The digital substations market is anticipated to grow from USD 7.23 billion in 2023 to USD 15.1 billion by 2033, with a CAGR of 7.7%. This growth is fueled by the rising integration of digital and IoT technologies in power stations, particularly in developing regions where remote electrification efforts are advancing. Digital substations are increasingly favored for their enhanced monitoring, analytics, and efficient power delivery, backed by government-supported R&D efforts aimed at improving power infrastructure.
These initiatives encourage collaboration with energy companies to facilitate optimized deployment. By removing the last direct electrical connection to control panels, digital substations enhance safety, and they also provide cost, efficiency, and land use benefits. The expanding adoption of renewable energy projects further accelerates the adoption of digital substation technology.
Key Takeaways:
Based on voltage, the 220 kV voltage segment is predicted to hold the largest share of the digital substations market.
• The utility industry segment is expected to account for a large portion of the global digital substations market.
• Due to the widespread use of digital substations in utilities, this segment accounted for most of the digital substation market in 2019.
• By 2026, the hardware module segment is expected to be worth more than USD 7,500 million. Digital substations are widely used in all industry verticals, particularly utilities and oil and gas, all over the world.
• Throughout the forecast period (2022-2032), the transmission substations segment is expected to hold the largest share of the digital substations market. The market for digital substations in North America is expected to exceed USD 2.5 billion by 2028.
• Due to ongoing commercial and industrial infrastructure developments, rising energy demand in the United States will drive the regional digital substation market even further.Competition Landscape
ABB, Texas Instruments, Locamation, Efacec, Tesco Automation, NetControl, Belden Inc, Emerson Electric, NR Electric, GE, Schneider, Eaton, Rockwell Automation, Siemens, L&T, Cisco, Open System International, Guodian Nanjing Automation Co, and Beijing Sifang Automation Co. are among the key players in the digital substations market. In addition, ongoing acquisitions and joint ventures among various service providers and favorable incentives for deploying renewable technologies will boost the digital substations market outlook.• ABB and CORYS signed a memorandum of understanding for a digital collaboration project in December 2020.
• Siemens and Atos signed a five-year extension of their strategic partnership in September 2020 to bring together their joint digital solutions.
• Eaton and the US Department of Energy expanded their collaboration on innovative energy solutions at the National Renewable Energy Lab in January 2018.
Key Players
- ABB
- General Electric Company
- Aton Corporation
- Schneider Electric SE
- Honeywell International
- Emerson Electric Co.
- Larson and Tourbo Limited (L&T)
Segmentation
By Component:
- Substation Automation System
- Communication Network
- Electrical System
- Transformer
- Busbar
- Protection System
- Monitoring and Controlling Device
- Human Machine Interface
- Programmable Logic Controller
- Other
By Architecture:
- Process
- Bay
- Station
By Application:
- Transmission
- Distribution
By End Use:
- Utility
- Industrial
By Connectivity:
- <33kV
- 33kV to 110kV
- 110kV to 550kV
- >550kV
By Voltage Level:
- High
- Medium
- Low
By Installation:
- New
- Refurbished
Key Regions Covered:
- North America
- UNITED STATES
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- Middle East and Africa(MEA)
- GCC Countries
- Israel
- South Africa
- Rest of Middle East Asia (MEA)
Report Preview: https://www.futuremarketinsights.com/reports/digital-substations-market
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