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(Hosting-NewsWire.com, March 29, 2018 ) The Global Digital Substation Market was valued at USD 5.86 billion in 2016 and is projected to reach USD 11.67 billion by 2025, growing at a CAGR of 7.95% from 2017 to 2025.
Digital Substations is the combination of automation, digital analytics and monitoring capabilities embedded in power-systems management for power grids. Its applications include – overage power management, digital monitoring, substation digital transformers and more. It provides real-time power-grid management for faster and better capabilities. Digital Substations enable electric power utilities to increase productivity, reduce footprint, increase functionality, improve the reliability of assets and, crucially, improve safety for service personnel.
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Market Dynamics: 1. Market Drivers 1.1 Increasing demand for renewable energy projects in market 1.2 Rising demand for battery technology to generate electricity 1.3 Reduces maintenance costs and improved safety 1.4 Growing infrastructure development in smart cities 1.5 Growing demand to replace traditional substation infrastructure 1.6 Increasing power demand with limited space availability
2. Market Restraints 2.1 Controlling Cybersecurity risks 2.2 High initial investment cost
Market Segmentation: The Global Digital Substation Market is segmented into type, module, voltage, vertical, and region.
Competitive Landscape: The major players in the market are as follows: 1. General Electric 2. Siemens 3. Schneider Electric 4. Honeywell 5. ABB 6. Larsen & Toubro 7. Emerson 8. Cisco Systems 9. Eaton 10. NR Electric 11. Cadillac Automation and Controls 12. I-Tor 13. Yamal LNG 14. Tekvel 15. Igrid T&D
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Research Methodology: Research study on the Global Digital Substation Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review. The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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Source: EmailWire.Com
Source: EmailWire.com
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