Global Digital Substation Market Size To Worth USD 15.32 Billion By 2033 | CAGR Of 6.90%
The Global Digital Substation Market Size was Valued at USD 7.86 Billion in 2023 and the Worldwide Digital Substation Market Size is Expected to Reach USD 15.32 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: ABB Ltd., General Electric Company, Siemens AG, Eaton Corporation Inc., Hitachi Ltd., Schneider Electric SE, NR Electric, Emerson Electric Co., Larsen & Toubro Limited, Honeywell International Inc., Cisco System Inc. and Others key vendors.
New York, United States , Sept. 09, 2024 (GLOBE NEWSWIRE) -- The Global Digital Substation Market Size is Expected to Grow from USD 7.86 Billion in 2023 to USD 15.32 Billion by 2033, at a CAGR of 6.90% during the forecast period 2023-2033.
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A digital substation is a digitized version of a substation’s secondary system that eliminates the majority of analog secondary circuits between the instrument transformers and protective relays. This is an essential component of electrical generating, transmission, and distribution systems, allowing electric utilities and other industries to remotely monitor, manage, and coordinate the transmission and distribution components housed in the substation. The digital substation market is quickly growing as digital technologies like IoT, big data, and upgraded sensors increase substation efficiency and dependability. This growth is accelerated by the desire for smart grids, which require digital substations for better integration of renewable energy sources and improved grid management. However, several obstacles have hindered the adoption of digital substations, including expensive initial costs for technology, equipment, and training, which mostly affect utilities in developing nations.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Digital Substation Market Size, Share, and COVID-19 Impact Analysis, By Module (Hardware, Fiber-Optic Communication Networks, and SCADA Systems), By Type (Transmission Substation and Distribution Substation), By Installations Type (New Installations, Retrofit Installations), By Voltage (Up to 220kV, 220-500kV, Above 500kV), By Industry (Utility, Heavy Industries, Transportation, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The hardware segment is predicted to hold the largest market share through the forecast period.
Based on the module, the digital substation market is classified into hardware, fiber-optic communication networks, and SCADA systems. Among these, the hardware segment is predicted to hold the largest market share through the forecast period. The hardware segment dominated by physical components such as transformers, circuit breakers, and switchgear plays a critical role in the entire operation of substations.
The transmission substation segment is anticipated to hold the highest market share during the projected timeframe.
Based on the type, the digital substation market is divided into transmission substation and distribution substation. Among these, the transmission substation segment is anticipated to hold the highest market share during the projected timeframe. Transmission substations play an important role in regulating and directing high-voltage electricity across vast distances, necessitating modern digital technology to improve efficiency and reliability.
The utility segment is anticipated to hold the greatest share of the digital substation market during the projected timeframe.
Based on the industry, the digital substation market is categorized into utility, heavy industries, transportation, and others. Among these, the utility segment is anticipated to hold the greatest share of the digital substation market during the projected timeframe. The segment's dominance derives from utilities' critical role in controlling and distributing electricity across large networks. Utilities need modern digital substations to improve grid dependability, incorporate renewable energy sources, and increase overall operational efficiency.
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North America is estimated to hold the largest share of the digital substation market over the forecast period.
North America is estimated to hold the largest share of the digital substation market over the forecast period. The region's growth is fueled by a strong concentration on technological innovation, significant infrastructural enhancements, and government measures promoting smart grid technologies.
Asia Pacific is predicted to have the highest CAGR growth in the digital substation market over the forecast period. This rapid expansion is fueled by massive expenditures in energy infrastructure, which are driven by rising urbanization and industrialization in nations such as China and India. Government initiatives and policies targeted at updating power grids and incorporating smart technologies speed up the implementation of digital substations.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the digital substation market include ABB Ltd., General Electric Company, Siemens AG, Eaton Corporation Inc., Hitachi Ltd., Schneider Electric SE, NR Electric, Emerson Electric Co., Larsen & Toubro Limited, Honeywell International Inc., Cisco System Inc., and Others.
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Recent Developments
In July 2022, The Dubai Electricity and Water Authority (DEWA) commissioned a new 400/132 kV substation in Al Qusais Industrial Area 5 and 10 132/11 kV substations in various locations in Dubai.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the digital substation market based on the below-mentioned segments:
Global Digital Substation Market, By Module
Hardware
Fiber-Optic Communication Networks
SCADA Systems
Global Digital Substation Market, By Type
Transmission Substation
Distribution Substation
Global Digital Substation Market, By Installations Type
New Installations
Retrofit Installations
Global Digital Substation Market, By Voltage
Up to 220kV
220-500kV
Above 500Kv
Global Digital Substation Market, By Industry
Utility
Heavy Industries
Transportation
Others
Global Digital Substation Market, By Regional Analysis
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
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