Industrial improvement throughout the globe has expanded digitization in lots of sectors. Innovation withinside the digitization market is not in the hands of the discovery of latest products however additionally the enhancements of the products and technologies. One such innovation is virtual substations. Substations are part of electric generation, distribution, and transmission systems. They remodel current from high voltage to low voltage and vice versa with the assist of transformers. Digital substations include the introduction of intelligence into the substation systems. The transformation of the energy technology from a stressed to an optical community is the cause for the evolution of digital substations
Market Scope and Structure Analysis
The improved call for power and the rise in usage of non-renewable energy assets have grown to become the call for electricity generation towards renewable power assets. Furthermore, the adoption of automation in electricity generation, distribution, and control has included renewable power with digital substation. The upward thrust in call for power utilization from renewable assets in advanced countries, to aid sustainable development, has supplemented the digital substation market growth in upcoming future.
COVID-19 Impact analysis
- As a result of the global economic slowdown caused by the pandemic, the supply chain got disrupted due to which specialized equipment market got a diverse affect, due to which there is huge decline in the digital substation market.
- During the time of lockdown in major parts of the world, the manufacturing units went down as the workers were not available for the work due to the fear of getting infected which led to the shortage of the inventories.
- During Covid-19 increased consumption of electricity in emerging and developed economies drive the growth of the digital substation market.
Top Impacting Factors
- The adoption of digital substation for producing renewable energy and presenting more desirable reliability, efficiency, and protection withinside the electricity distribution and emergence of automation & better trendy of connectivity are the elements that drive the global digital substation market.
- Better preliminary investments make it hard to update the conventional substations which prevent the virtual substation marketplace growth. Contrarily, elevated set up of the virtual substation in developing region’s vicinity paves approaches for destiny opportunities for the market growth.
- Because of the technological advancement, the preliminary cost required for putting in place a digital substation is high. This is because of the accelerated quantity of intelligent electronic devices utilized in substations, which will increase the acquisition price of substations. The growing use of technology along with the microprocessor and service-orientated architecture technology, in addition to the upward thrust withinside the quantity of embedded IEDs in substations, have accelerated the acquisition prices of those substations which is the restraint expected to be faced by the market.
- In February 2020, ABB’s substation received agreement through Enel Green Power to supply emission-free solar energy to Brazil’s 500 kilovolt (kV) transmission network from the São Gonçalo solar photovoltaic (PV) plant, the most important sun PV in South America, placed in Piauí, northeast of the country. This is the world’s first digital substation for the 500 kV alternating current rating.
- In January 2020, Siemens delivered a brand new line module for the Ruggedcom RST2228 and RST2228P Layer 2 19” rack switches, the Ruggedcom RMM2972-2RNA. This module reinforced the Ruggedcom RST2228 19” rack switch providing for electric powered strength utilities with the aid of using imparting seamless redundancy with PRP/HSR (Parallel Redundancy Protocol/High-availability Seamless Redundancy), better IEEE1588 implementation, high bandwidth uplinks, and traffic filtering and segmentation from a single device. This module gets rid of community downtime because of unmarried factors of fault, ensuing in excessive reliability and availability for present day digital substation programs as mandated with the aid of using the IEC 61850 standard.
Key Benefits of the Report
- This study presents the analytical depiction of the Digital Substation industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Digital Substation market share.
- The current market is quantitatively analyzed to highlight the Digital Substation market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Digital Substation market analysis based on competitive intensity and how the competition will take shape in coming years
Digital Substation Market Report Highlights
By Installation Type
By End User
Key Market Players
Crompton Greaves Ltd., General Electric (GE), Eaton Corporation, Siemens, Hitachi ABB Power Grids, L&T Technology Services, S&C Electric Company, Huawei Technologies, Schneider Electric SE, ABB Ltd.