The Digital Substation by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Digital Substation , The digital substation market size has grown rapidly in recent years. It will grow from $7.3 billion in 2023 to $8.03 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to increased in energy demand, enhanced grid monitoring requirements, cost savings in operation and maintenance, regulatory compliance requirements.
The digital substation market size is expected to see rapid growth in the next few years. It will grow to $12.51 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to grid decentralization, electrification of transportation, standardization and interoperability, rapid urbanization and electrification. Major trends in the forecast period include increasing adoption of iot and sensors, edge computing for real-time processing, artificial intelligence and machine learning applications, remote monitoring and maintenance, resilient communication networks.
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 convert electrical signals to optical signals. Digital substations are also used in power grids and transformers to minimize losses during transmission of electricity. For instance, in November 2021, according to the International Energy Agency’s semi-annual Power Market Report, the global electricity demand is expected to climb by 5% in 2021 and 4% in 2022. The amount of electricity generated by renewables is expected to rise as well, by 8% in 2021 and over 6% in 2022. Therefore, the increase in demand for electricity is driving the digital substation market growth.
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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
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 September 2023, Hitachi Ltd, a Japan-based electronics company partnered with East Japan Railway Company to develop full-digital substation system by 2025. The technology will enable dual configuration of transmission lines as well as protection and control functions in substation premises, allowing for stable railway transportation via a stable supply of power. Furthermore, by minimizing the size of facilities, it will improve construction efficiency. Furthermore, in March 2023, Tata Power, an India-based integrated power company partnered with Enel Group, an Italy-based green energy and artificial intelligence (AI) company to power digtalization and automation of India’s power distribution network. The first pilot project will focus on increasing digitization and automation of secondary substations, with Tata Power joining Gridpertise’s proprietary QEd – Quantum Edge Device international co-creation programme. This collaborative programme will virtualize grid functionality, allowing for network security and control, automation, real-time problem detection, and service restoration.
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. Global Digital Substation Market Size and Growth
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26. South America Digital Substation Market
27. Brazil Digital Substation Market
28. Middle East Digital Substation Market
29. Africa Digital Substation Market
30. Digital Substation Market Competitive Landscape And Company Profiles
Top Major Players:
- ABB Ltd
- NR Electric Co. Ltd
- Eaton Corporation Inc
- Schneider Electric SE
- General Electric Company
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