Digital Substations Market Expected to Reach USD 16.6 Billion by 2031 Amid Surge in Grid Modernization
The digital substations market is projected to reach a valuation of USD 16.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2031. This growth is primarily fueled by rising investments in grid modernization, increased integration of renewable energy sources, and the growing demand for real-time monitoring and automation across power systems.
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