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Utility Scale Medium Voltage Digital Substation Market Size
Utility Scale Medium Voltage Digital Substation Market experienced significant expansion, reaching USD 2.6 billion in 2023, and is anticipated to grow at a CAGR of 6.5% from 2024 to 2032. This robust growth is driven by several key factors. Advancements in grid modernization and substantial investments in upgrading aging infrastructure contribute to market expansion.
In 2022, India launched an ambitious scheme worth approximately USD 38 billion aimed at supporting power distribution firms and improving distribution infrastructure, which is anticipated to drive the demand for digital substations across the nation.
The increasing integration of renewable energy sources and the need for reliable and efficient power distribution are primary drivers. The rising adoption of smart grid technologies and the demand for enhanced grid stability and security further propel the market forward. These factors collectively underscore the dynamic growth trajectory of the market.
Why is the demand of electrical system components increasing in utility scale medium voltage digital substations?
Utility scale medium voltage digital substation industry from the electrical system components segment will exceed USD 1 billion by 2032, driven by its critical role in enhancing grid efficiency and reliability.
What is the size of the utility scale medium voltage digital substation market?
Industry size for utility scale medium voltage digital substation was USD 2.6 billion in 2023 and will register 6.5% CAGR between 2024 and 2032 due to increasing integration of renewable energy sources like solar and wind necessitating advanced grid management solutions.
Which are the key utility scale medium voltage digital substation business players?
ABB, Cisco, Eaton, General Electric, Hubbell, Hitachi Energy Ltd., Larson & Toubro Limited, NR Electric Co. Ltd., Powell Industries, Schneider Electric, Siemens, and Toshiba Energy Systems & Solutions Corporation are operating in the utility scale medium voltage digital substation industry.
How large is the Asia Pacific utility scale medium voltage digital substation market?
Asia Pacific industry will surpass USD 1.5 billion by 2032, attributed to the increasing electricity demand, coupled with government initiatives for energy efficiency and grid modernization.