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Industrial Digital Substation Market Size
- Report ID: GMI8971
- Published Date: Apr 2024
- Report Format: PDF
Industrial Digital Substation Market Size
Industrial Digital Substation Market was valued at USD 4.1 billion in 2023 and is projected to witness more than 7.2% CAGR between 2024 and 2032, driven by the integration of renewable energy sources, need for better network management, and adoption of smart grid technologies.
Major key players are focusing on developing innovative solutions to meet the growing demand for efficient power distribution. For instance, in June 2023, Hitachi Energy launched new digital substation solution called "e-mesh" designed to enhance grid reliability and efficiency through advanced digitalization and communication capabilities. It aims to improve performance and resilience of power distribution networks, catering to growing demand for reliable and sustainable energy solutions.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Industrial Digital Substation Market Size in 2023: | USD 4.1 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 7.2% |
| 2032 Value Projection: | USD 7.7 Billion |
| Historical Data for: | 2018 to 2023 |
| No. of Pages: | 520 |
| Tables, Charts & Figures: | 702 |
| Segments covered: | Components, Architecture, Voltage Level, Installation |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Industrial Digital Substation Market Scope
