Global Digital Substation Market Insights 2024, Forecast To 2033
19 Feb, 2024
The digital substation market has experienced rapid growth, increasing from $7.3 billion in 2023 to $8.03 billion in 2024, achieving a 10.1% CAGR. This growth is attributed to the increased demand for energy, enhanced grid monitoring requirements, cost savings in operation and maintenance, and regulatory compliance requirements. The market is expected to see rapid growth, reaching $12.51 billion in 2028, driven by grid decentralization, electrification of transportation, standardization and interoperability, rapid urbanization, and electrification. Major trends include increasing adoption of IoT and sensors, edge computing for real-time processing, applications of artificial intelligence and machine learning, remote monitoring and maintenance, and resilient communication networks.
Global Digital Substation Market Key Driver
The increase in demand for electricity is anticipated to drive the growth of the digital substation market. Digital substations, equipped with advanced technologies like fiber optics, play a vital role in minimizing losses during electricity transmission. The global electricity demand, according to the International Energy Agency, is expected to climb by 5% in 2021 and 4% in 2022, contributing to the growth of the digital substation market.
Get A Free Sample Of The Global Digital Substation Market ReportGlobal Digital Substation Market Segments
The digital substation market covered in this report is segmented –
1)By Voltage Level: Low, Medium, High
2)By Type: Transmission, Distribution
3)By Module: Fiber Optics Communication Network, Supervisory Control And Data Acquisition, Hardware
4)By Industry Vertical: Power Generation, Metal & Mining, Oil & Gas, Transportation & Logistics, Defence & Aerospace, Process & Manufacturing, Other Industry Verticals
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Europe was the largest region in the digital substation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital substation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Digital Substation Industry Players
ABB Ltd.; NR Electric Co. Ltd.; Eaton Corporation Inc.; Schneider Electric SE; General Electric Company; Larsen & Toubro Ltd.; Siemens AG; Tekvel; Toshiba Corporation; YAMAL LNG; DNV GL; Hitachi Ltd.; iGrid S. L.; Kalki Communication Technologies Private Limited; Locamation; Panasonic Corporation; Cisco Systems Inc.; Honeywell International Inc.; Emerson Electric Co.; Mitsubishi Electric Corporation; Schweitzer Engineering Laboratories Inc.; G Power and Industrial Solutions Limited; Arteche Group Corporation; EFACEC Power Solutions SGPS S. A.; Alstom Ltd.; Hyundai Electric & Energy Systems Co. Ltd.; Powell Industries Inc.; Rittal GmbH & Co. KG; Belden Inc.; Beckwith Electric Co. Inc.; ERLPhase Power Technologies Ltd.
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Digital Substation Market Overview
The term digital substation refers to an electrical substation in which operation is controlled by distributed intelligent electronic devices (IEDs) linked by communication networks. It is possible by the use of computing technologies in the substation. It is used to communicate between the relays in the control house and the instrument breakers, transformers, and merging units in the station yard. The digital substation brings digital technology into the substation.
Digital Substation Global Market Report 2023 provides data on the global digital substation market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The digital substation market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.