Rise in Digitalization to Augment Global Digital Substation Market

Rise in Digitalization to Augment Global Digital Substation Market

pexels-photo-257904Mechanical advancement has expanded digitalization in numerous divisions. Development in the digitization market isn’t just identified with the creation of new product, but also improves the pre-existing technologies and products. One such advancement is digital substations. Substations are the piece of distribution, electrical generation, and transmission systems. They change current from high voltage to low voltage and vice-versa with the assistance of transformers. Digital substations includes the embedment of intelligence into the substation frameworks.

According to a recent report by Transparency market Research the global digital substation market is expected to grow significantly with a steady CAGR within the forecast period from 2016 to 2024.

What are the key components of digital substation market?

Generic object-oriented substation event (GOOSE), Intelligent electronic devices (IED), station and process bus, time clock, global positioning system (GPS), merging units, voltage transformers (VT), and electronic fiber optic coherence tomography (CT) are the major components of digital substations. Increasing focus on the redevelopment and replacement of aging infrastructure is one of the key factors of the global digital substation market. Grid transition in communication and energy is also driving the market.

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What are the major segmentations of global digital substation market?

The digital substation market is bifurcated into distribution substations and transmission substations. The voltage section of the global digital substation market is divided into 66kV to 220kV, 66kV, 550kV, 220Kv to 550kV, and so forth. Digital substations utilize several kinds of modules, for example hardware (condition monitoring system, transformers, bus bar, protection device, and so on), supervisory control and data acquisition (SCADA), and fiber optics communication. Metals, utilities, and mining are the key end-use sectors of the global digital substation market.

Leading players present in the digital substation market are Honeywell International Inc., ABB Ltd., Emerson Electric, Larsen & Toubro Limited, Siemens AG, NR Electric Co., Schneider Electric SE, Eaton Corp., General Electric Company, and Cisco systems, Inc.