The Asia Pacific market for the digital substation is predicted to project the fastest growth with a CAGR of 6.40% during the forecasted period, 2019-2027. The active government activities and the increasing demand for power, are the factors influencing the growth of the market in a positive manner.
The Asia Pacific market is segregated on the basis of the markets situated in the regions, such as Australia, South Korea, China, India, Japan, and the Rest of Asia Pacific. There is an increasing demand for power in regions like India, Japan, and China, owing to the rapidly increasing urbanization, population, and industrialization. The demands of the consumers are being met due to the evolving power network. This is because of the digital substation, which provides the benefits of multiple efficiencies. It also caters to the power demands from sectors like railways and industries, which form the backbone for the emerging economies of the region. All such factors, coupled with the timely interventions by the government through funding in renewable energy projects, are helping the growth of the overall market. The digital substation finds its applications in these factors. As of 2018, the largest market share belonged to the Asia Pacific region, and the region is set to witness the highest growth during the forecast period.
Some of the leading companies in the market are Siemens Ag, Nr Electric Co., Ltd., S&C Electric Company, Igrid T&D (Acquired By Thytronic Group), Tekvel, Schneider Electric, Larsen & Toubro, I-Tor, etc.
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