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Industrial Digital Substation Market Trends

Report ID: GMI8971
Published Date: Apr 2024
Report Format: PDF

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Industrial Digital Substation Market Trends

The market is undergoing a significant transformation, driven by digitalization, renewable energy integration, electrification, and regulatory support. Digital technologies are revolutionizing substations, improving efficiency, reliability, and safety. Increasing renewable energy adoption necessitates substation upgrades to accommodate intermittent power sources. Ongoing R&D activities across digital substation industry will boost the product adoption. These trends present substantial opportunities for businesses to capitalize on the rising demand for sustainable and efficient power distribution solutions.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of industrial digital substation was reached USD 4.1 billion in 2023 and will witness 7.2% CAGR from 2024 to 2032, driven by the integration of renewable energy sources, need for better network management, and adoption of smart grid technologies.

The station architecture segment in the industrial digital substation market is likely grow at 6.5% CAGR till 2032, as modern designs incorporate digital technologies such as intelligent electronic devices (IEDs), communication networks, and automation systems for enhancing operational efficiency, reliability, and safety.

Aisa Pacific industrial digital substation market is projected to grow at over USD 2.8 billion by 2032, driven by rapid industrialization, renewable energy growth, government support, a growing population, and technological advancements.

ABB, CG Power and Industrial Solutions Ltd., Cisco Systems, Inc., Eaton, Efacec, GE Grid Solutions, LLC, Hitachi Energy, Hubbell, Larson & Toubro Limited, Locamation, Netcontrol Group, NR Electric Co. Ltd., Powell Industries, Rittal GmbH & Co. KG, Schneider Electric SE, Siemens Energy and Toshiba Energy Systems & Solutions Corporation