Digital Substations Market - North America is expected to hold higher market share

The global digital substations market was valued at US$ 6,134.8 Mn in 2017 and is projected to register compound annual growth rate (CAGR) of over 8.2% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Digital Substations Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” The report suggests that the better reliability and availability of digital substations as compared to conventional substations is likely to spur the demand for digital substations in the coming years (2018 to 2026).
Although the conventional substations can bridge the demand for electricity, they are very costly and inefficient. Digital substations on the other hand are much more efficient. Considerable cost is saved on digital substations as there is less copper wiring used.
Fiber optic is used in digital substations which work on 61850 protocol that enables communication to other assets as well. These digital substations have a higher penetration in developed economies as compared to developing economies.
The global digital substations market is segmented by module into hardware, fiber optic communication network, and SCADA. Hardware module segment is expected to surpass US$ 7,500 Mn by 2026. Digital substations are being extensively used across all industry verticals especially across utilities and oil & gas around the globe.
North America is expected to hold higher market share for digital substations during the forecast period. The growth is mainly due to the increased adoption of digital substations with the presence of well-established players across the region, especially across the U.S. and Canada.
Asia Pacific which is home to many well-established players from the digital substations market is expected to emerge as the region showcasing the highest CAGR. Furthermore, Asia Pacific is witnessing high adoption of digital substations due to the increasing demand for energy to support the local manufacturing units.
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