Digital Substation Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Digital Substation market was valued at USD 7.7 billion in 2023 and will grow at 7.2% CAGR from 2024 to 2032, fueled by advancements in automation, smart grid technologies, and digitalization. As the focus intensifies on integrating renewable energy and modernizing grids, the demand for digital substations rises, ensuring grid reliability and adept power flow management.

The digital substation industry is witnessing a pronounced shift towards embracing digitalization and smart grid technologies. This transition aims to bolster grid reliability, efficiency, and flexibility, thereby influencing market dynamics. Concurrently, there's a heightened emphasis on robust cybersecurity measures, ensuring digital substations remain shielded from cyber threats, thus preserving data integrity and system resilience. According to Forbes, In 2023, data breaches surged by 72% compared to 2021 levels. Utilities are channeling investments into advanced digital substations, aiming to optimize power flows, integrate renewable energy sources, and facilitate transportation electrification.

The Global Digital Substation Industry is classified based on component, architecture, application, connectivity, voltage level, end use and region.

The electrical system component segment will surpass USD 4.5 billion by 2032. This sector is rapidly evolving, driven by digitalization and technological advancements. Such dynamics are prompting major industry players to cultivate robust electrical environments. As consumers increasingly favor smart and optimized electrical infrastructures, the competitive landscape intensifies. The integration of communication technology enables effective feedback mechanisms, crucial for fault detection and rectification in substation units. Moreover, these systems play a pivotal role for utilities and technology providers, aiding in monitoring electrical transactions and balancing supply and demand across load centers.

The > 33 kV to <= 110 kV connectivity segment will grow at over 6% through 2032. The rising emphasis on connectivity and the Internet of Things (IoT) is steering the design of digital substations towards seamless integration with other smart grid components. Global regulatory mandates and guidelines, which set standards for manufacturing and deploying substation products, have left a significant mark on the market. Additionally, surging energy demand and a consumer tilt towards sustainable electricity infrastructure are poised to shape the industry's future.

Asia Pacific digital substation market is on track to surpass USD 5 billion by 2032. This surge is attributed to the region's burgeoning demand for a resilient power infrastructure, essential for its expanding industries and infrastructure projects. Governmental pushes towards grid modernization and renewable energy, combined with the economic prowess of nations like China, India, Japan, and South Korea, are catalyzing investments. Furthermore, key players in power transmission and distribution, alongside strides in digitalization, are championing widespread adoption.

Product Code: 2441

Chapter 1 Methodology and Scope

1.1 Market definitions
1.2 Base estimates and calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid
  - 1.4.2.2 Public

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.5 Porter's analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
3.6 PESTEL analysis

Chapter 4 Competitive landscape, 2023

4.1 Strategic outlook
4.2 Innovation and sustainability landscape

Chapter 5 Market Size and Forecast, By Component, 2021 - 2032 (USD Million)

5.1 Key trends
5.2 Substation automation system
5.3 Communication network
5.4 Electrical system
- 5.4.1 Transformer
- 5.4.2 Busbar
- 5.4.3 Protection devices
  - 5.4.3.1 Circuit breaker
  - 5.4.3.2 Protective relay
  - 5.4.3.3 Switchgear
5.5 Monitoring and control system
- 5.5.1 Human machine interface
- 5.5.2 Programmable logic controller
- 5.5.3 Others
5.6 Others

Chapter 6 Market Size and Forecast, By Architecture, 2021 - 2032 (USD Million)

6.1 Key trends
6.2 Process
6.3 Bay
6.4 Station

Chapter 7 Market Size and Forecast, By Application, 2021 - 2032 (USD Million)

7.1 Key trends
7.2 Transmission
7.3 Distribution

Chapter 8 Market Size and Forecast, By Connectivity, 2021 - 2032 (USD Million)

8.1 Key trends
8.2 <= 33 kV
8.3 > 33 kV to <= 110 kV
8.4 > 110 kV to <= 220 kV
8.5 > 220 kV to <= 550 kV
8.6 > 550 kV

Chapter 9 Market Size and Forecast, By Voltage Level, 2021 - 2032 (USD Million)

9.1 Key trends
9.2 Low
9.3 Medium
9.4 High

Chapter 10 Market Size and Forecast, By End Use, 2021 - 2032 (USD Million)

10.1 Key trends
10.2 Utility
10.3 Industrial

Chapter 11 Market Size and Forecast, By Installation, 2021 - 2032 (Units and USD Million)

11.1 Key trends
11.2 New
11.3 Refurbished

Chapter 12 Market Size and Forecast, By Region, 2021 - 2032 (USD Million)

12.1 Key trends
12.2 North America
- 12.2.1 U.S.
- 12.2.2 Canada
- 12.2.3 Mexico
12.3 Europe
- 12.3.1 Germany
- 12.3.2 France
- 12.3.3 Spain
- 12.3.4 Italy
- 12.3.5 UK
12.4 Asia Pacific
- 12.4.1 China
- 12.4.2 India
- 12.4.3 Japan
- 12.4.4 South Korea
- 12.4.5 Australia
12.5 Middle East and Africa
- 12.5.1 Saudi Arabia
- 12.5.2 UAE
- 12.5.3 Qatar
- 12.5.4 South Africa
12.6 Latin America
- 12.6.1 Brazil
- 12.6.2 Chile

Chapter 13 Company Profiles

13.1 ABB
13.2 Belden Inc.
13.3 Eaton
13.4 General Electric
13.5 Hitachi Energy
13.6 Locamation
13.7 Netcontrol Group
13.8 NovaTech, LLC.
13.9 NR Electric Co. Ltd.
13.10 OMICRON
13.11 Powell Industries
13.12 Ponovo Power Co., Ltd.
13.13 Rittal GmbH and Co. KG
13.14 Redeia
13.15 Schneider Electric
13.16 Siemens Energy
13.17 Transpower
13.18 Toshiba Energy Systems and Solutions Corporation
13.19 WEG