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Digital Substation Market Size

Report ID: GMI2441
Published Date: Oct 2023
Report Format: PDF

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Digital Substation Market Size

Digital Substation Market was valued at USD 7.2 billion in 2022 and is estimated to register a CAGR of over 7.2% between 2023 and 2032. The integration of advanced, secure, and adaptable technologies has revolutionized the industry landscape. Growing R&D spendings by several manufacturers and suppliers to improve their product offerings and adopt versatile technological platforms will influence product adoption.

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In the past few years, the industry has experienced significant growth owing to the rising demand for electricity and favorable regulatory reforms aimed at expanding the current grid infrastructure. In addition, providing affordable and uninterrupted electricity are key regulators which leading to the implementation of various reforms and policies. Extensive industrial strategies and the swift integration of efficient products and cost-competitive will complement the industry potential.

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of digital substation was worth USD 7.2 billion in 2022 and is set to depict over 7.2% CAGR between 2023 and 2032, attributed to the evolving technological landscape led by increasing R&D investments and efforts focused on improving existing product offerings.

The electrical system segment is poised to be worth over USD 4.5 billion by 2032, credited to consistent technological innovations and the burgeoning demand for smart and optimized electrical infrastructure.

The digital substation market share from the transmission segment is anticipated to grow at over 7% CAGR from 2023 to 2032, aided by the expanding smart energy infrastructure and development of existing transmission lines.

Europe digital substation market could grow at over 6.5% CAGR through 2032, attributed to the rising adoption of energy-efficient technologies and refurbishment of distribution and transmission infrastructure.