (up to 220KV, 220-550KV, above 550KV), module (hardware, fibre optic, SCADA) and end-user (electric utility, oil and gas, mining, transportation, metal, others). The electric utility is replacing traditional equipment in substations, resulting in a higher demand for digital substations in the electric utility system in comparison with other end-user industries. The real-time operation in the national power grid is demanding more installation of digital substations in SCADA-based systems than other modules of digital substations.

In terms of region, the global digital substation market has been classified into North America, South America, the Middle East and Africa, Europe and Asia-Pacific. North America is expected to hold a substantial market share during the forecast period owing to the higher adoption of digital substations in the U.S. and Canada and the availability of cheaper digital substation systems in the region. Asia Pacific region is projected to see noticeable growth due to rapid industrialization, high investment in the renewable sector, growing urbanization, and expansion of power distribution networks in countries such as India, China and Singapore. In addition, the rising cost of electricity, the increasing nature of power demand and favourable government initiatives are further driving demand for the digital substation in this region.

Finally, this section describes various key players in the digital substation market, their market share, recent developments, financial condition and strategies taken to increase market share.  Key players operating in the global digital substation market are ABB Ltd, Siemens AG, Honeywell International Inc, Schneider Electric SE, Eaton Corporation, General Electric Company, Emerson Electric Co., and Larsen & Toubro Limited, among others.

Digital Substation Market Scope:

Report Metric	Details
Growth Rate	CAGR of 7.55% during the forecast period
Base year	2019
Forecast period	2019–2024
Forecast Unit (Value)	USD Billion
Segments Covered	Type, Voltage, Module, End-User, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	ABB Ltd, Siemens AG, Honeywell International Inc., Schneider Electric SE, Eaton Corporation, General Electric Company, Emerson Electric Co., Larsen & Toubro Limited, NR Electric Co., Ltd, Schweitzer Engineering Laboratories, Inc.
Customization scope	Free report customization with purchase

Segmentation

The global digital substation market has been analyzed through the following segments:

• By Type
  • Transmission Substation
  • Distribution Substation
• By Voltage
  • Up to 220KV
  • 220-550KV
  • Above 550KV
• By Module
  • Hardware
  • Fibre optic
  • SCADA
• By End-User
  • Electric Utility
  • Oil & Gas
  • Mining
  • Transportation
  • Others

• By Geography
  • North America
    • United States of America
    • Canada
    • Mexico
    • Others
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Middle East and Africa
    • United Arab Emirates
    • Israel
    • Saudi Arabia
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Others

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Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for the digital substation market?
A1. The digital substation market is anticipated to expand at a CAGR of 7.55% between 2018 and 2024. 

Q2. What factors are anticipated to drive the digital substation market growth?
A2. The Digital Substation market is expected to see substantial growth during the forecast period owing to the rising usage of smart grid technology, redevelopment of the older power infrastructure, construction of smart cities, and favorable government initiatives.

Q3. What is the base year considered in the digital substation market report?
A3. 2018 has been taken as the base year in the digital substation market report. 

Q4. Which region holds the largest market share in the digital substation market?
A4. North-America is expected to hold a substantial market share during the forecast period owing to the higher adoption of digital substations in the U.S. and Canada and the availability of cheaper digital substation systems in the region. 

Q5. Who are the major players in the digital substation market?
A5. Key players operating in the global digital substation market are ABB Ltd, Siemens AG, Honeywell International Inc, Schneider Electric SE, Eaton Corporation, General Electric Company, Emerson Electric Co., and Larsen & Toubro Limited, among others.

1. INTRODUCTION

1.1. MARKET OVERVIEW

1.2. MARKET DEFINITION

1.3. SCOPE OF THE STUDY

1.4. CURRENCY

1.5. ASSUMPTIONS

1.6. BASE, AND FORECAST YEARS TIMELINE

2. RESEARCH METHODOLOGY  

2.1. RESEARCH DESIGN

2.2. SECONDARY SOURCES

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

4.1. MARKET SEGMENTATION

4.2. MARKET DRIVERS

4.3. MARKET RESTRAINTS

4.4. MARKET OPPORTUNITIES

4.5. PORTER’S FIVE FORCE ANALYSIS

4.5.1. BARGAINING POWER OF SUPPLIERS

4.5.2. BARGAINING POWER OF BUYERS

4.5.3. THREAT OF NEW ENTRANTS

4.5.4. THREAT OF SUBSTITUTES

4.5.5. COMPETITIVE RIVALRY IN THE INDUSTRY

4.6. LIFE CYCLE ANALYSIS - REGIONAL SNAPSHOT

4.7. MARKET ATTRACTIVENESS

5. DIGITAL SUBSTATION MARKET BY TYPE

5.1. TRANSMISSION SUBSTATION

5.2. DISTRIBUTION SUBSTATION

6. DIGITAL SUBSTATION MARKET BY VOLTAGE LEVEL

6.1. UP TO 220KV

6.2. 220-550KV

6.3. ABOVE 550KV

7. DIGITAL SUBSTATION MARKET BY MODULE

7.1. HARDWARE

7.2. FIBRE OPTIC

7.3. SCADA

8. DIGITAL SUBSTATION MARKET BY END USER

8.1. ELECTRIC UTILITY

8.2. OIL & GAS

8.3. MINING

8.4. TRANSPORTATION

8.5. METAL

8.6. OTHERS

9. DIGITAL SUBSTATION MARKET BY GEOGRAPHY

9.1. NORTH AMERICA

9.1.1. USA

9.1.2. CANADA

9.1.3. MEXICO

9.1.4. OTHERS

9.2. SOUTH AMERICA

9.2.1. BRAZIL

9.2.2. ARGENTINA

9.2.3. OTHERS

9.3. EUROPE

9.3.1. UNITED KINGDOM

9.3.2. GERMANY

9.3.3. FRANCE

9.3.4. ITALY

9.3.5. OTHERS

9.4. MIDDLE EAST AND AFRICA

9.4.1. UNITED ARAB EMIRATES

9.4.2. ISRAEL

9.4.3. SAUDI ARABIA

9.4.4. OTHERS

9.5. ASIA PACIFIC

9.5.1. CHINA

9.5.2. JAPAN

9.5.3. INDIA

9.5.4. SOUTH KOREA

9.5.5. OTHERS

10. COMPETITIVE INTELLIGENCE

10.1.  MARKET SHARE OF KEY PLAYERS

10.2.  RECENT INVESTMENT AND DEALS

10.3. STRATEGIES OF KEY PLAYERS

11. COMPANY PROFILES

11.1. ABB LTD

11.1.1. COMPANY OVERVIEW

11.1.2. FINANCIALS

11.1.3. PRODUCTS AND SERVICES

11.1.4. RECENT DEVELOPMENTS

11.2. SIEMENS AG

11.2.1. COMPANY OVERVIEW

11.2.2. FINANCIALS

11.2.3. PRODUCTS AND SERVICES

11.2.4. RECENT DEVELOPMENTS

11.3. HONEYWELL INTERNATIONAL INC.

11.3.1. COMPANY OVERVIEW

11.3.2. FINANCIALS

11.3.3. PRODUCTS AND SERVICES

11.3.4. RECENT DEVELOPMENTS

11.4. SCHNEIDER ELECTRIC SE

11.4.1. COMPANY OVERVIEW

11.4.2. FINANCIALS

11.4.3. PRODUCTS AND SERVICES

11.4.4. RECENT DEVELOPMENTS

11.5. EATON CORPORATION

11.5.1. COMPANY OVERVIEW

11.5.2. FINANCIALS

11.5.3. PRODUCTS AND SERVICES

11.5.4. RECENT DEVELOPMENTS

11.6. GENERAL ELECTRIC COMPANY

11.6.1. COMPANY OVERVIEW

11.6.2. FINANCIALS

11.6.3. PRODUCTS AND SERVICES

11.6.4. RECENT DEVELOPMENTS

11.7. EMERSON ELECTRIC CO.

11.7.1. COMPANY OVERVIEW

11.7.2. FINANCIALS

11.7.3. PRODUCTS AND SERVICES

11.7.4. RECENT DEVELOPMENTS

11.8. LARSEN & TOUBRO LIMITED

11.8.1. COMPANY OVERVIEW

11.8.2. FINANCIALS

11.8.3. PRODUCTS AND SERVICES

11.8.4. RECENT DEVELOPMENTS

11.9. NR ELECTRIC CO., LTD

11.9.1. COMPANY OVERVIEW

11.9.2. FINANCIALS

11.9.3. PRODUCTS AND SERVICES

11.9.4. RECENT DEVELOPMENTS

11.10. SCHWEITZER ENGINEERING LABORATORIES, INC.

11.10.1. COMPANY OVERVIEW

11.10.2. FINANCIALS

11.10.3. PRODUCTS AND SERVICES

11.10.4. RECENT DEVELOPMENTS

LIST OF FIGURES

LIST OF TABLES

DISCLAIMER 

ABB Ltd

Siemens AG

Honeywell International Inc.

Schneider Electric SE

Eaton Corporation

General Electric Company

Emerson Electric Co.

Larsen & Toubro Limited

NR Electric Co., Ltd

Schweitzer Engineering Laboratories, Inc.