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Utility Scale Digital Substation Market Trends

Report ID: GMI9240
Published Date: Apr 2024
Report Format: PDF

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Utility Scale Digital Substation Market Trends

The digital substation market is witnessing significant advancements in response to the evolving needs of the energy sector. Shift towards fully digital substations, offering real-time monitoring, control, and decreased maintenance expenses are shaping the market dynamics. Moreover, the integration of robust cybersecurity solutions is becoming essential in ensuring the security of these critical systems. Furthermore, a focus on energy-efficient components supports sustainable grid operations, while ongoing innovation addresses evolving utility needs and maintains competitiveness.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of utility scale digital substation was reached USD 3.6 billion in 2023 and will grow at 7.1% CAGR from 2024 to 2032, driven by the demand for reliable power transmission.

Utility scale digital substation industry from the electrical system component segment will surpass USD 2.2 billion by 2032, owing to its substantial role in power transmission and distribution.

Asia Pacific utility scale digital substation market is set to cross USD 2.4 billion by 2032, propelled by the rapid urbanization and population growth.

ABB, Cisco Systems, Inc., CG Power and Industrial Solutions Ltd., Efacec, Eaton, GE Grid Solutions, LLC, Hubbell, Hitachi Energy, and Locamation among others.