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Asia Pacific Industrial Digital Substation Market
Asia Pacific Industrial Digital Substation Market was valued at USD 1.5 billion in 2023 and is projected to expand at a CAGR of 6.6% between 2024 and 2032, due to the heightened investments in modernizing power infrastructure and an escalating demand for efficient and reliable energy distribution.
Furthermore, factors such as rising industrialization, urbanization, and proactive government initiatives aimed at boosting grid automation are pivotal to the market's growth. As utilities strive for enhanced operational efficiency and minimized downtime, the demand for the advanced monitoring and control systems offered by digital substations is surging.
How much is the Asia-Pacific industrial digital substation industry worth?
The market size of Asia-Pacific industrial digital substation was worth over USD 1.5 billion in 2023 and is projected to expand at a CAGR of 6.6% through 2032, fueled by heightened investments in modernizing power infrastructure.
Why is the demand for electrical systems rising in the Asia-Pacific industrial digital substation market?
The electrical systems segment held a robust growth in 2023 and is anticipated to surpass USD 900 million by 2032, driven by increasing investments in power infrastructure and the need for enhanced energy efficiency and reliability.
Why is the industrial digital substation industry growing rapidly in China?
The China industrial digital substation market held a decent growth in 2023 and is set to exceed USD 1 billion by 2032, driven by the demand for sophisticated and efficient power distribution systems.
Who are the major Asia-Pacific industrial digital substation industry players?
ABB, CG Power & Industrial Solutions Ltd., Efacec, Fuji Electric, GE Grid Solutions, Hitachi Energy, Locamation among others.