Digital Substation Market: By 2032 likely to hit US$ 14.11 Bn
24 January 2023, Mumbai
As per one FMI, Research Report the existing trade data point as we step back,” The digital substation market size was estimated at US$ 6.5 Bn earlier in the year 2021 and is on its way to going up to around US$ 14.11 Bn by the period 2032, thus registering a growth trajectory of 7.3% CAGR in the forecasted period of the year2022 to 2032.
The report further sheds light on the forecast period in question i.e. (2022-2032), the transmission substations segment is well projected to hold the lion's chunk of the so-called digital substations market and, interestingly the projected market for North America, should, by all means, get anywhere in excess of USD 2.5 billion or so likely by the period 2028”.
WHAT KEEPS IT TICKING
Living in the digital era does not surprise many that The global digital substation market is leapfrogging presently', and there is complete unanimity in expecting secular growth in this given category over the coming years. The sustained quest of all prominent players on the back of innovations presenting every now & then novel products, and new features with augmented & amplified capabilities to eke out.
The incremental need & urgency of realization has only accelerated the pace of adoption and spurred demand tailwind for the caveat of energy transfer and switching over to renewable resources/use of non-renewable energy resources shifting the demand for power generation to renewable energy sources in developed nations in the journey to achieving sustainable production/development; comes as a fundamental tailwind triggering digital substation market growth & sustenance all the more.
How the story is playing out
The harmonic blend of renewable energy/resources and delivering improved reliability, super-efficiency, and safety factor in the space of power distribution with digital substations is aptly been enabled by the very emergence of modernization/automation in the eco-system of power generation, distribution, and management so to say.
It is pretty imperative to introduce here the limiting factor of what impedes the progress & growth of let us say this adoption clearly is prohibitive one-time/initial investments & spend working as a stumbling block in the way to bringing the digital substation market concept Vs. traditional substations have been used hitherto.
