Press release
Digital Substation Market Poised to Hit $14.45 Billion by 2029 with Accelerating Growth Trends
Digital Substation Market Size
Digital Substation Market Size Growth Forecast: What to Expect by 2025?
The market size of digital substations has seen a substantial increase in the past few years. The value of the market is projected to rise from $7.85 billion in 2024 to $8.55 billion in 2025, representing a compound annual growth rate (CAGR) of 8.9%. Factors like heightened energy requirements, improved grid monitoring needs, savings in operational and maintenance costs, along with regulatory compliance needs, all contributed to the unprecedented growth observed in the past.
How Will the Digital Substation Market Size Evolve and Grow by 2029?
The market size of the digital substation is anticipated to witness substantial growth in the coming years. The market is expected to reach $14.45 billion by 2029, expanding at a compound annual growth rate (CAGR) of 14.0%. The escalation for the forecast period could be due to factors such as grid decentralization, transportation electrification, standardization and interoperability, and rapid urbanization and electrification. Essential trends observed during the projected period are the rising adoption of IoT and sensors, application of edge computing for real-time processing, the use of artificial intelligence and machine learning, remote supervision and upkeep, and resilient communication networks.
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What Drivers Are Propelling the Growth of Digital Substation Market Forward?
Anticipated growth in the demand for electricity is set to fuel the digital substation market's expansion. These substations are now commonly replacing customary copper cables with sophisticated fiber optics transmitters, which transform electrical signals into optical ones. Moreover, digital substations are employed within power grids and transformers to reduce losses during the transmission of electricity. For instance, the International Energy Agency predicted in 2023 that the global demand for electricity would accelerate at a rapid pace of 3% per year from 2023 to 2025. This prediction outpaces the growth rate seen in 2022. This projected increase signals the ongoing revival of industrial and economic operations, coupled with a growing necessity for energy-intensive services and technologies across the globe. As such, the burgeoning demand for electricity is fuelling the growth of the digital substation market.
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Which Emerging Trends Are Transforming the Digital Substation Market in 2025?
Collaboration amongst businesses is becoming a pivotal trend in the digital substation marketplace. In order to keep pace with the rapidly accelerating digital transformation, firms offering digital solutions are entering into partnerships and collaborative ventures. As an exemplification of this trend, in September 2023, Japan's Hitachi Ltd joined hands with East Japan Railway Company to realize the construction of a wholly digital substation system by 2025. The vision is to permit dual configuration of transmission lines and enhance protection and control features within substations, ensuring uninterrupted railway transportation through a constant power supply. The compact nature of the facilities will likely enhance construction efficiency. Similarly, in March 2023, Tata Power from India initiated a collaboration with Enel Group, an Italian green energy and artificial intelligence company, with the goal of digitally transforming and automating India's power distribution network. The inaugural project of this partnership will emphasize the digitalization and automation of secondary substations, involving Tata Power in Gridpertise's proprietary QEd - Quantum Edge Device international co-creation program. This joint venture will lead to a virtualized grid system, enhancing network security, automation, real-time problem diagnosis, and service recovery.
What Are the Key Segments in the Digital Substation Market?
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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Who Are the Key Players Shaping the Digital Substation Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Digital Substation Market?
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
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