Utility Scale Low Voltage Digital Substation Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Utility Scale Low Voltage Digital Substation Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Utility Scale Low Voltage Digital Substation Market size will record a 7.8% CAGR between 2024 and 2032, propelled by higher deployment of digital sensors, communication systems, and automation. These technologies enable real-time monitoring, data analytics, and improved control of the power distribution network to enhance overall efficiency and reliability.

Government policies and regulations are further driving the adoption of digital substations by promoting grid modernization, integrating renewable energy, and enhancing energy efficiency. For example, in July 2024, the Government of Canada infused $30 million (CAD) in Hitachi Energy’s HVDC simulation center as well as transformer factory modernization. Utilities are also encouraged to invest in digital solutions through incentives and standards that support advanced grid technologies.

The utility scale low voltage digital substation industry is segmented into component, architecture, installation and region.

By architecture, the industry value from the bay segment will record a lucrative growth rate from 2024 to 2032. Bay-architecture allows substations to be designed in a modular fashion, where each bay or section can function independently. This modularity makes it easier to scale the substation as per the specific needs of the grid, allowing gradual expansion or upgrades without requiring a complete overhaul of the entire system.

With respect to installation, the utility scale low voltage digital substation market size from the refurbished segment will show expansion from 2024 to 2032. The energy sector increasingly prioritizes sustainability and waste reduction. By refurbishing and reusing existing substation components, one can embrace the circular economy. This approach not only curtails the demand for new raw materials but also lessens the environmental toll of manufacturing new equipment.

Europe utility scale low voltage digital substation industry share will record immense growth through 2032. Leading the charge in smart grid evolution, Europe is prioritizing advanced digital substations. These substations play a pivotal role in seamlessly integrating renewable energy sources, facilitating real-time monitoring, and bolstering grid reliability. Central to this transition are low voltage digital substations, which offer superior control and data analytics features.