Global Digital Substation Market 2023-2027

Global Digital Substation Market 2023-2027

Technavio has been monitoring the digital substation market and is forecast to grow by $2923.01 mn during 2022-2027, accelerating at a CAGR of 7%during the forecast period. Our report on the digital substation market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing demand for compact automation solutions, demand for digital substations in renewable power generation, and need for PLCs in smart factories.

Technavio's digital substation market is segmented as below:

By TypeTransmissionDistributionBy ComponentHardwareFiber-optic communication networksSCADA systemsBy GeographyAPACNorth AmericaEuropeSouth AmericaMiddle East and AfricaThis study identifies the increasing focus on expanding capabilities of micro PLCs as one of the prime reasons driving the digital substation market growth during the next few years. Also, high adoption in data centers and rising need for power distribution analysis among power utilities will lead to sizable demand in the market.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on the digital substation market covers the following areas:Digital substation market sizingDigital substation market forecastDigital substation market industry analysisTechnavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading digital substation market vendors that include ABB, Cadillac Automation and Controls, Cisco Systems Inc., Eaton Corp. Plc, Efacec, Emerson Electric Co., General Electric Co., Honeywell International Inc., iGrid T and D, Larsen and Toubro Ltd., Locamation, Netcontrol Group, NovaTech LLC, NR Electric Co. Ltd., Open Systems International Inc., Schneider Electric SE, Siemens AG, Tekvel, Tesco Automation Inc., and Texas Instruments Inc. Also, the digital substation market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.