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Digital Substation Global market Report 2022: Market Size, Trends, And Forecast To 2026
The Business Research Company's Digital Substation Global Market Report 2022: Market Size, Trends, And Forecast To 2026
LONDON, GREATER LONDON, UK, October 6, 2022 / / -- As per The Business Research Company's 'Digital Substation Global Market Report 2022”, the digital substation market size is expected to grow from $6.16 billion in 2021 to $6.85 billion in 2022 at a compound annual growth rate (CAGR) of 11.19%. The global digital substations market size is expected to grow to $10.47 billion in 2026 at a CAGR of 11.19%. According to the digital substation market analysis, the increasing demand for electricity is expected to propel the growth of the market.
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Strategic collaboration between companies is a key trend gaining popularity in the digital substation market. Companies that provide digital solutions are undergoing partnerships and collaborations to cope up with the digital transformation that is occurring at a rapid pace. For instance, in December 2020, ABB, a Sweden-based technology and industrial company that provides digital substations, partnered with CORYS, a manufacturing business established in France. The collaboration will develop digital twin modeling and simulation technology in the energy and industrial industries. Furthermore, in September 2020, Siemens AG, a Germany-based engineering and manufacturing company that provides digital substations, partnered with Atos, a France-based information technology services and consulting firm, for a deal amount of $3.40 billion. Siemens' digital goals in the areas of services modernization and digitalization, data-driven digital, cloud transformation, and cybersecurity are likely to be accelerated as a result of the relationship.
The digital substation market consists of sales of digital substation by entities (organizations, sole traders, and partnerships) that is used to communicate between the relays in the control house and the instrument breakers, transformers, and merging units in the station yard. The digital substation brings digital technology into the substation. The term digital substation refers to electrical substation in which operation is controlled by distributed intelligent electronic devices (IEDs) linked by the communication networks. It is possible by the use of computing technologies in the substation.
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Digital Substation Global Market Report 2022 from TBRC covers the following information:
Market Size Data
•Forecast period: Historical and Future
•By region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•By countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Market Segmentation
•By Voltage Level: Low, Medium, High
•By Type: Transmission, Distribution
•By Module: Fiber Optics Communication Network, Supervisory Control and Data Acquisition, Hardware
•By Industry Vertical: Power Generation, Metal and Mining, Oil and Gas, Transportation and Logistics, Defence and Aerospace, Process and Manufacturing, Others
•By Geography: The global digital substation market segmentation is divided into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe holds the largest share in the market.
Major market players such as ABB Group, NR Electric, Eaton Corporation Inc., Schneider Electric, General Electric, Larsen & Toubro, Siemens, Tekvel, Toshiba, Yamal LNG, DNV GL, Hitachi, Igrid T&D, Kalkitech, Locamation, and Panasonic Corporation.
Trends, opportunities, strategies and so much more.
Digital Substation Global Market Report 2022 is one of The Business Research Company's comprehensive reports that provides an overview of digital substation global market. The market report analyzes digital substation global market size, digital substation global market report, digital substation global market growth drivers, digital substation global market segments, digital substation global market major players, digital substation market growth across geographies, and digital substation market competitors' revenues and market positioning. The digital substation market report enables you to gain insights on opportunities and strategies, as well as identify countries and segments with the highest growth potential.
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The Business Research Company has published over 3000 industry reports, covering over 3000 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets.
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