Global digital substation market is expected to reach 13.5 B by 2027 growing at a CAGR of 7.9 %
The global digital substation market is expected to grow from $7.45 B in 2019 to $13.50 B by 2027, at a CAGR of 7.9 % during the forecast period 2020-2027.
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The global digital substation market is expected to grow from $7.45 B in 2019 to $13.50 B by 2027, at a CAGR of 7.9 % during the forecast period 2020-2027.
The Asia-Pacific region stands to dominate the digital substation market with the highest growth rate as well as the majority market share. This is due to key factors such as rural electrification, rapid industrialization, renewable energy projects, growing economy and positive government initiatives in the energy & power sector. The markets in India and China are proliferating, commanding significant shares in the regional market. Following APAC, North America and the Europe market comes at second and third place respectively, in terms of market share.
Key players in the market are: Larsen & Toubro Ltd., Emerson Electric Co., Honeywell International, Inc., Eaton Corp. PLC, NR Electric Co., Ltd., i-TOR, TEKVEL, ABB, Siemens, iGrid T&D, Cadillac Automation and Controls, Schneider Electric, Cisco, Yamal LNG, Texas Instruments, Belden Inc, Guodian Nanjing Automation Co., Locamation, and others.
Source: Street Insider