Industrial Digital Substation Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, October 15, 2024 /EINPresswire.com/ -- The industrial digital substation market has experienced notable growth, increasing from $3.63 billion in 2023 to $3.89 billion in 2024, reflecting a CAGR of 7.4%. The demand for efficient power distribution systems, investments in smart grid technology, and the expansion of renewable energy sources have contributed to this growth.
What Is The Estimated Market Size Of The Global Industrial Digital Substation Market And Its Annual Growth Rate?
The industrial digital substation market is projected to see considerable growth, reaching $5.20 billion by 2028 at a CAGR of 7.5%. Factors driving this growth include the adoption of Industry 4.0 and digital transformation in power systems, a rising demand for sustainable and energy-efficient infrastructure, continued expansion of smart grid and advanced metering infrastructure, enhanced cybersecurity measures, and an ongoing focus on reducing carbon emissions. Key trends during this period include the expansion of smart grid technologies, AI integration, adoption of edge computing, deployment of digital twin technology, use of IoT devices, and advancements in cybersecurity.
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Growth Driver Of The Industrial Digital Substation MarketThe rising demand for electricity is likely to stimulate growth in the industrial digital substation market. The growing electricity demand results from increased urbanization, industrialization, and the rising use of electric technologies and devices. Industrial digital substations enhance the efficiency, reliability, and automation of power distribution and management in industrial environments.
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Which Market Players Are Steering The Industrial Digital Substation Market Growth?Key players in the market include 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.
What Are The Key Trends That Influence Industrial Digital Substation Market Size?In the industrial digital substation market, major companies are innovating with products like process interface units (PIUs) to drive the adoption of digital substations. PIUs connect field devices to control systems, converting physical signals to digital data, thereby enhancing efficiency, flexibility, maintainability, and supporting advanced automation and communication in substation operations.
How Is The Global Industrial Digital Substation Market Segmented?1) By Component: Substation Automation System, Communication Network, Electrical System, Monitoring And Control System, Other Components2) By Architecture: Process, Bay, Station3) By Voltage Level: Low, Medium, High4) By Installation: New, Refurbished
Geographical Insights: North America Leading The Industrial Digital Substation MarketNorth America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Industrial Digital Substation Market DefinitionAn industrial digital substation represents a modernized electrical substation that leverages digital technologies and advanced communication protocols to optimize power distribution management, control, and protection within industrial settings. By integrating intelligent electronic devices (IEDs), digital sensors, and automated control systems, these substations facilitate real-time monitoring, data analysis, and remote operations, replacing conventional analog equipment.
Industrial Digital Substation Global Market Report 2024 from The Business Research Company covers the following information:• Market size data for the forecast period: Historical and Future• Macroeconomic factors affecting the market in the short and long run• Analysis of the macro and micro economic factors that have affected the market in the past five years• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global industrial digital substation market report covering trends, opportunities, strategies, and moreThe Industrial Digital Substation Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on industrial digital substation market size, industrial digital substation market drivers and trends and industrial digital substation market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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October 15, 2024, 01:00 GMT
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