The Digital Substation Global Market Report 2023 by The Business Research Company, provides digital substation market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Digital Substation Global Market Report 2023$6.84 billion in 2022 to $7.59 billion in 2023 at a compound annual growth rate (CAGR) of 11.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the digital substation is expected to grow to $11.65 billion in 2027 at a CAGR of 11.3%.
The increase in demand for electricity is expected to propel the growth of the digital substation market. Digital substations are actively used in replacing traditional copper cable with advanced fiber optics transmitters to covert electrical signals to optical signals. Digital substations are also used in power grids and transformers to minimize losses during transmission of electricity.
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The digital substation market 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
Strategic collaboration between companies is a key trend gaining popularity in the digital substation market. Companies that provide digital solutions are undergoing partnerships and collaborations to cope with the digital transformation that is occurring at a rapid pace. For instance, in December 2020, ABB, a Sweden-based technology and industrial company that provides digital substations, partnered with CORYS, a manufacturing business established in France. The collaboration will develop digital twin modeling and simulation technology in the energy and industrial industries. Furthermore, in September 2020, Siemens AG, a Germany-based engineering and manufacturing company that provides digital substations, partnered with Atos, a France-based information technology services and consulting firm, for a deal amount of $3.40 billion. Siemens’ digital goals in the areas of services modernization and digitalization, data-driven digital, cloud transformation, and cybersecurity are likely to be accelerated as a result of the relationship.
The digital substation market report table of contents includes:
1. Executive Summary
2. Digital Substation Market Characteristics
3. Digital Substation Market Trends And Strategies
4. Digital Substation Market – Macro Economic Scenario
5. COVID-19 Impact On Digital Substation Market
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26. Africa Digital Substation Market
27. Digital Substation Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Digital Substation Market
29. Digital Substation Market Future Outlook and Potential Analysis
30. Appendix
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