A recent study from the market research firm Global Market Insights shows that the digital substation market is set to grow.
From the current market value of more than $8 billion, the digital substation market is predicted to grow to over $9 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.
As per a research report by Global Market Insights, the global digital substation market size exceeded $8 billion in 2019 and is slated to rise exponentially by 2026.
The installation of digital substation systems is likely to grow through 2026 with the rise in energy consumption from residential, commercial, industrial, and utility sectors. This has urged installers to restructure and expand the electrical grid networks.
Rising per capita incomes and growth in commercialization has led to a higher number of non-residential establishments. This surge in the number of production facilities, plants, and small-scale enterprises can be attributed to the rising preference for manufactured goods as well as processed products.
Solution and service providers of digital substation architectures are consistently adopting various technologies to refine the effectiveness and functionality of the substation to track and manage the power supply across the T&D network. These firms are also coming up with various initiatives to enhance the power grid infrastructures.
The worldwide regulation of lockdowns and the extension of work from home policies across many developing countries owing to the current COVID-19 pandemic could have hampered the deployment of the digital substation units. However, with the gradual resumption of offices in the industrial and corporate sector, the installation and need for the substations is gradually picking up pace.
Source: Global Market Insights