The Global Digital Substation Market is expected to rise at annual rate 6.50% in the forecast period of 2021 to 2028, and is expected to reach USD 10.59 billion by 2028 due to the increasing investments in smart cities and smart grid infrastructure development.
On the other hand, high capital investment along with concerns regarding cyber-attacks are expected to obstruct the market growth in the above mentioned forecast period. Lack of effective electrical infrastructure and slow paced technological evolution across developing regions are projected to challenge the digital substation market.
According to Data Bridge Market Research the markets for the digital substation market is escalating due to the increase in need of improved safety and effective communication in power distribution and transmission processes, and rise in demand due to superior benefits over traditional counterparts. Additionally, high efficiency to cater to increasing power demand, and growing pace of digitalization across the globe positively affect the digital substation market.
Furthermore, high demand for renewable energy projects and increasing demand for battery technology extends profitable opportunities to the market players.
Now the question is which are the other regions that digital substation market is targeting? Data Bridge Market Research has estimated Asia-Pacific is expected to witness significant growth in the forecast period of 2021 to 2028 owning to the rise in demand for energy to support the local manufacturing units.
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The digital substation market is segmented on the basis of countries into U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
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Key Market Competitors Covered in the report
Above are the key players covered in the report, to know about more and exhaustive list of flame detector companies contact, https://www.databridgemarketresearch.com/toc/?dbmr=global-digital-substation-market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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Global Digital Substation Market – Industry Trends and Forecast to 2028