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, 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.

By module, the fiber optic communication network segment is expected to grow at the highest growth rate during the forecast period

Among the module segment, the fiber optic communication network is expected to grow at the highest CAGR during the forecast period. Fiber optic or optical fiber communication is the process of transmitting data by sending a pulse of light through an optical fiber. All the hardware in a substation are linked to each other by a fiber optic cable. This ensures communication of data among the modules making the digital substation system efficient and easy to control.

By type, the transmission substation holds a larger share of the market

Transmission substation segment is expected to hold a larger market share. A transmission substation uses transformers (step-up or step-down transformer) to convert between the voltages. It also uses the phase shifting transformers to control the power flow between two adjacent systems. Transmission substation can range from low to high voltages.

APAC is expected to grow at the highest growth rate during the forecast period

Asia Pacific (APAC) is the fastest growing region for the digital substation market, in terms of electricity consumption and rural electrification. The modernization of industrial applications in APAC is growing at a high rate since a few years, and the same trend is expected to continue in the future. The digital substation market in this region is expected to grow at the highest rate among all other regions due to rapid industrialization and upcoming power utilities. Digital substations provide cost-effective solutions, which help in meeting the rising demand for electricity in the countries such as China, India, and Singapore.

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Various companies and governments are establishing partnerships to increase the use of renewable sources to decrease the carbon footprint and meet the electricity demand in this region. For instance, in August 2016, General Electric (US) partnered with Singapore Power to supply an innovative digital substation as part of the SP Centre of Excellence’s (CoE) Singapore Power Advanced Research & Development (SPEAR) program. The SPEAR program aims to drive the innovation and commercialization of next-generation energy network infrastructure. In addition to this, Singapore also announced the plan to raise the utilization of solar power to 350 Megawatt by 2020, representing 5% of the overall projected peak electricity demand

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