Digital Centers Market Research Report 2024: Global Industry Size, Share, Trends, Opportunities and Forecast (2019-2029)

Dublin, Oct. 11, 2024 (GLOBE NEWSWIRE) — The “Digital Substations Market – Global Industry Size, Share, Trends, Opportunities, and Forecast, 2019-2029F” report has been added to the ResearchAndMarkets.com’s an offering.

The Global Digital Substations Market was valued at $4.51 billion in 2023 and is expected to grow strongly during the forecast period at a CAGR of 8.11% until 2029, reaching $7.27 billion.

The world’s transition to renewable energy sources, such as solar and wind, creates a need for advanced technologies to efficiently integrate these intermittent sources into the grid. Digital hubs enable seamless integration of renewable energy by providing real-time monitoring, control and balancing of the grid. They help manage the variability and unpredictability associated with renewable energy production.

Asia-Pacific has emerged as the dominant region by 2023, holding a major share of the market. The Asia-Pacific region is witnessing urbanization and industrialization, leading to an increase in energy demand. Digital substations provide a solution to the problems caused by the increasing complexity of power distribution networks in densely populated urban areas and industrial centers. The need for an efficient, reliable and sustainable power infrastructure is driving the adoption of digital infrastructure around the world.

Many countries in the Asia-Pacific region are investing heavily in renewable energy sources. Digital channels play a key role in successfully connecting renewable energy to the grid. With the focus on solar, wind, and other clean energy sources, the need for digital centers is growing to manage the variability and unpredictability associated with these renewable resources.

Several countries in the Asia-Pacific region are embracing the concept of smart cities, where digital infrastructure, including digital channels, plays a central role. These smart city initiatives are driving the deployment of advanced technologies to boost energy efficiency, improve resource efficiency, and ensure reliable electricity supply for a growing urban population.

Cooperative efforts for cross-border electricity connectivity are increasing in the Asia-Pacific. Digital channels facilitate the exchange of power and effective control across borders. This approach is particularly evident in regional projects that promote energy trade and cooperation.

The Asia-Pacific region is a key player in the Global Digital Substations Market, driven by rapid urbanization, government initiatives, and a focus on renewable energy integration. Overcoming infrastructure challenges and solving financial challenges will be essential to unlocking the full potential of digital channels in this region. Emerging trends, such as smart city initiatives and cross-border energy networks, highlight the impact of digital transformation on the Asia-Pacific energy landscape.

Key Market Drivers

• Increasing Demand for Energy Efficiency and the Modernization of the Grid
• Technological Advances and Industry 4.0 Initiatives
• Increasing Focus on Grid Energy and Reliability

Key Market Issues

• High Initial Investment Costs and Infrastructure Development Challenges
• Cooperative Problems and Situations

Important Market Trends

• Integration of Artificial Intelligence (AI) and Machine Learning (ML) in Digital Channels
• Emphasis on Cybersecurity and Resilience Measures

Key market players profiled in the report include:

• ABB Ltd.
• Siemens AG
• General Electric Company
• Schneider Electric SE
• Eaton Corporation PLC
• Cisco Systems, Inc. feature descriptions.
• Emerson Electric Co.
• Shares of Honeywell International Inc.
• CG Power and Industrial Solutions Ltd.
• Mitsubishi Electric Corporation

Report Scope

In this report, the Global Digital Substations Market is segmented into the following categories:

Digital Substations Market, By Voltage:

• Low power
• Central Electricity

Digital Substations Market, By Mounting:

• Flush Mounting
• Global Growth

Digital Substations Market, By End Users:

• In the city
• Commercial
• Industry
• Usage

Digital Substations Market, By Environment:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

Key Features

Report Attribute	Details
No. of Pages	186
Time of Prophecy	2023-2029
Total Market Value (USD) in 2023	$4.51 billion
Expected Market Price (USD) in 2029	$7.27 billion
Annual Growth Rate	8.1%
Areas Covered	Worldwide

To get more information about this report visit https://www.researchandmarkets.com/r/rqmbrq

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• Global Digital Substations Market