Digital Substation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

Albany, NY -- (SBWire) -- 07/17/2018 --Industrial development has increased digitalization in many sectors. Innovation in the digitization market is not only related to the invention of new products, but also upgrades of the available products and technologies. One such innovation is digital substations. Substations are the part of electrical generation, distribution, and transmission systems.

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They transform current from high voltage to low voltage and low voltage to high with the help of transformers. Digital substations comprises the introduction of intelligence into the substation systems. The transformation of the power generation from a wired to an optical network is the reason for the evolution of digital substations.

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Intelligent electronic devices (IED), generic object-oriented substation event (GOOSE), station and process bus, global positioning system (GPS), time clock, merging units, electronic fiber optic coherence tomography (CT), and voltage transformers (VT) are the key components of digital substations. Growing emphasis on the replacement and redevelopment of aging infrastructure is one of the primary drivers of the digital substation market.

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Grid transition in communication and energy is also driving the market. The increasing demand for reliable power supply system is another reason for the growth of the digital substation market. The installation of digital substation requires high initial investment, which might restrain its expansion.

Many companies have adapted the phase-wise installation of digital substations to tackle the budget constraints of installation. Also, in the long run digital substations could reduce cost and increase efficiency. Rapid industrialization in many emerging countries is one of the investment opportunities seen in the digital substation market.