Digital substation market to reach $14 B by 2023
The digital substation market size was valued at $6.5 B -n 2021 and is expected to be worth $14.11 B by 2032, growing at a 7.3 % CAGR from 2022 to 2032.
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The digital substation market size was valued at $6.5 B -n 2021 and is expected to be worth $14.11 B by 2032, growing at a 7.3 % CAGR from 2022 to 2032.
The global digital substation market has grown at a rapid pace in recent years, and it is expected to do so again over the next several years. This is because leading industry players have begun introducing new products with enhanced capabilities.
In addition, the increased demand for energy from renewable resources in developed countries to support sustainable development has boosted digital substation market growth even more.
The rising demand for energy and the rapid use of non-renewable energy resources have shifted the demand for power generation to renewable energy sources. Furthermore, the integration of renewable energy with digital substations has been made possible by the advent of automation in power generation, distribution, and management.
The global digital substation market is driven by the use of digital substations for generating renewable energy and delivering improved dependability, efficiency, and safety in power distribution and the emergence of automation and higher standards of connectivity. However, greater upfront costs make it harder to replace traditional substations, limiting the expansion of the digital substation market.
The adoption of digital substations for generating renewable energy and improving reliability, efficiency, and safety in power distribution, and the emergence of automation and higher connectivity standards are the factors driving the global digital substation market. However, higher initial investments make it difficult to replace traditional substations, limiting the growth of the digital substation market.
The competition landscape includes: ABB, Efacec, GE, Schneider, Eaton, Rockwell Automation, Siemens, etc.
Source: Future Market Insights
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