Digital substation market worth $9.1 B by 2025
According to the report published by MarketsandMarkets™, the digital substation market is projected to reach $9.1 B by 2025 from $6.4 B in 2020, growing at a CAGR of 7.1 % during the forecast period.
The growth of the digital substation market can be attributed to growing infrastructure development in smart cities, increasing power demand with limited space availability, increasing demand for replacing traditional substation infrastructure, and increasing interoperability and safety. Rising demand for renewable energy projects and for battery technology to generate electricity is creating ample growth opportunities in the market.
Globally, countries are shifting toward the adoption of sustainable electricity infrastructure. The rising need for secure electrical networks across several industrial, commercial, utility, and residential verticals is increasing the adoption of digital substations. Favorable policies and regulations of governments alongside the electrification of off-grid networks are likely to help propel market growth.
Major players in this market are: ABB, General Electric Company, Siemens AG, Eaton Corporation Inc., Schneider Electric SE, Honeywell International Inc., Cisco System, NR Electric, among others.
Source: PR Newswire