Press release
Digital Substation Market Anticipated To Witness Robust Growth, Surpassing $14.45 Billion By 2029
Digital Substation Market Size
What Is the Current Digital Substation Market Size and Its Estimated Growth Rate?
There has been a robust growth in the market size of the digital substation in the past few years. The market which was valued at $7.85 billion in 2024 will see a rise to $8.55 billion in 2025, with a compound annual growth rate (CAGR) of 8.9%. Factors such as a surge in energy demand, augmented grid monitoring needs, savings in operation and maintenance costs, and the need to meet regulatory compliance requirements have contributed to the growth in the previous period.
The market size of the digital substation is predicted to surge in the coming years, with an estimate of reaching $14.45 billion by 2029 at a compound annual growth rate (CAGR) of 14.0%. The expansion during the forecast period is attributed to factors such as grid decentralization, transportation electrification, standardization and interoperability, along with rapid urbanization and electrification. The forecast period also sees major trends such as the rise in the adoption of IoT and sensors, the use of edge computing for real-time processing, applications of artificial intelligence and machine learning, remote monitoring and maintenance, and robust communication networks.
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How Are Emerging Segments Shaping the Digital Substation Market Landscape?
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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Which Growth Factors Are Influencing Digital Substation Market Expansion?
The surge in electricity requirements is set to drive the expansion of the digital substation market. Digital substations are employed to replace conventional copper cable with innovative fiber optic transmitters, to transform electrical signals into optical ones. Additionally, digital substations have applications in power grids and transformers to reduce energy losses during transmission. For example, the International Energy Agency projected in 2023 that global electricity demand will rise at a rapid rate of 3% annually during 2023-2025, a sharper increase than the growth in 2022. This projected spike can be attributed to the ongoing rebound of industrial and economic activities, coupled with the escalating demand for energy-intensive services and technologies globally. As a result, the escalating demand for electricity is fueling the growth of the digital substation market.
Who Are the Dominant Players Across Different Digital Substation Market Segments?
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.
What Are the Latest Developing Trends in the Digital Substation Market?
The digital substation market is seeing a surge in strategic partnerships as a trending element, with companies aligning to keep up with the speedy digital turnover. For example, Hitachi Ltd, the renowned Japanese electronics company, collaborated with East Japan Railway Company in September 2023 with plans to create a comprehensive digital substation setup by 2025. This technology plans to allow a dual route for transmission lines and safeguarding, alongside control functions within the substation bounds, to ensure a reliable railway transit enabled by a consistent power supply. It also aims to improve construction efficacy by minimizing facility size. Additionally, in March 2023, Tata Power, an established Indian power company, tied up with Enel Group, an Italian firm specializing in green energy and AI, to accelerate and automate India's power distribution network. The pioneering project will enhance the digitization and automation of secondary substations, incorporating Tata Power into Gridpertise's proprietary QEd - Quantum Edge Device international co-creation initiative. This mutual project will virtualize grid performance, promoting network security, control, automation, real-time problem identification, and service recovery.
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Which Geographic Regions Are Expected to Dominate the Digital Substation Market in the Coming Years?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Digital Substation Market?
2. What is the CAGR expected in the Digital Substation Market?
3. What Are the Key Innovations Transforming the Digital Substation Industry?
4. Which Region Is Leading the Digital Substation Market?
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