Digital Substation Market Growth Drivers In 2022 & Challenges By 2028
Digital substation market size will expand at a significant pace over 2022-2028 with increasing deployment of transmission and distribution systems globally. Electrical systems, communication networks, monitoring and control systems are among the major components of these substations. Growing infrastructure spending in regions like Asia Pacific and MEA will augment the manufacturing of transformers and other substation components over the coming years. Robust industrial sector in these regions will also fuel the market forecast.
Global digital substation industry share from substation automation system (SAS) component will witness more than 9% CAGR through 2028. These systems offer improved protection, control, and a safe operating environment. SAS are required for effective modernization of power grids, by providing seamless communication, automation and interoperability between devices in the substation. Increased expenditure on upgrading electricity infrastructure in countries such as the U.S. will drive SAS deployment over the coming years.
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In terms of architecture, digital substation market is divided into process, bay and station segments. The industry share from process architecture segment is projected to surpass USD 2 billion by 2028. The demand for bay architecture will grow owing to the need for curbing power supply disruptions through the establishment of more reliable grid infrastructure. Station architecture delivers significant cost effectiveness as well as security, strengthening the market outlook.
With regards to connectivity, the <33 kV segment is anticipated to hold around 18% of digital substation industry share by 2028. Further, increasing number of small-scale commercial buildings and expanding real estate sector worldwide will augment the deployment of substations with connectivity between 33 kV to 110 kV. Continuous development of the industrial sector and establishment of manufacturing units in emerging economies like India will reinforce the demand for 220 kV to 550 kV substations.
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Medium voltage digital substation market size is expected to register notable gains over the forecast timeframe 2022-2028. Growing expenditure on commercial infrastructure development has driven the expansion of power grids and compatible T&D components. High voltage level digital substation industry share is projected to expand at more than 10% CAGR through 2028.
While the expenditure on upgradation of existing power grids is growing, the development of new T&D networks and substations is also on the rise. A substantial boost in energy consumption worldwide has been observed over the past few years. Digital substation market share from new installations will showcase a significant growth rate. The need for supplying power to remote areas is among the key factors fueling the market trends.
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MEA region is anticipated to witness a significant expansion of digital substation industry owing to robust commercial sector development. Latin America is also expected to bring in considerable demand for new substation installations with the growth of energy intensive industries in the region. Developing nations in LATAM are generating notable demand for T&D infrastructure, augmenting digital substation market forecast through 2028.
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