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(IT-NEWSWIRE.COM, March 26, 2020 ) The digital substation market to grow from USD 6.9 billion in 2018 to USD 10.0 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period. The major factors that are expected to be driving the digital substation market are increasing infrastructure development in smart cities, a rise in power demand with limited space availability, increasing demand for replacing traditional substation infrastructure, and improved safety and reduced maintenance costs. The objective of the report is to define, describe, and forecast the digital substation market size based on module, type, voltage, and region.
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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-supply 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, and hydro to meet the consumers’ 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), Siemens (Germany), Schneider Electric (France), and Cisco Systems (US).
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raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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