The global digital substations market was valued at US$ 6,134.8 Mn in 2017 and is projected to register compound annual growth rate (CAGR) of over 8.2% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Digital Substations Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” The report suggests that the better reliability and availability of digital substations as compared to conventional substations is likely to spur the demand for digital substations in the coming years (2018 to 2026). As key players introduce new digital substations and solutions in developed markets such as North America, Europe, and Asia Pacific, these regions are likely to account for dominating share of the global digital substations market. Growing demand for digital substations from the utilities sector in emerging markets such as China and India is likely to boost growth of the Asia Pacific digital substations market at a growth rate of around 9.5% from 2018 to 2026.
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Although the conventional substations can bridge the demand for electricity, they are very costly and inefficient. Digital substations on the other hand are much more efficient. Considerable cost is saved on digital substations as there is less copper wiring used. Fiber optic is used in digital substations which work on 61850 protocol that enables communication to other assets as well. These digital substations have a higher penetration in developed economies as compared to developing economies.
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Based on module, the market is segmented into hardware, fiber optic communication network, and SCADA (Supervisory control and data acquisition). Hardware segment in 2026 is expected to hold about three fifths of the total market and expand at a rapid rate throughout the forecast period. Digital substations not only improve efficiency, but also reduce maintenance costs due to comparatively less copper wiring and connections than conventional substations. In terms of type, the market is segmented into transmission substations and distribution substations.
On the basis of voltage, the market is classified into Up to 220 kV, 220-550 kV, and Above 500 kV. Primarily driven by the demand from urban regions, the up to 220 kV segment held the major share of revenue in 2017. On the other hand, the 220-550 kV segment is anticipated to expand at a rapid pace owing to the increasing demand from manufacturing units around the world. Based on industry, the market is segmented into utilities, metal, mining, oil & gas, and transportation. In 2017, utilities held the major share of the total market due to their widespread use in utilities.