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Industrial Medium Voltage Digital Substation Market Trends

Report ID: GMI10162
Published Date: Jul 2024
Report Format: PDF

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Industrial Medium Voltage Digital Substation Market Trends

The industrial medium voltage digital substation industry is experiencing significant growth driven by advancements in smart grid technologies and the increasing need for efficient and reliable power distribution. Key trends include the integration of Internet of Things (IoT) and cloud computing for real-time monitoring and predictive maintenance, enhancing operational efficiency and reducing downtime.

Additionally, the rise of renewable energy sources and the need for grid modernization are propelling the demand for digital substations. Ember's annual Electricity Review reveals that renewable energy climbed to a 44% share of the EU electricity mix, exceeding the 40% mark for the first time, which complements the market growth. The market is also witnessing a shift towards modular and compact designs, making installations more flexible and cost-effective.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of industrial medium voltage digital substation was reached USD 2.9 billion in 2023 and will expand at 6.7% CAGR between 2024 and 2032, attributed to growing need for effective and dependable power distribution systems, particularly in sectors like manufacturing, energy, and utilities.

Industrial medium voltage digital substation market from the new installation segment will exhibit 8% CAGR through 2032, fueled by growing funding in renewable energy projects, and the increasing need for dependable and efficient power supply.

Asia Pacific industrial medium voltage digital substation industry size will surpass USD 1.9 billion by 2032, propelled by increased need for dependable and efficient electricity supply, along with substantial investments in modernizing aging electrical infrastructure.

Some of the leading industrial medium voltage digital substation industry players are ABB, Cisco, Eaton, General Electric, Hubbell, Hitachi Energy Ltd., Larson & Toubro Limited, Locamation, NR Electric Co. Ltd., Netcontrol Group, Powell Industries, and Schneider Electric among others.