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High Voltage Digital Substation Market Size
- Report ID: GMI9752
- Published Date: Jun 2024
- Report Format: PDF
High Voltage Digital Substation Market Size
High Voltage Digital Substation Market was valued at USD 727 million in 2023 and is projected to grow at a CAGR of 9.9% from 2024 to 2032. The global shift towards smart grids and renewable energy integration necessitates advanced substation solutions that offer real-time monitoring, enhanced reliability, and improved operational efficiency. As per IEA, in 2022, renewable energy sources such as solar, wind, hydro, geothermal, and ocean saw an increase of nearly 8%. This growth boosted their share in the total global energy supply by approximately 0.4 percentage points, bringing it to 5.5%.
Digital substations support the automation and digitalization of power infrastructure, enabling utilities to manage and control the grid more effectively. Regulatory mandates for energy efficiency and grid modernization further propel market expansion. Additionally, technological advancements in IoT, AI, and communication systems are enhancing the capabilities and adoption of digital substations across utilities and industries worldwide.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| High Voltage Digital Substation Market Size in 2023: | USD 727 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 9.9% |
| 2032 Value Projection: | USD 1.72 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 110 |
| Tables, Charts & Figures: | 20 |
| Segments covered: | Component, Architecture, End Use and Installation |
| Growth Drivers: |
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High Voltage Digital Substation Market Scope
