Global digital substation global market to reach $10.9 B by 2027
Amid the COVID-19 crisis, the global market for digital substation estimated at $7 B in 2020, is projected to reach a revised size of $10.9 B by 2027, growing at a CAGR of 6.4 % over the analysis period 2020-2027.
The digital substation market in the U.S. is estimated at $2.1 B in 2020. China, the world`s second largest economy, is forecast to reach a projected market size of $1.9 by 2027 trailing a CAGR of 6.1 % over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.1 % and 5.2 % respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.3 % CAGR.
In the global above-550 kV segment, USA, Canada, Japan, China and Europe will drive the 5.3 % CAGR estimated for this segment. These regional markets accounting for a combined market size of $532.3 M in 2020 will reach a projected size of $766.3 M by the end of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach $1.3 B by 2027.
The key players in this market are: ABB Ltd., Cisco Systems, Inc., Eaton Corporation PLC, Emerson Electric Co., Cadillac Automation and Controls, General Electric Company, Honeywell International, Inc., etc.
Source: Global News Wire