Digital substation market to reach $ 2.1 B by 2024

Market Study Report LLC has added a new report on digital substation market according to which it is expected to rise up to 5.7 % CAGR to register revenue of $ 2.1 B in 2024, from $1.5 B in 2019.

Digital substations can boost the flexibility and responsiveness of transmission and distribution grids by capturing and using accurate, real-time data to control grid stability and react quickly to changing grid conditions.

The report provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of digital substation market in tandem with its competitive terrain.

In particular, this report presents the global market share (sales and revenue) of key companies in Digital Substation business.

The key manufacturers covered in this repott are: ABB, General Electric, Siemens, and Schneider Electric.

Europe occupied 32.69 % of the sales market in 2017. It is followed by North America and China which respectively accounted for around 25.83 % and 21.60 % of the global total industry. Other countries have a smaller amount of sales. Geographically, Europe was the largest production market in the world, which took about 49.03 % of the global sales volume in 2017.

Source: Open PR