The Global Digital substation market is mainly driven by the growing demand for limited space availability, developing infrastructure in smart cities, and rising demand for replacing traditional substation infrastructure. The market is anticipated to register a CAGR of 8.14% by the end of the forecast period of 2018-2026.
The global digital substation market is segmented on the basis of type, module, industry and voltage. Market by type is segmented into transmission substation and distribution substation. The market modules can be divided into Hardware, Fiber optic communication network and SCADA systems. The global digital substation industry is segmented into utility, metal and mining, oil & gas and transportation. The voltage segment includes -Up to 220 kV, 220 - 550 kV and above 550 kV.
Regional segmentation of the global digital substation market is done into Europe, North America, Asia-Pacific and rest of the world. The Asia-Pacific region presently dominates this market and is expected to continue to do so throughout the forecast period of 2018-2026. Heavy investments in renewable energy and high demand for electricity generation are responsible for the Asia-Pacific digital substation market's prosperity.
Some of the major companies engaged in the global digital substation market are Abb Ltd, Cisco, Eaton Corporation, Emerson Electric, Fuji Electric, General Electric Company, Honeywell International Inc, Igrid T&D (Acquired By Thytronic Group), I-Tor, Larsen & Toubro, Nr Electric Co Ltd, S&C Electric Company, Schneider Electric, Siemens Ag and Tekvel.