Frequently Asked Questions
The global digital substations market was valued at USD 6.8 Billion in 2022.
The digital substations market is expected to grow at a CAGR of 7.50% between 2023 and 2030, reaching USD 11.3 Billion in 2030.
Hardware is the leading segment by material, holding over 45% share in terms of value in 2022.
The distribution substation segment governs the demand for digital substations in the world, holding a massive share of over 70% in 2022.
The new installation segment is expected to post the highest CAGR during the forecast period.
Asia Pacific is fueling the growth of the digital substations industry, with over one-third share in 2022.
The top players include Eaton, Siemens, GE, ABB, DNV GL, Locamation, Toshiba America Electronic Components, Inc., Hitachi, Mitsubishi Electric Display Solutions, Schneider Electric, Kalkitech, and Helinks LLC.
Infrastructural digitalization, primarily as a result of the installation of smart cities, and growing focus on renewable energy programmes by environmental organisations are two major drivers of the global market for digital substations.
Increasingly expensive capital investment requirements and worries about cyber-attacks are likely to function as market barriers for the development of the digital substation during the course of the aforementioned estimated timeframe.
The main potential influencing the worldwide digital substation market include the use of digital substations for the generation of renewable energy, improving dependability, efficiency, and safety in power distribution, as well as the emergence of automation and higher standards of connectivity.