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Asia Pacific Utility Scale Digital Substation Market
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Asia Pacific Utility Scale Digital Substation Market Size
Asia Pacific Utility Scale Digital Substation Market was valued at USD 1.4 billion in 2023 and is set to expand at more than 6.5% CAGR from 2024 to 2032, driven by the increasing demand for efficient and reliable power distribution along with rapid urbanization and industrialization across the region.
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The modernization of aging electrical infrastructure, coupled with substantial investments in smart grid technologies, is also a significant factor. The adoption of advanced digital technologies in substations to improve operational efficiency and reduce downtime further contributes to this positive outlook.
Asia Pacific Utility Scale Digital Substation Market Report Attributes
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2023 |
| Market Size in 2023 | USD 1.4 Billion |
| Forecast Period 2024 to 2032 CAGR | 6.5% |
| Market Size in 2032 | USD 2.4 Billion |
| Key Market Trends | |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Asia Pacific Utility Scale Digital Substation Market Trends
The Asia Pacific utility-scale digital substation industry is witnessing significant trends that are shaping its growth. A major trend is the region's rapid adoption of smart grid technologies, driven by the need for more efficient and reliable power distribution. Governments are heavily investing in modernizing outdated electrical infrastructure, further boosting the demand for digital substations.
The integration of renewable energy sources, such as solar and wind, into national grids is also increasing, necessitating advanced digital substations for better management and stability. Additionally, there is a growing focus on enhancing grid resilience against cyber threats, leading to the implementation of sophisticated digital protection and monitoring systems. These trends collectively drive the market's expansion across Asia Pacific.
Asia Pacific Utility Scale Digital Substation Market Analysis
Learn more about the key segments shaping this market
The electrical systems segment is expected to exceed USD 800 million by 2032. This growth is driven by increasing investments in grid modernization and the rising demand for reliable and efficient power distribution. The integration of renewable energy sources into the grid is also fuelling the need for advanced electrical systems in digital substations. Additionally, government initiatives aimed at enhancing energy efficiency and grid stability are further contributing to the expansion of the electrical systems segment in the market.
Learn more about the key segments shaping this market
Asia Pacific utility scale digital substation market for new digital substations is anticipated to witness more than 7.5% CAGR through 2032. This growth is driven by the increasing demand for advanced power infrastructure to support the region's rapid urbanization and industrialization. The push towards integrating renewable energy sources, coupled with the need for more efficient and reliable power distribution, is also fuelling the adoption of new digital substations. Additionally, government initiatives focused on modernizing the grid and enhancing its resilience against cyber threats are further propelling the market's expansion in new digital substation deployments across the region.
Looking for region specific data?
China's utility-scale digital substation market is likely to exceed USD 850 million by 2032, driven by several key factors. The country's ongoing efforts to modernize its power infrastructure are a major contributor, as China continues to invest heavily in upgrading its aging electrical grid to meet the growing demand for electricity. China has committed an impressive USD 442 billion for the 2021-2025 period to revamp and expand its power grids, with a strong emphasis on modernization and extension.
The rapid expansion of renewable energy sources, such as wind and solar, is also driving the need for advanced digital substations to ensure efficient integration and management of these variable energy inputs. Additionally, government initiatives aimed at improving grid reliability and reducing carbon emissions are further propelling the market. China's focus on enhancing grid resilience against cyber threats and operational inefficiencies adds to the growth momentum.
Asia Pacific Utility Scale Digital Substation Market Share
ABB holds a significant share in the Asia Pacific utility-scale digital substation industry, driven by its advanced technological solutions and strong regional presence. The company's expertise in grid automation and digitalization makes it a key player in modernizing power infrastructure across the region. ABB's innovations support the integration of renewable energy sources, enhancing grid reliability and efficiency in the Asia Pacific market.
Asia Pacific Utility Scale Digital Substation Market Companies
Some of the major players operating across the Asia Pacific utility scale digital substation industry are:
- ABB
- CG Power & Industrial Solutions Ltd.
- Efacec
- Fuji Electric
- GE Grid Solutions
- Hitachi Energy
- Locamation
- L&T Electrical and Automation
- NR Electric Co., Ltd.
- Rockwell Automation, Inc.
- Siemens
- Schneider Electric
- SIFANG
- Texas Instruments Incorporated
Asia Pacific Utility Scale Digital Substation Industry News
- In September 2022, Indonesia's state-owned electricity company, PLN, relied on ABB's switchgear technology to guarantee a consistent power supply for the ABB Formula E 2022 event. ABB's offerings included the advanced UniGear Digital medium-voltage switchgear, known for its superior monitoring and control features. These systems ensured seamless power distribution during the event, underscoring ABB's dedication to pioneering sustainable and dependable energy solutions.
- In January 2022, CtrlS announced plans to establish Asia's largest Gas Insulated Substation (GIS) in India, a move set to revolutionize the nation's data center landscape. This cutting-edge GIS starts with a robust 300MW capacity, with an eye on scaling up to a formidable 700MW. With backing from three distinct power sources and varied pathways, the facility guarantees an unwavering 100% power availability.
This Asia Pacific utility scale digital substation market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 to 2032, for the following segments:
Market, By Component
- Substation automation system
- Communication network
- Electrical system
- Monitoring & control system
- Others
Market, By Architecture
- Process
- Bay
- Station
Market, By Voltage Level
- Low
- Medium
- High
Market, By Installation
- New
- Refurbished
The above information has been provided for the following countries:
- China
- India
- Japan
- South Korea
- Australia
Frequently Asked Question(FAQ) :
How big is the Asia Pacific utility scale digital substation market?
Asia Pacific market for utility scale digital substation was worth over USD 1.4 billion in 2023 and is anticipated to register 6.5% CAGR between 2024 to 2032, driven by rapid urbanization and industrialization across the region.
Why is the demand for new utility scale digital substation rising in Asia Pacific?
Asia Pacific utility scale digital substation industry from the new segment will record 7.5% CAGR through 2032, driven by the increasing demand for advanced power infrastructure to support the region's rapid urbanization and industrialization.
How large is the China utility scale digital substation market?
China utility scale digital substation industry size may reach USD 850 million by 2032, owing to country's ongoing efforts to modernize its power infrastructure.
Which are the leading utility scale digital substation companies in Asia Pacific?
ABB, CG Power & Industrial Solutions Ltd., Efacec, Fuji Electric, GE Grid Solutions, Hitachi Energy, Locamation, L&T Electrical and Automation, NR Electric Co., Ltd., and Rockwell Automation, Inc., among others.
