Digital Substation Market Competitive Landscape Cheap Shaun Livingston Shirt , And Segment Forecasts, 2018-2023 by Miller@21 · December 4, 2018
The Digital Substation Market is expected to grow from USD 5.77 Billion in 2016 to USD 9.96 Billion by 2023, at a CAGR of 7.87% between 2017 and 2023. This report provides the market size and future growth potential of the digital substation market across different segments such as module, type Cheap Zaza Pachulia Shirt , voltage, industry, and geography. The study identifies and analyzes the market dynamics such as drivers, restraints, opportunities Cheap Omri Casspi Shirt , and industry-specific challenges in the digital substation market. Moreover, this report profiles the key players operating in the digital substation market. The increasing focus on renewable energy sources for generating electricity is expected to propel the growth of the digital substation market. The base year considered for the study is 2016, and the market size forecast is provided for the period between 2017 and 2023.
The research methodology used to estimate and forecast the digital substation market begins with capturing data on key vendor revenues through secondary research. The vendor offerings have also been taken into consideration to determine the market segmentation. The top-down procedure has been employed to arrive at the overall market size of the global digital substation market from the average number of projects worldwide and average investments made for installation of digital substations in USD. After arriving at the overall market size, the total market has been split into several segments and subsegments, which are then verified through primary research by conducting extensive interviews with key people such as CEOs Cheap Damian Jones Shirt , VPs, directors, and executives. This data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
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Hardware module expected to lead the digital substation market
The hardware module is expected to hold the largest share of the market between 2017 and 2023. The hardware module includes components such as transformers, bus bars, protection devices Cheap Andre Iguodala Shirt , and interfacing units. Transformers form a major part of the market, as they are the primary component that is installed in the substation. These hardware components have the largest share of the overall market owing to their extensive use in digital substations.
Digital substation market for the utility industry is expected to grow at the highest CAGR between 2017 and 2023
The utility industry is one of the booming application areas pertaining to digital substations, owing to the high demand鈥搒upply gap in energy in most of the developing and developed nations. Its market growth can be attributed to the increase in demand for renewable energy sources, such as wind, solar Cheap Kevon Looney Shirt , and hydro to meet the consumers鈥?demand for power generation. Digital substations have a large scope in the utility industry as these systems are used in transmitting and distributing power.
Asia Pacific held the largest share of the digital substation market in 2016
Asia Pacific (APAC) held the largest share of the market in 2016. This growth can be attributed to the fact that several initiatives have been taken up by the Government of India to develop its power and energy sector, which is a major factor supporting the growth of the digital substation market in APAC. For instance, in 2016, ABB Ltd. (Switzerland) received an order from the Adani Group (Ahmedabad) to commission five substations that would involve the integration of 648 MW solar project at Kamuthi in Tamil Nadu.
Some of the major players in the digital substation market are ABB Group (Switzerland), General Electric (US) Cheap David West Shirt , Siemens (Germany), Schneider Electric (France), and Cisco Systems (US).
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