Press release
Prominent Digital Substation Market Share Trend for 2025: Strategic Collaborations Drive Digital Substation Market Share Innovation
Digital Substation Market Share
The growth of the digital substation market is projected to be fueled by the rising demand for electricity. Digital substations have proved their efficiency by replacing the ancient copper cable with the high-tech fiber optics transmitters to transform electrical signals into optical signals. They are utilized in power grids and transformers to mitigate losses during electric power transmission. For example, the International Energy Agency predicted in 2023 that the worldwide electricity demand will accelerate at a faster pace of 3% annually throughout the 2023-2025 period, in contrast to the growth rate in 2022. This expected surge is a reflection of the ongoing recovery of industrial and economic activities, along with an increase in demand for energy-intensive services and technologies globally. Hence, the rising demand for electricity is propelling the growth of the digital substation market.
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What is the future CAGR of the digital substation market, and how will it impact industry expansion?
In recent times, the digital substation market has witnessed robust growth. It is predicted to rise from $7.85 billion in 2024 to $8.55 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.9%. The accelerated growth in the past can be ascribed to a surge in energy demand, amplified requirements for grid monitoring, cost reduction in operation and maintenance, and the need to meet regulatory compliance requirements.
The digital substation industry is projected to witness significant expansion in the coming years, with its market size expected to reach $14.45 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.0%. The acceleration in growth anticipated during the forecast period is associated with factors such as decentralization of grids, electrification initiatives in transport, standardization and interoperability, coupled with rapid urbanization and electrification. The forecast period also expects major trends like the growing use of IoT and sensors, the application of edge computing for timely processing, the use of artificial intelligence and machine learning, and remote monitoring and maintenance, along with resilient communication networks.
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What are the most significant trends transforming the digital substation market today?
One notable trend in the digital substation market is the strategic alliance among firms. These firms, recognizing the rapid evolution of digital transformation, are forming partnerships to accommodate. For example, in September 2023, Hitachi Ltd of Japan teamed up with East Japan Railway Company to construct a fully digital substation system by 2025. This innovative technology permits dual setting of transmission lines along with control and protective features in the substation area, contributing to reliable rail transport through consistent power supply. Additionally, by reducing the size of facilities, construction efficacy is enhanced. In another collaboration, Tata Power, an India-based integrated power company, joined forces with Enel Group, an Italian green energy and AI company in March 2023. The partnership aims to facilitate the digitalization and automation of India's power distribution network. The initiative's initial project will concentrate on enhancing the digitalization and automation of secondary substations. As part of Gridpertise's exclusive QEd - Quantum Edge Device international co-creation program, Tata Power plays a key role. This combined project will allow grid functionality to be virtualized, providing network security and control, automation, real-time problem identification, and service restoration.
Which key market segments comprise the digital substation market and drive its revenue growth?
The digital substation market covered in this report is segmented -
1) By Voltage Level: Low, Medium, High
2) By Type: Transmission, Distribution
3) By Module: Fiber Optics Communication Network, Supervisory Control And Data Acquisition, Hardware
4) By Industry Vertical: Power Generation, Metal & Mining, Oil & Gas, Transportation & Logistics, Defense & Aerospace, Process & Manufacturing, Other Industry Verticals
Subsegments:
1) By Low Voltage: Distribution Automation, Smart Metering Solutions, Protective Relays
2) By Medium Voltage: Circuit Breakers, Voltage Regulators, Substation Automation Systems
3) By High Voltage: Transformer Monitoring Systems, High Voltage Circuit Breakers, Advanced Protection And Control Systems
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What regions are at the forefront of digital substation market expansion?
Europe was the largest region in the digital substation market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital substation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the digital substation market?
Major companies operating in the digital substation market include ABB Ltd., NR Electric Co. Ltd., Eaton Corporation Inc., Schneider Electric SE, General Electric Company, Larsen & Toubro Ltd., Siemens AG, Toshiba Corporation, DNV GL, Hitachi Ltd., iGrid S. L., Kalki Communication Technologies Private Limited, Locamation, Panasonic Corporation, Cisco Systems Inc., Honeywell International Inc., Emerson Electric Co., Mitsubishi Electric Corporation, Schweitzer Engineering Laboratories Inc., G Power and Industrial Solutions Limited, Arteche Group Corporation, EFACEC Power Solutions SGPS S. A., Alstom Ltd., Hyundai Electric & Energy Systems Co. Ltd., Powell Industries Inc., Rittal GmbH & Co. KG, Belden Inc., Beckwith Electric Co. Inc., ERLPhase Power Technologies Ltd.
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What Is Covered In The Digital Substation Global Market Report?
•Market Size Forecast: Examine the digital substation market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the digital substation market for a structured understanding.
•Key Players Overview: Analyze major players in the digital substation market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the digital substation market.
•Segment Contributions: Evaluate how different segments drive overall growth in the digital substation market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the digital substation market.
•Industry Challenges: Identify potential risks and obstacles affecting the digital substation market.
•Competitive Landscape: Review strategic developments in the digital substation market, including expansions, agreements, and new product launches.
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