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Medium Voltage Digital Substation Market Trends

Report ID: GMI9436
Published Date: May 2024
Report Format: PDF

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Medium Voltage Digital Substation Market Trends

The digital substation industry is witnessing a gradual shift towards the increasing adoption of digitalization and smart grid technologies to enhance grid reliability, efficiency, and flexibility shaping the dynamics. Additionally, there is a growing emphasis on cybersecurity measures to safeguard digital substations from cyber threats and ensure data integrity and system resilience. Also, utilities are investing in medium voltage digital substations with advanced capabilities to optimize power flows, integrate renewables, and support transportation electrification. For instance, in May 2021, ABB delivered its digital substation capabilities to UK’s power grid in order to facilitate the addition of renewable energy sources to the grid. These trends underscore the industry's shift towards digitalization and innovation to meet the evolving demands of modern power systems.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

Market size for medium voltage digital substation experienced robust growth of USD 5.6 billion in 2023 and will grow at 6.6% CAGR between 2024 to 2032, propelled by advancements in digitalization, automation, and smart grid technologies.

New installation segment in market projected to grow over 7.5% CAGR through 2032, owing to the decreasing tech costs and rising awareness of benefits.

The Asia Pacific market is poised to exceed USD 3.5 billion by 2032, driven by escalating demand for robust power infrastructure to accommodate burgeoning industries and infrastructure projects.

ABB, Cisco Systems, Inc., Eaton, GE Grid Solutions, LLC, Hubbell, Hitachi Energy, Locamation, Larson & Toubro Limited, NR Electric Co. Ltd., Netcontrol Group, Powell Industries and Rittal GmbH & Co. KG