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Digital substation market expected to record $10.5 B revenue by 2028

According to a recent study by Global Market Insights Inc., the digital substation market is expected to record $10.5 B revenue by 2028.

The novel COVID-19 pandemic has quickened the pace of digital transformation worldwide. As a result, digital substations have been gaining remarkable traction and emerging as a virtual bridge between the physical and digital worlds, which offer a way to efficiently meet the substation inspection requirements during the pandemic.

Through the utilization of digital twin technology, interconnected substations have been able to share information, increasing situational awareness and operational efficiency of the grid. The significant transition of the grid towards touchless asset management could therefore add impetus to the digital substation market outlook, which registered remuneration worth over $6.5 B in 2021, as per a GMI report.

With the growing awareness about the efficiency of digital substation architecture, electric power transmission and energy system providers are rapidly authorizing the production of new systems and designing new projects, with five examples from the past two years listed below:

  1. Power Grid’s 400-kV digital substation in India

Powered by the IEC 61850 process bus-based solutions for substation automation systems, the first 400-kV digital substation was commissioned in India by an electric power transmission system provider, Power Grid, in December 2020.

  1. Constellation project for automatic network reconfiguration

To allow more renewables to be integrated into the grid, ABB and UK Power Networks unveiled Constellation, a digital substation protection and control project in May 2021.

  1. Rehabilitation of Paknaan substation in Mandaue City

As a part of the commitment to offer quality service and reliable power to customers, Visayan Electric Company Inc. energized its first digital power substation, Paknaan, within the franchise area in November 2021.

  1. Grid Solutions’ 225-kV substation to boost energy transition in Senegal

An electricity company in Senegal, Senelec, has established a distribution and transmission grid reinforcement, expansion and reliability enhancement program slated to be completed by the teams of VINCI Energies West Africa. In line with this, in September 2021, Grid Solutions commissioned the first digital high-voltage substation in Thiès, Senegal.

  1. Efacec’s $11.2 M digital substation to meet energy demand

To increasingly meet the escalating energy demand across the Medio Mundo region, Enel Peru announced an $11.2 m digital substation project in March 2021. The new substation was delivered under the grid Automation, Protection, and Control deal signed with Efacec.

 

Source: Global Market Insights Inc.