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Digital Substation Market Trends

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

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Digital Substation Market Trends

The digital substation industry is experiencing continuous investments in distribution networks, including smart meters and smart grids, to address various challenges and replace aging infrastructure while ensuring high-quality services. Developing economies, which currently have insufficient electric infrastructure, are actively working towards improving their networks. Furthermore, the industry is benefiting from advancements in product offerings, and key players are leveraging mergers and acquisitions as a strategic approach to strengthen their positions and drive further growth in the market.

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.