The digital substation market size has grown robustly over recent years, expanding from $7.85 billion in 2024 to an anticipated $8.55 billion in 2025 – this suggests a compound annual growth rate (CAGR) of 8.9%. The growth during the historic period can be linked to various crucial aspects such as an increase in energy demand, enhanced grid monitoring requirements, cost savings in operation and maintenance, and regulatory compliance requirements.
The digital substation market size is projected to see swift growth, reaching $14.45 billion in 2029 at a compound annual growth rate (CAGR) of 14.0%. This forecast period growth may be attributed to factors like grid decentralization, electrification transportation, standardization and interoperability, rapid urbanization and electrification.
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What Are The Primary Growth Drivers Of The Digital Substation Market?
The rising demand for electricity is fueling the surge of the digital substation market. Digital substations are effectively utilized to replace traditional copper cable with advanced fiber optics transmitters that convert electrical signals into optical signals. They also find use in power grids and transformers to reduce losses during electricity transmission. Therefore, the increasing demand for electricity is driving the digital substation market growth.
What Constitutes The Major Segments Of The Global Digital Substation Market?
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, Defense & Aerospace, Process & Manufacturing, Other Industry Verticals
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Which Are The Major Players Operating In The Market?
Major players operating in the digital substation market are companies like ABB Ltd., NR Electric Co. Ltd., Eaton Corporation Inc., Schneider Electric SE, General Electric Company, Larsen & Toubro Ltd., Siemens AG, Toshiba Corporation, DNV GL, Hitachi Ltd., and many more.
What Are The Main Trends Evident In The Digital Substation Market?
Strategic collaboration is an emerging trend gaining traction in the digital substation market. To keep up with the rapid pace of digital transformation, companies are entering into partnerships and collaborations.
Which Region Is Slated To Register The Fastest Growth In Digital Substation Market?
In 2024, Europe was the largest region in the digital substation market. However, Asia-Pacific is expected to register the fastest growth in the forecast period.
What Does The Digital Substation Market Report 2025 Offer?
The term digital substation refers to an electrical substation controlled by distributed intelligent electronic devices (IEDs) linked by communication networks. It leverages computing technologies in the substation for communication between the relays in the control house and the instrument breakers, transformers, and merging units in the station yard, introducing digital technology into the substation. The Digital Substation Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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