The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Digital Substation Global Market Report 2024, the digital substation market is expected to show significant growth in the forecast period.

The digital substation market has experienced remarkable growth in recent years, driven by various factors contributing to its expansion.

• Market size surged from $7.3 billion in 2023 to $8.03 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 10.1%.
• Historic growth attributed to increased energy demand, heightened grid monitoring needs, operational cost savings, and regulatory compliance mandates.

Anticipating Future Expansion

Projections indicate even more substantial growth in the digital substation sector, with the market expected to reach $12.51 billion by 2028, reflecting a CAGR of 11.7%.

• Forecasted growth linked to grid decentralization, transportation electrification, standardization, urbanization, and electrification trends.
• Notable trends include IoT and sensor adoption, edge computing, AI and machine learning integration, remote monitoring, and robust communication networks.

Increased Electricity Demand Fuels Growth

The surge in electricity demand serves as a significant driver for the expansion of digital substations.

• Digital solutions replace traditional copper cables with advanced fiber optics, minimizing transmission losses.
• Global electricity demand expected to rise by 5% in 2021 and 4% in 2022, according to the International Energy Agency.
• Increased demand for electricity prompts the adoption of digital substation solutions by major companies like ABB Ltd., Schneider Electric SE, and Siemens AG.

View More On The Digital Substation Market Report 2024 –
https://www.thebusinessresearchcompany.com/report/digital-substation-global-market-report

Strategic Collaborations Drive Innovation

Partnerships and collaborations between companies propel innovation within the digital substation market.

• Hitachi Ltd. partnered with East Japan Railway Company to develop a full-digital substation system by 2025, enhancing railway transportation stability.
• Tata Power and Enel Group collaborate to digitize and automate India’s power distribution network, focusing on secondary substations and grid functionality virtualization.

Market Expansion Strategies

Market expansion strategies further catalyze the growth of digital substations, expanding their reach across regions and industries.

• Kalpataru Power’s acquisition of Fasttel Engenharia in Brazil solidifies its presence in the Latin American market.
• Fasttel Engenharia’s expertise in engineering, procurement, and construction of electricity infrastructure complements Kalpataru Power’s capabilities.

Segmentation and Regional Dynamics

Understanding the segmentation and regional dynamics of the digital substation market provides insights into its diverse landscape.

1. Segmentation Overview:
   • Voltage Level: Low, Medium, High
   • Type: Transmission, Distribution
   • Module: Fiber Optics Communication Network, Supervisory Control And Data Acquisition, Hardware
   • Industry Vertical: Power Generation, Metal & Mining, Oil & Gas, Transportation & Logistics, Defense & Aerospace, Process & Manufacturing, Other Industry Verticals
2. Regional Insights:
   • Europe led the digital substation market in 2023, while Asia-Pacific emerges as the fastest-growing region in the forecast period.

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The Digital Substation Global Market Report 2024  provides an in-depth analysis on the digital substation market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the digital substation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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