Lucintel Forecasts Digital Substation Market to Grow at a CAGR of 5% to 7% from 2021 to 2026

According to the recent study the digital substation market is projected to grow at a CAGR of 5% to 7% from 2021 to 2026. Growth in this market is primarily driven by growing infrastructure development in smart cities, increasing power demand with limited space availability, and rising demand for renewable energy projects.

Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in digital substation market by module (hardware, fiber-optic communication networks, and SCADA systems), type (transmission substation, and distribution substation), installation type (new Installations and retrofit Installations), voltage (up to 220kV, 220-500kV, Above 500kV), end use industry (utility, heavy industries, transportation, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).   

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“Transmission substations market is expected to remain the largest segment during the forecast period.”

Based on type, the digital substation market is segmented into transmission substation, and distribution substation. Lucintel forecasts that the transmission substations market is expected to remain the largest segment due to integrated with transmission and networks having multiple parallel interconnections for transmitting power over long distances to any user.

“Within the digital substation market, the utilities segment is expected to remain the largest end use industry.”

Based on end use industry the utilities segment is expected to witness the highest growth over the forecast period due to responsible for the generation, transmission, and distribution of electricity.

“Asia pacific will dominate the digital substation market in near future.”

Asia Pacific will remain the largest region during the forecast period due to increasing electricity consumption and rural electrification. The modernization of industrial infrastructure in APAC is expected to be high in the future also.

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Major players of digital substation market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. ABB, General Electric Company, Siemens A, Eaton Corporation Inc., Schneider Electric SE, Honeywell International Inc, and Cisco System are among the major digital substation providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/digital-substation-market.aspx  or helpdesk@lucintel.com.

About Lucintel

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Contact:
Brandon Fitzgerald
Lucintel
Dallas, Texas, USA
Email: brandon.fitzgerald@lucintel.com
Tel. 972.636.5056
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