Press release
Global Industrial Digital Substation Market to Reach $5.58 Billion by 2029, Growing at 7.4% CAGR
Global Industrial Digital Substation Market
The increasing demand for electricity is expected to drive the growth of the industrial digital substation market. The demand for electricity is rising due to urbanization and industrialization, along with the adoption of electric technologies. Industrial digital substations enhance the efficiency and reliability of power distribution systems. The International Energy Agency reported a 2.2% growth in global electricity demand in 2023, with projections of continued growth. As electricity demand increases, the industrial digital substation market is set to expand.
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What Is the projected market size and growth rate for the industrial digital substation market?
The industrial digital substation market is forecasted to grow from $3.89 billion in 2024 to $4.19 billion in 2025 at a CAGR of 7.7%, supported by smart grid investments, renewable energy expansion, and grid stability requirements.
The industrial digital substation market is anticipated to expand to $5.58 billion by 2029 at a CAGR of 7.4%, driven by Industry 4.0 adoption, demand for sustainable infrastructure, smart grid expansion, and cybersecurity measures. Trends include AI integration, edge computing, digital twin deployment, IoT devices, and cybersecurity enhancements.
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What new trends are reshaping the industrial digital substation market and its opportunities?
In the industrial digital substation market, companies are introducing process interface units (PIUs) to support the adoption of digital substations. Hitachi Energy Ltd. launched the SAM600 3.0 PIU in March 2024, which combines three units into one modular device. This PIU facilitates easier installation, maintenance, and data conversion from analog to digital, enhancing operational efficiency in digital substations.
What major market segments define the scope and growth of the industrial digital substation market?
The industrial digital substation market covered in this report is segmented -
1) By Component: Substation Automation System, Communication Network, Electrical System, Monitoring And Control System, Other Components
2) By Architecture: Process, Bay, Station
3) By Voltage Level: Low, Medium, High
4) By Installation: New, Refurbished
Subsegments:
1) By Substation Automation System: Remote Terminal Units (RTUs), Programmable Logic Controllers (PLCs), Intelligent Electronic Devices (IEDs), SCADA Systems, Protection And Control Systems
2) By Communication Network: Fiber Optic Communication, Ethernet-Based Communication, Wireless Communication Systems, Power Line Communication (PLC), Protocol Gateways (Modbus, IEC 61850)
3) By Electrical System: Transformers, Circuit Breakers, Switchgear, Busbars, Voltage Regulators
4) By Monitoring And Control System: Supervisory Control And Data Acquisition (SCADA) Systems, Remote Monitoring Systems, Data Acquisition Systems (DAS), Fault Detection And Diagnostics Systems
5) By Other Components: Battery And Energy Storage Systems, Surge Protection Devices, Cooling Systems, Metering Systems, Power Quality Equipment
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Which region dominates the industrial digital substation market?
North America was the largest region in the industrial digital substation market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial digital substation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the industrial digital substation industry growth?
Major companies operating in the industrial digital substation market are Hitachi Energy Ltd., Siemens AG, General Electric Company, Cisco Systems Inc., RWE AG, Schneider Electric SE, Honeywell International Inc., Mitsubishi Electric Corporation, ABB Ltd, Toshiba Corporation, Alstom SA, Larsen & Toubro Limited, Eaton Corporation Inc., Emerson Electric Co., Rockwell Automation Inc., Nari Technology Co. Ltd., Phoenix Contact GmbH & Co. KG., KEMA Labs (CESI SpA), DNV GL, AEG Power Solutions Inc., EFACEC Power Solutions SGPS S.A., NR Electric Co. Ltd.
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What Is Covered In The Industrial Digital Substation Global Market Report?
•Market Size Forecast: Examine the industrial digital substation market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the industrial digital substation market for a structured understanding.
•Key Players Overview: Analyze major players in the industrial digital substation market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the industrial digital substation market.
•Segment Contributions: Evaluate how different segments drive overall growth in the industrial digital substation market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the industrial digital substation market.
•Industry Challenges: Identify potential risks and obstacles affecting the industrial digital substation market.
•Competitive Landscape: Review strategic developments in the industrial digital substation market, including expansions, agreements, and new product launches.
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