The digital substations market is expected to expand its roots at a steady CAGR of 7.7% during the forecast period. The market is likely to hold a revenue of US$ 7.23 billion in 2023 while it is anticipated to cross a value of US$ 15.1 billion by 2033.
The research report on the digital substations market states that the higher penetration of digitization in most industries is pushing end users to fasten the transition process. A digital substation helps the client in converting their analog systems into their digital form. Furthermore, some of the other benefits of digital substation include improved digitization of both levels; station and process. The smooth measurement and conversion of the analog measurement data to binary status information benefit the end user.
Digital transformation can be witnessed around the world through digital substation architecture with various custom settings flourishing the market growth. With growing economies around the world, the market is thriving with one motive to automate systems and protect hardware by replacing them with software-defined control systems.
Incorporating renewable energy sources, aided by advantageous policies and schemes such as feed-in tariffs, net metering, and other incentives, will help the industry flourish. In addition, industry behemoths are being pushed to set the groundwork for a spontaneous electrical environment by factors such as rapid digitization and technical advancements.
Digital substations market analysis explains that comprehensive cybersecurity concepts are advancing the physical security propositions of power systems. The energy source and flow have become an important element while high expenditure on research and development is expected to garner market growth during the forecast period.
| Attributes | Details |
|---|---|
| Digital Substations Market CAGR (2023 to 2033) | 7.7% |
| Digital Substations Market Size (2023) | US$ 7.23 billion |
| Digital Substations Market Size (2033) | US$ 15.1 billion |
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Short-term Growth (2023 to 2026): The rising demand for renewable energy with alternative systems taking the place of the old analog system is anticipated to flourish the market growth. Companies merging their projects with governments are helping them expand their system portfolio while integrating suitable technology stuff. With these wide ranges of applications, the market is expected to hold US$ 7.23 billion in 2023 while it is likely to reach US$ 9.03 billion by 2026.
Mid-term Growth (2026 to 2029): The higher electrification in the developed and developing nations fuels the market’s success. Furthermore, smart energy technologies integrating with the internet and smart technologies are expected to flourish the demand for digital substations. This takes a market value from US$ 9.03 billion in 2026 to a value of US$ 11.28 billion in 2029.
Long-term Growth (2029 to 2033): The modern electric circuits with reusable power propositions transforms the market. The growth can be witnessed through higher iterability and reliability. The introduction of new technologies along with artificial intelligence is flourishing the market growth. Thus, the market is anticipated to thrive at a slightly lower CAGR of 7.7% between 2023 and 2033.
The rapid digitization of power supply systems and the deployment of IoT is transforming digital substations. Furthermore, the increased supply and demand dynamics of power supply are also flourishing with the adoption of digital substations. The platform delivers remote monitoring, enhanced transmission, coordination, and transmission. Furthermore, the improved capacity of grid control has helped the collection of operational and asset data so that the station has analyzed the consumption during the assessment period. While conventional power systems lack effective digital communication and monitoring, digital substations integrate a range of sensors while delivering power with greater comfort, self-reliance, and availability.
New market vendors with enhanced equipment, and bus architecture selection also integrate with existing components. It makes the process smooth, functional, and easy. Some brands have also developed different types of substations like step-up transmission, distribution substations, and step-down transmission substations.
Principal Consultant
Some of the major restraints for the digital substations market are the lack of finances, awareness, and professionals with conceptual knowledge. Though the system limits the growing number of electrical accidents, people still choose to ignore the fact and go for digital substations.
| Region/Country | Revenue Share % (2023) |
|---|---|
| United States | 29.7% |
| Germany | 6.5% |
| Japan | 5.1% |
| Australia | 1.2% |
Rapid Digitization with Enhanced Productivity and Efficiency is Pushing Authorities to Adopt the Digital Substations Systems.
The United States Digital Substations market leads in terms of market share in the North American region. The region is expected to hold a market share of 29.7% in 2023. The growth is owned by rising energy consumption across the United States, attributed to ongoing commercial and industrial infrastructure developments. This is expected to drive regional product penetration even higher. With the widespread adoption of renewable energy, new grids have been established, the companies are increasing the adoption of the latest technology that improves power delivery while increasing productivity and efficiency.
Increased Power Consumption, Urbanization, and Higher Faults have Fueled the Regional Market
The Chinese digital substations market thrives at a CAGR of 8.6% between 2023 and 2033. The growth is attributed to the digitization of major industries. The power supply industry is witnessing a digital transformation in China, advancing its monitoring and response measures. Based on higher energy consumption and rural electrification, Asia Pacific (APAC) is expected to be a fruitful region for digital substations. India is also thriving at a CAGR of 6.5% between 2023 and 2023. The growth can be attributed to modernizing industrial infrastructure, and this trend is projected to continue in the future. For example, NR powered 500kV digital substation in Sichuan. The addition has been made to increase the power supply while the monitoring operations have also been enhanced.
Rapidly Advancing Substations along with Integration with Energy Giants is Propelling the Regional Growth
The United Kingdom market thrives at a CAGR of 6.5% during the forecast period. The growth is attributed to the advancements, digitization, and efficient power delivery. Siemens Energy is planning on delivering high-performance digital substations that are likely to work for enhanced power delivery. Heerema Marine contractors have also installed the world’s first unmanned high voltage direct current offshore substation at the dogger bank wind farm.
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| Category | By Component Type |
|---|---|
| Leading Segment | Substation Automation System |
| Market Share (2023) | 23.0% |
| Category | By Voltage |
|---|---|
| Leading Segment | Medium |
| Market Share (2023) | 42.8% |
Based on component type, the substation automation system leads as it is expected to hold a major market share of 23.0% in 2023. The growth is attributed to the intelligent graphical user interface with one-line diagrams, and digital dashboards. It delivers key features like an enhanced SCADA component library, online and archives data trends, and standardized and reusable templates. Furthermore, the integrated hardware solution is flourishing the segment’s growth.
Based on the Voltage type, the medium voltage leads with an expected market share of 42.8% in 2023. The growth of this segment has flourished through easy and flexible configuration, enhanced visualization, and communications. Furthermore, easy subscription visualization information can be obtained while going through the medium voltage type.
The growth is attributed to the growth strategies like development, expansion, and new product launches. Furthermore, the collaboration between private players and government projects is also something vendors don’t miss. These projects involve the deployment of digital substations and their elements in remote areas for better monitoring. Some brands integrate with other architectural brands that help the companies in setting up the digital substation in a short amount of time. Lastly, key players focus on delivering highly protective, controlled, and efficient systems.
How can Digital Substations Vendors Providers Scale their Businesses in the Market?
Market players in the market are working on three major strategies.
Market Developments
The market is valued at US$ 7.2 billion in 2023.
ABB, General Electric Company, and Aton Corporation are the key market players.
The market is forecast to register a CAGR of 7.7% through 2033.
The United States is likely to generate a share of 29.7% in 2023.
Collaborations between government and private companies are encouraging the market growth.
1. Executive Summary | Digital Substations Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Module 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Module, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Module, 2023 to 2033 5.3.1. Hardware 5.3.2. Fiber-Optic Communication Networks 5.3.3. Scada Systems 5.4. Y-o-Y Growth Trend Analysis By Module, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Module, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Type, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2023 to 2033 6.3.1. Transmission Substations 6.3.2. Distribution Substations 6.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Voltage 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis By Voltage, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Voltage, 2023 to 2033 7.3.1. Up to 220 kV 7.3.2. 220-550 kV 7.3.3. Above 500 kV 7.4. Y-o-Y Growth Trend Analysis By Voltage, 2018 to 2022 7.5. Absolute $ Opportunity Analysis By Voltage, 2023 to 2033 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 8.1. Introduction / Key Findings 8.2. Historical Market Size Value (US$ Million) Analysis By Industry, 2018 to 2022 8.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Industry, 2023 to 2033 8.3.1. Utilities 8.3.2. Metal 8.3.3. Mining 8.3.4. Oil & Gas 8.3.5. Transportation 8.4. Y-o-Y Growth Trend Analysis By Industry, 2018 to 2022 8.5. Absolute $ Opportunity Analysis By Industry, 2023 to 2033 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. Introduction 9.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022 9.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033 9.3.1. North America 9.3.2. Latin America 9.3.3. Europe 9.3.4. South Asia 9.3.5. East Asia 9.3.6. Oceania 9.3.7. Middle East and Africa(MEA) 9.4. Market Attractiveness Analysis By Region 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. The USA 10.2.1.2. Canada 10.2.2. By Module 10.2.3. By Type 10.2.4. By Voltage 10.2.5. By Industry 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Module 10.3.3. By Type 10.3.4. By Voltage 10.3.5. By Industry 10.4. Key Takeaways 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. Brazil 11.2.1.2. Mexico 11.2.1.3. Rest of Latin America 11.2.2. By Module 11.2.3. By Type 11.2.4. By Voltage 11.2.5. By Industry 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Module 11.3.3. By Type 11.3.4. By Voltage 11.3.5. By Industry 11.4. Key Takeaways 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. Germany 12.2.1.2. United Kingdom 12.2.1.3. France 12.2.1.4. Spain 12.2.1.5. Italy 12.2.1.6. Rest of Europe 12.2.2. By Module 12.2.3. By Type 12.2.4. By Voltage 12.2.5. By Industry 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Module 12.3.3. By Type 12.3.4. By Voltage 12.3.5. By Industry 12.4. Key Takeaways 13. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Country 13.2.1.1. India 13.2.1.2. Malaysia 13.2.1.3. Singapore 13.2.1.4. Thailand 13.2.1.5. Rest of South Asia 13.2.2. By Module 13.2.3. By Type 13.2.4. By Voltage 13.2.5. By Industry 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Module 13.3.3. By Type 13.3.4. By Voltage 13.3.5. By Industry 13.4. Key Takeaways 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 14.2.1. By Country 14.2.1.1. China 14.2.1.2. Japan 14.2.1.3. South Korea 14.2.2. By Module 14.2.3. By Type 14.2.4. By Voltage 14.2.5. By Industry 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Module 14.3.3. By Type 14.3.4. By Voltage 14.3.5. By Industry 14.4. Key Takeaways 15. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 15.2.1. By Country 15.2.1.1. Australia 15.2.1.2. New Zealand 15.2.2. By Module 15.2.3. By Type 15.2.4. By Voltage 15.2.5. By Industry 15.3. Market Attractiveness Analysis 15.3.1. By Country 15.3.2. By Module 15.3.3. By Type 15.3.4. By Voltage 15.3.5. By Industry 15.4. Key Takeaways 16. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 16.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 16.2.1. By Country 16.2.1.1. GCC Countries 16.2.1.2. South Africa 16.2.1.3. Israel 16.2.1.4. Rest of Middle East and Africa(MEA) 16.2.2. By Module 16.2.3. By Type 16.2.4. By Voltage 16.2.5. By Industry 16.3. Market Attractiveness Analysis 16.3.1. By Country 16.3.2. By Module 16.3.3. By Type 16.3.4. By Voltage 16.3.5. By Industry 16.4. Key Takeaways 17. Key Countries Market Analysis 17.1. USA 17.1.1. Pricing Analysis 17.1.2. Market Share Analysis, 2022 17.1.2.1. By Module 17.1.2.2. By Type 17.1.2.3. By Voltage 17.1.2.4. By Industry 17.2. Canada 17.2.1. Pricing Analysis 17.2.2. Market Share Analysis, 2022 17.2.2.1. By Module 17.2.2.2. By Type 17.2.2.3. By Voltage 17.2.2.4. By Industry 17.3. Brazil 17.3.1. Pricing Analysis 17.3.2. Market Share Analysis, 2022 17.3.2.1. By Module 17.3.2.2. By Type 17.3.2.3. By Voltage 17.3.2.4. By Industry 17.4. Mexico 17.4.1. Pricing Analysis 17.4.2. Market Share Analysis, 2022 17.4.2.1. By Module 17.4.2.2. By Type 17.4.2.3. By Voltage 17.4.2.4. By Industry 17.5. Germany 17.5.1. Pricing Analysis 17.5.2. Market Share Analysis, 2022 17.5.2.1. By Module 17.5.2.2. By Type 17.5.2.3. By Voltage 17.5.2.4. By Industry 17.6. United Kingdom 17.6.1. Pricing Analysis 17.6.2. Market Share Analysis, 2022 17.6.2.1. By Module 17.6.2.2. By Type 17.6.2.3. By Voltage 17.6.2.4. By Industry 17.7. France 17.7.1. Pricing Analysis 17.7.2. Market Share Analysis, 2022 17.7.2.1. By Module 17.7.2.2. By Type 17.7.2.3. By Voltage 17.7.2.4. By Industry 17.8. Spain 17.8.1. Pricing Analysis 17.8.2. Market Share Analysis, 2022 17.8.2.1. By Module 17.8.2.2. By Type 17.8.2.3. By Voltage 17.8.2.4. By Industry 17.9. Italy 17.9.1. Pricing Analysis 17.9.2. Market Share Analysis, 2022 17.9.2.1. By Module 17.9.2.2. By Type 17.9.2.3. By Voltage 17.9.2.4. By Industry 17.10. India 17.10.1. Pricing Analysis 17.10.2. Market Share Analysis, 2022 17.10.2.1. By Module 17.10.2.2. By Type 17.10.2.3. By Voltage 17.10.2.4. By Industry 17.11. Malaysia 17.11.1. Pricing Analysis 17.11.2. Market Share Analysis, 2022 17.11.2.1. By Module 17.11.2.2. By Type 17.11.2.3. By Voltage 17.11.2.4. By Industry 17.12. Singapore 17.12.1. Pricing Analysis 17.12.2. Market Share Analysis, 2022 17.12.2.1. By Module 17.12.2.2. By Type 17.12.2.3. By Voltage 17.12.2.4. By Industry 17.13. Thailand 17.13.1. Pricing Analysis 17.13.2. Market Share Analysis, 2022 17.13.2.1. By Module 17.13.2.2. By Type 17.13.2.3. By Voltage 17.13.2.4. By Industry 17.14. China 17.14.1. Pricing Analysis 17.14.2. Market Share Analysis, 2022 17.14.2.1. By Module 17.14.2.2. By Type 17.14.2.3. By Voltage 17.14.2.4. By Industry 17.15. Japan 17.15.1. Pricing Analysis 17.15.2. Market Share Analysis, 2022 17.15.2.1. By Module 17.15.2.2. By Type 17.15.2.3. By Voltage 17.15.2.4. By Industry 17.16. South Korea 17.16.1. Pricing Analysis 17.16.2. Market Share Analysis, 2022 17.16.2.1. By Module 17.16.2.2. By Type 17.16.2.3. By Voltage 17.16.2.4. By Industry 17.17. Australia 17.17.1. Pricing Analysis 17.17.2. Market Share Analysis, 2022 17.17.2.1. By Module 17.17.2.2. By Type 17.17.2.3. By Voltage 17.17.2.4. By Industry 17.18. New Zealand 17.18.1. Pricing Analysis 17.18.2. Market Share Analysis, 2022 17.18.2.1. By Module 17.18.2.2. By Type 17.18.2.3. By Voltage 17.18.2.4. By Industry 17.19. GCC Countries 17.19.1. Pricing Analysis 17.19.2. Market Share Analysis, 2022 17.19.2.1. By Module 17.19.2.2. By Type 17.19.2.3. By Voltage 17.19.2.4. By Industry 17.20. South Africa 17.20.1. Pricing Analysis 17.20.2. Market Share Analysis, 2022 17.20.2.1. By Module 17.20.2.2. By Type 17.20.2.3. By Voltage 17.20.2.4. By Industry 17.21. Israel 17.21.1. Pricing Analysis 17.21.2. Market Share Analysis, 2022 17.21.2.1. By Module 17.21.2.2. By Type 17.21.2.3. By Voltage 17.21.2.4. By Industry 18. Market Structure Analysis 18.1. Competition Dashboard 18.2. Competition Benchmarking 18.3. Market Share Analysis of Top Players 18.3.1. By Regional 18.3.2. By Module 18.3.3. By Type 18.3.4. By Voltage 18.3.5. By Industry 19. Competition Analysis 19.1. Competition Deep Dive 19.1.1. ABB Ltd. 19.1.1.1. Overview 19.1.1.2. Product Portfolio 19.1.1.3. Profitability by Market Segments 19.1.1.4. Sales Footprint 19.1.1.5. Strategy Overview 19.1.1.5.1. Marketing Strategy 19.1.2. Siemens AG 19.1.2.1. Overview 19.1.2.2. Product Portfolio 19.1.2.3. Profitability by Market Segments 19.1.2.4. Sales Footprint 19.1.2.5. Strategy Overview 19.1.2.5.1. Marketing Strategy 19.1.3. Schneider Electric SE 19.1.3.1. Overview 19.1.3.2. Product Portfolio 19.1.3.3. Profitability by Market Segments 19.1.3.4. Sales Footprint 19.1.3.5. Strategy Overview 19.1.3.5.1. Marketing Strategy 19.1.4. Eaton Corporation Plc 19.1.4.1. Overview 19.1.4.2. Product Portfolio 19.1.4.3. Profitability by Market Segments 19.1.4.4. Sales Footprint 19.1.4.5. Strategy Overview 19.1.4.5.1. Marketing Strategy 19.1.5. Emerson Electric Co. 19.1.5.1. Overview 19.1.5.2. Product Portfolio 19.1.5.3. Profitability by Market Segments 19.1.5.4. Sales Footprint 19.1.5.5. Strategy Overview 19.1.5.5.1. Marketing Strategy 19.1.6. Honeywell International Inc. 19.1.6.1. Overview 19.1.6.2. Product Portfolio 19.1.6.3. Profitability by Market Segments 19.1.6.4. Sales Footprint 19.1.6.5. Strategy Overview 19.1.6.5.1. Marketing Strategy 19.1.7. Cisco Systems, Inc. 19.1.7.1. Overview 19.1.7.2. Product Portfolio 19.1.7.3. Profitability by Market Segments 19.1.7.4. Sales Footprint 19.1.7.5. Strategy Overview 19.1.7.5.1. Marketing Strategy 19.1.8. NR Electric Co., Ltd. 19.1.8.1. Overview 19.1.8.2. Product Portfolio 19.1.8.3. Profitability by Market Segments 19.1.8.4. Sales Footprint 19.1.8.5. Strategy Overview 19.1.8.5.1. Marketing Strategy 19.1.9. EFACEC 19.1.9.1. Overview 19.1.9.2. Product Portfolio 19.1.9.3. Profitability by Market Segments 19.1.9.4. Sales Footprint 19.1.9.5. Strategy Overview 19.1.9.5.1. Marketing Strategy 19.1.10. Schweitzer Engineering Laboratories, Inc. 19.1.10.1. Overview 19.1.10.2. Product Portfolio 19.1.10.3. Profitability by Market Segments 19.1.10.4. Sales Footprint 19.1.10.5. Strategy Overview 19.1.10.5.1. Marketing Strategy 20. Assumptions & Acronyms Used 21. Research Methodology
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Digital Substations Market
