The industrial digital substation global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Industrial Digital Substation Market, 2024The industrial digital substation global market report 2024
Market Size –
The industrial digital substation market size has grown strongly in recent years. It will grow from $3.63 billion in 2023 to $3.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to increasing demand for efficient and reliable power distribution systems, growth investments in smart grid technologies and infrastructure, the increasing need for enhanced grid stability and reliability, government initiatives and regulations promoting modernized electrical grids, the expansion of renewable energy sources, and the need for grid integration.
The industrial digital substation market size is expected to see strong growth in the next few years. It will grow to $5.20 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to the adoption of Industry 4.0 and digital transformation in power systems, rising demand for sustainable and energy-efficient infrastructure, continued expansion of smart grid and advanced metering infrastructure, enhanced cybersecurity measures for protecting critical infrastructure, and continued emphasis on reducing carbon emissions and improving energy efficiency. Major trends in the forecast period include the expansion of smart grid technologies, the integration of artificial intelligence (AI), the adoption of edge computing, the deployment of digital twin technology, the use of internet of things (IoT) devices, and advancements in cybersecurity.
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Scope Of Industrial Digital Substation MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Industrial Digital Substation Market Overview
Market Drivers –
The increasing demand for electricity is anticipated to significantly boost the growth of the industrial digital substation market in the coming years. The rise in electricity demand is attributed to factors such as urbanization, industrialization, and a greater adoption of electric technologies and devices. Industrial digital substations play a critical role in electricity systems by enhancing the efficiency, reliability, and automation of power distribution and management within industrial environments. For instance, in January 2024, the International Energy Agency, a France-based intergovernmental organization, reported that global electricity demand grew by 2.2% in 2023, with China experiencing a notable increase of 6.4%. Over the next three years, global electricity demand is projected to rise at an average annual rate of 3.4%, with India leading among major economies, recording a 7% increase in 2023 and anticipated to grow by over 6% annually until 2026. Thus, the increasing electricity demand will drive the growth of the industrial digital substation market through 2023, into 2024, and expectedly beyond to 2028.
Market Trends –
Major companies operating in the industrial digital substation market are focusing on developing innovative products such as process interface units (PIUs) to accelerate the adoption of digital substations by improving efficiency, flexibility, and maintainability while enabling advanced automation and communication. A process interface unit (PIU) in a digital substation connects field devices to the control system, translating physical signals into digital data for monitoring and control. For instance, in March 2024, Hitachi Energy Ltd., a Switzerland-based technology company, launched SAM600 3.0, an advanced process interface unit (PIU) aimed at advancing digital substation adoption. This new version combines three separate units into a single modular device, enabling it to operate as a merging unit, a switchgear control unit, or both, which simplifies installation and maintenance for utilities. It also converts analog signals into digital formats, allowing for the efficient distribution of current and voltage information across the substation and to control centers.
The industrial digital substation market covered in this report is segmented –
1) By Component: Substation Automation System, Communication Network, Electrical System, Monitoring And Control System, Other Components
2) By Architecture: Process, Bay, Station
3) By Voltage Level: Low, Medium, High
4) By Installation: New, Refurbished
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Regional Insights –
North America was the largest region in the industrial digital substation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial digital substation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Hitachi Energy Ltd., Siemens AG, General Electric Company, Cisco Systems Inc., RWE AG, Schneider Electric SE, Honeywell International Inc., Mitsubishi Electric Corporation, ABB Ltd, Toshiba Corporation, Alstom SA, Larsen & Toubro Limited, Eaton Corporation Inc., Emerson Electric Co., Rockwell Automation Inc., Nari Technology Co. Ltd., Phoenix Contact GmbH & Co. KG., KEMA Labs (CESI SpA), DNV GL, AEG Power Solutions Inc., EFACEC Power Solutions SGPS S.A., NR Electric Co. Ltd.
Table of Contents
1. Executive Summary
2. Industrial Digital Substation Market Characteristics
3. Industrial Digital Substation Market Trends And Strategies
4. Industrial Digital Substation Market – Macro Economic Scenario
5. Global Industrial Digital Substation Market Size and Growth
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32. Global Industrial Digital Substation Market Competitive Benchmarking
33. Global Industrial Digital Substation Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Industrial Digital Substation Market
35. Industrial Digital Substation Market Future Outlook and Potential Analysis
36. Appendix
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