Digital Substations Market Size, Competitive Landscape, Revenue Analysis, 2033

The digital substations market is anticipated to expand its roots at a steady CAGR of 7.7% between 2023 and 2033. The market is expected to have a market share of USD 15.1 billion by 2033 while it is likely to be valued at USD 7.23 billion in 2023.

The increased number of power stations along with the digital elements, and IoT deployment is flourishing the market growth. Furthermore, the developing countries electrifying their remote areas are choosing digital substations for the deployment. Better monitoring, analysis, and power delivery fuels the demand for digital substations. It is also due to the technical advancements and government-funded research and development programs.

These programs help the authorities assess the current condition of electrical maps and capacity. This also pushes the energy giants to collaborate with authorities for better deployment and returns. These substations end the last electrical connection between the high-voltage equipment and the control panels, making it a smart choice for enhanced safety. Apart from the enhanced safety, the reduced cost of building, land, and engineers.

Lastly, the growth is attributed to lower costs, higher safety, efficiency, and control. The new renewable energy projects are implemented with the same digital substations.

Key Points:

The United States market leads the digital substations market in terms of market share in North America. The United States region is expected to hold a market share of 29.7% by 2023. The growth in this region is attributed to increased urban settings, technological advancements, digitization of the power industry, and a higher number of renewable energy spots. The North American market is likely to reach a value of USD 2.5 billion by 2028.
The United Kingdom’s digital substations market is another significant market in the European region. The market thrives at a CAGR of 6.5% between 2023 and 2033. The growth is attributed to the collaboration between energy giants and the government.
The Chinese digital substations market thrives at a CAGR of 8.6% during the forecast period. The growth is attributed to higher energy consumption, increased green energy projects, and rising industrial growth.
The Substation Automation System leads the component type segment as it holds a market share of 23.0% in 2023. The growth is attributed to the enhanced affordable setting and higher safety.
Based on the voltage type, the medium voltage segment leads as it holds a major global share of 42.8 in 2023.

Competitive Landscape:

The key vendors work on making the deployment process smooth and easy while increasing the safety proposition of the digital substation. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.

Recent Market Developments:

General Electric Company has introduced its intelligent digital substation that reduces the CAPEX by eliminating duplicated hardware, improves safety, and decreases the substation footprint and engineer work. The system also improves the system’s reliability and asset utilization.
Schneider Electric SE has introduced the EcoStruxure which works on interoperability, and cybersecurity while advancing the substation functions.

Key Players in the Industry: