According to the research report titled ‘Digital Substation Market Size By Component, By Architecture (Process, Bay, Station), By Application (Transmission, Distribution), By Connectivity (< 33 kV, 33 kV to 110 kV, 110 kV to 220 kV, 220 kV to 550 kV, > 550 kV), By Voltage Level (Low, Medium, High), By End Use (Utility, Industrial), By Installation (New, Refurbished) Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report, global digital substation market is anticipated to grow momentously over 2020-2026.
 

Increasing adoption of smart and power-efficient equipment is the primary factor driving the growth of global digital substation market.
 

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For the record, digital substations are electrical substations that manages operations between distributed intelligent electronic devices that are interconnected via communication networks. Benefits like flexibility and adaptability of digital substations having intelligent grid technologies, in consort with minimal installation and material costs, and lesser environmental footprint are augmenting the industry growth.
 

Based on component, global digital substation market is segmented into substation automation system, electrical system, communication network, and monitoring & control system. The report cites that electrical system segment is poised to grow at 3% CAGR over 2020-2026.
 

On the basis of connectivity, the market space is fragmented into > 550 kV, 220 kV to 550 kV, 110 kV to 220 kV, 33 kV to 110 kV, and < 33 kV. Digital substation industry share from 33 kV to 110 kV segment was worth USD 3 billion in 2019 and is slated to showcase lucrative growth over the forecast period. While, 110 kV to 220 kV segment is expected to accrue over USD 1 billion by 2026. Lastly, more than 550 kV segment is slated to gain traction on account of rising deployment of digital substation with high power rating across heavy industrial & power vertical.
 

Speaking of regional outlook, North America digital substation market is reckoned to record momentous growth through 2026, owing to refurbishment of the prevailing grid infrastructure. Similarly, Middle East & Africa market is poised to witness lucrative growth trends due to inclination toward smart technologies, coupled with expansion of micro grid networks. While, increasing demand along with integration of sustainable energy infrastructure will positively sway the market trends in Latin America over the forecast duration.
 

Established firms in worldwide digital substation industry are Rockwell Automation Inc., The EFACEC Power Solutions, Cisco Systems Inc., Siemens AG, Schneider Electric SE, General Electric Company, Emerson Electric Co., Netcontrol Oy, and ABB Ltd.