Global Digital Substations Market to Grow Over $11 Billion by 2025 at a CAGR around 8%

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According to a new report published by Global QYResearch titled “Digital Substations Market  (Types: Below 66kV, 66kV–220kV, 220–550kV, and Above 550kV;  Application: Utility, Metal, Mining)” the global market for digital substations is projected to grow at a considerable rate of around 8% CAGR and reach the market value of over $11 billion by 2025. 66kV–220kV voltage range segment is expected to increase at a significant rate, thanks to the increasing demand for energy from cities due to growing urbanization. The segment is also expected to hold the major share in the market based on voltage range. Swelling demand for electrical energy and necessity to replace aging infrastructure are major reasons for the moderate growth of digital substations market. Government financial support, in association with private utilities, boosts the installation of digital substations across the globe.
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Digital Substation Market for the Utility Segment is Anticipated to Grow
Utility segment is one of the thriving application areas of digital substations, due to the rise in energy supply & demand gap in many developing and developed countries. Its market growth can be credited to the rising demand for renewable energy sources, such as solar, wind, and hydro to meet the customers demand for power generation. Digital substations have a huge scope in utility segment as these systems are used in distributing and transmitting power.
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Asia-Pacific Accounted for Major Share in Digital Substation Market
Asia-Pacific seized the principal share of the digital substation market in 2016. This growth can be recognized to the fact that several initiatives have been taken up by the Indian government to expand its energy and power sector, which is a major factor supporting the growth of digital substation market in this region. Adani Group has ordered five substations from ASEA Brown Boveri, a Swedish multinational that would engross the integration of 648 MW solar plan at Kamuthi in India.
Key Players
Some of the key players included in this report are ASEA Brown Boveri Ltd., Eaton Corp, General Electric, Schneider, NR Electric Co. Ltd., Cisco Systems, Emerson Electric, Honeywell, Larsen & Toubro, and Siemens among others.
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