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Digital Ray Substation Automation Market Trends 2024: Advancements in Power Grid Management
Digital Ray Substation Automation
The Business Research Company presents an extensive market research report on the Digital Ray Substation Automation Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The digital ray substation automation market size has grown strongly in recent years. It will grow from $8.44 billion in 2023 to $9.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to significant growth in low latency requirement, increasing demand for efficient and reliable power distribution systems, growing need for real-time monitoring and control of power distribution systems, growing need for cybersecurity in power distribution systems, rising need for automation in the oil and gas, mining, and transportation industries.
The digital ray substation automation market size is expected to see strong growth in the next few years. It will grow to $11.71 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to the growing technological advancements, growing need for automation in power utility and industrial applications, increasing demand for smart grid technologies and renewable energy integration, increasing focus on reducing costs and improving product differentiation, increase in the data privacy and security. Major trends in the forecast period include advancements in communication networks and technologies, advanced communication protocols, cloud computing, renewable energy integration, digital twin technology, advancements in artificial intelligence and machine learning for substation automation.
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Key Market Players:
Major companies operating in the digital ray substation automation market report are General Electric Company, Hitachi Power Ltd., Siemens AG, Cisco Systems Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Limited, Toshiba Corporation, Larsen & Toubro Limited, Eaton Corporation Plc, Texas Instruments Incorporated, Emerson Electric Co., Rockwell Automation Inc., Belden Inc., Schweitzer Engineering Laboratories, Crompton Greaves Ltd., Powell Industries, Arteche Group, Open System International, Trilliant Holdings Inc., Novatech Inc., EFACEC Power Solutions SGPS S.A., Kalki Communication Technologies Private Limited, Verson Electric Pvt. Ltd.
Market Drivers:
The increase in data privacy and security is expected to propel the growth of the digital ray substation automation market going forward. Data privacy and security involve protecting sensitive information from unauthorized access, use, or disclosure through measures such as encryption and access controls to mitigate threats like cyberattacks and data breaches. Digital ray substation automation systems implement strict access controls to limit who can view or modify data within the automation network, reducing the risk of unauthorized access and data breaches. For instance, in January 2024, according to a report by AAG IT Services, a UK-based company that provides IT support and digital transformation services to businesses, 54% of UK companies are expected to have implemented measures to identify cybersecurity issues by December 2022, marking a rise from 52% in 2021. Therefore, the increase in data privacy and security is driving the growth of the digital ray substation automation market.
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https://www.thebusinessresearchcompany.com/report/digital-ray-substation-automation-global-market-report
The digital ray substation automation market covered in this report is segmented -
1) By Components: Substation Automation System, Communication Network, Electrical System, Recloser Controller, Programmable Logical Controller, Capacitor Bank Controller, Digital Transducer Or Smart Meter, Load Tap Controller, Communication Channel, Other Components
2) By Communication Channel: Ethernet, Power Line Communication, Copper Wire Communication, Optical Fiber Communication
3) By Application: Utility, Steel, Mining, Oil And Gas, Transportation
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