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Digital Substation Market Trends

Report ID: GMI2441
Published Date: Aug 2024
Report Format: PDF

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Digital Substation Market Trends

The digital substation industry is experiencing a gradual shift towards increased adoption of digitalization and smart grid technologies to enhance grid reliability, efficiency, and flexibility, thereby shaping market dynamics. There is also a growing emphasis on employing robust cybersecurity measures to safeguard digital substations from cyber threats, guaranteeing data integrity and system resilience. Utilities are investing in digital substations with advanced capabilities to optimize power flows, integrate renewable energy sources, and support transportation electrification.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of digital substation was reached USD 7.7 billion in 2023 and is projected to grow at 7.2% CAGR through 2032, owing to the increasing electricity demand.

The electrical system segment in the digital substation market is projected to exceed USD 4.5 billion by 2032, driven by rapid digitalization and technological advancements.

Asia Pacific digital substation market is projected to exceed USD 5 billion by 2032, driven by the growing demand for robust power infrastructure to support expanding industries and infrastructure projects.

ABB, Belden Inc., Eaton, General Electric, Hitachi Energy, Locamation, Netcontrol Group, NovaTech, LLC., NR Electric Co. Ltd., OMICRON, Powell Industries, Ponovo Power Co., Ltd., Rittal GmbH & Co. KG, Redeia, Schneider Electric, and Siemens Energy among others.