Digital substations market expected to reach $12.1 B by 2026
According to a new market report published by Transparency Market Research the global digital substations market is expected to reach $12.1 B by 2026 at a CAGR of 8.2% during the forecast period from 2018 to 2026.
According to the report, the global digital substations market will continue to be influenced by a range of factors such as their better reliability and availability compared to conventional substations, reduced maintenance cost, and their increasing use by utilities. North America will continue to be at the forefront of global demand, with the market in the region holding bulk of the share of the global digital substations market throughout the forecast years.
Regions mentioned in the report are: North America (U.S., Canada, Rest of North America), Europe (U.K, Germany, France, Rest of Europe), Asia Pacific (China, India, Japan, Rest of APAC), Middle East & Africa (GCC Countries, South Africa, Rest of MEA), South America (Brazil, Rest of South America).
Major players in the digital substations market include ABB Ltd, Siemens AG, Schneider Electric SE, Eaton Corporation Plc, Emerson Electric Co., Honeywell International Inc., Cisco Systems, Inc., NR Electric Co., Ltd., EFACEC, and Schweitzer Engineering Laboratories, Inc.
Source: Consumer Reports Review