Dublin, Oct. 11, 2024 (GLOBE NEWSWIRE) -- The "Digital Substations Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Global Digital Substations Market was valued at USD 4.51 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 8.11% through 2029, reaching USD 7.27 billion.
The global shift towards renewable energy sources, such as solar and wind, creates a need for advanced technologies to efficiently integrate these intermittent power sources into the grid. Digital substations facilitate the seamless integration of renewable energy by providing real-time monitoring, control, and grid balancing. They contribute to managing the variability and unpredictability associated with renewable energy generation.
Asia-Pacific emerged as the dominating region in 2023, holding the largest market share. The Asia-Pacific region is witnessing extensive urbanization and industrialization, leading to a surge in energy demand. Digital substations offer a solution to the challenges posed by the increased complexity of power distribution networks in densely populated urban areas and industrial hubs. The need for efficient, reliable, and resilient power infrastructure is driving the adoption of digital substations across the region.
Many countries in the Asia-Pacific region are making substantial investments in renewable energy sources. Digital substations play a crucial role in integrating renewable energy into the grid efficiently. With a focus on solar, wind, and other clean energy sources, the demand for digital substations is growing to manage the variability and unpredictability associated with these renewables.
Several countries in the Asia-Pacific region are embracing the concept of smart cities, where digital infrastructure, including digital substations, plays a central role. These smart city initiatives drive the deployment of advanced technologies to enhance energy efficiency, optimize resource usage, and ensure a reliable power supply for the growing urban population.
Collaborative efforts for cross-border power interconnections are gaining momentum in Asia-Pacific. Digital substations facilitate efficient power exchange and management across borders. This trend is particularly evident in regional initiatives promoting energy trade and cooperation.
The Asia-Pacific region is a key player in the Global Digital Substations Market, driven by rapid urbanization, government initiatives, and a focus on renewable energy integration. Overcoming infrastructure challenges and addressing financial constraints will be crucial for unlocking the full potential of digital substations in the region. Emerging trends, such as smart city initiatives and cross-border power interconnections, highlight the transformative impact of digital substations on the power landscape in Asia-Pacific.
Key Market Drivers
- Increasing Demand for Energy Efficiency and Grid Modernization
- Technological Advancements and Industry 4.0 Initiatives
- Increasing Focus on Grid Resilience and Reliability
Key Market Challenges
- High Initial Investment Costs and Infrastructure Upgradation Challenges
- Interoperability Issues and Standardization
Key Market Trends
- Integration of Artificial Intelligence (AI) and Machine Learning (ML) in Digital Substations
- Emphasis on Cybersecurity and Resilience Measures
Key market players profiled in the report include:
- ABB Ltd.
- Siemens AG
- General Electric Company
- Schneider Electric SE
- Eaton Corporation PLC
- Cisco Systems, Inc.
- Emerson Electric Co.
- Honeywell International Inc.
- CG Power and Industrial Solutions Ltd.
- Mitsubishi Electric Corporation
Report Scope
In this report, the Global Digital Substations Market has been segmented into the following categories:
Digital Substations Market, By Voltage:
- Low Voltage
- Medium Voltage
Digital Substations Market, By Mounting:
- Flush Mounting
- Surface Mounting
Digital Substations Market, By End-User:
- Residential
- Commercial
- Industrial
- Utility
Digital Substations Market, By Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Key Attributes
| Report Attribute | Details |
| No. of Pages | 186 |
| Forecast Period | 2023-2029 |
| Estimated Market Value (USD) in 2023 | $4.51 Billion |
| Forecasted Market Value (USD) by 2029 | $7.27 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/rqmbrq
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