Low Voltage Digital Substation Market Size - By Component, By Architecture (Process, Bay, Station), By End Use (Utility, Industrial), By Installation (New, Refurbished), Country Outlook & Forecast, 2024 – 2032
Report ID: GMI9653
|
Published Date: May 2024
|
Report Format: PDF
Download Free PDF
Buy Now
$4,123 $4,850
15% off
$4,840 $6,050
20% off
$5,845 $8,350
30% off
Buy now
Premium Report Details
Base Year: 2023
Companies covered: 18
Tables & Figures: 21
Countries covered: 19
Pages: 110
Download Free PDF
Low Voltage Digital Substation Market
Get a free sample of this report
Get a free sample of this report Low Voltage Digital Substation Market
Is your requirement urgent? Please give us your business email for a speedy delivery!
Low Voltage Digital Substation Market Size
The global low voltage digital substation market size witnessed a market value of USD 1.3 billion in 2023 and will continue to rise with CAGR of 7.7% from 2024 to 2032. This growth can largely be attributed to escalation in the need for a low voltage digital substations and enhanced productivity in power delivery automation substation units. IoT and smart grid technologies have increased the agility of substations and their global adoption. According to IEA the global electricity grid had a yearly expenditure of USD 332 billion, out of which 80 billion USD or roughly 20% went towards spending for smart grid digital automation systems. The economic integration of renewables in the power grid also offers extensive opportunities for management and monitoring which can further increase the market growth.
In addition, government policies aimed at improving renewable energy technologies and energy infrastructure development also help the market expand. Finally, increase in low voltage digital substations is also driven by urbanization and industrialization in developing countries which require dependability and flexibility in energy solutions.
Low Voltage Digital Substation Market Trends
The digital substation sector is adopting digitalization and smart grid technologies to improve participation in the market and to enhance grid reliability, efficiency, and flexibility. At the same time, there is a notable growing interest in safeguarding digital substations through robust cybersecurity measures against covert attacks that seek to compromise the integrity of the data and create a resilient system. Utilities are also funding new low voltage digital substations to improve power flow, exploit renewable energy sources, and assist with transport electrification.
Low Voltage Digital Substation Market Analysis
The electrical systems segment is expected to reach USD 800 million by 2032. The enhancement in demand is a consequence of improved efficiency, greater reliability, and low cost. The integration of IoT, AI, and digital communication allows for remote monitoring and maintenance which results in low voltage digital substation market growth. Further, growing focus on peripheral energy and smart grid development is accelerating the implementation of low voltage digital substations around the world.
The industrial sector is projected to grow at a CAGR of over 7.5% through 2032. The use of digital substations to improve operational productivity, minimize interruptions, and provide dependable power supply is on the rise. IoT and AI technologies enable monitoring and maintenance of systems in real time, which improves energy management. In addition, the transition to automation and smart manufacturing increases the need for complex electrical systems. Remaining compliant with energy regulation policies while fostering sustainability are other supporting reasons for the shift to low voltage digital substations in the industry.
The Asia Pacific low voltage digital substation market size is projected to surpass USD 980 million by 2032, due to unprecedented demand for power infrastructure that facilitates growing industries and infrastructure projects. Moreover, the low voltage digital substation industry in the Asia Pacific region is bolstered by increased urbanization, the growing need for dependable power, and the advancement of renewable energy technologies. The Chinese government reported that China intends to build over 200 additional renewable energy bases, with the goal of increasing renewable energy capacity approximately tripling from the 2022 total of 3.9 terawatts by 2030. In addition, the market continues to grow due to the improvement of IoT and smart grid technologies and high government and utility spending in power infrastructure.
In the U.S, the low voltage digital substation market is growing due to the high investments directed towards renewable energy and modernization of the power grid. Some of the prominent factors driving the market are government initiatives aimed at energy conservation, economic growth, and increased digitization and smart grid innovations. Increased adoption of digital substations improves grid reliability, efficiency, and flexibility which leads to increased demand from utility and industrial segments.
Low Voltage Digital Substation Market Share
ABB captures a considerable proportion of the market in the low voltage digital substation segment relying on technology, extensive product offerings, and a strong international presence. ABB has built a reputation as a trusted provider through innovation and strong reliability, and is now recognized as a true leader catering to the changing requirements of utilities and industries across the globe.
Low Voltage Digital Substation Market Companies
Some of the key players operating across the low voltage digital substation industry are:
Low Voltage Digital Substation Industry News
The low voltage digital substation market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 to 2032, for the following segments:
Click here to Buy Section of this Report
Market, By Component
Market, By Architecture
Market, By End Use
Market, By Installation
The above information has been provided for the following countries: