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'have increased substantially' is correct and usable in written English.
You can use it when describing a change in an amount or quality that has greatly increased over time. For example: "Solar panel installations in the US have increased substantially in the last five years."
Exact(60)
Poverty and inequality have increased substantially.
Profits have increased substantially in some cases.
'Visits' to the SRI website have increased substantially.
Since then, his housing costs appear to have increased substantially.
Both delinquency and default rates have increased substantially since 2005.
Already, they say, season subscriptions have increased substantially.
Many were acquired decades ago and their value will have increased substantially.
It is equally clear that her expenses have increased substantially post-separation.
Since then, investments in cyber, artificial intelligence, information security and other key technologies have increased substantially.
Arrests of undocumented immigrants have increased substantially over Trump's first few months in office.
We know that the timing and size of that contract have increased substantially as a result of Sept. 11.
More suggestions(15)
have increased greatly
have increased considerably
have raised substantially
have increased markedly
have increased vastly
have increased noticeably
have risen substantially
involved increased substantially
have taken substantially
have dropped substantially
have climbed substantially
have fallen substantially
have changed substantially
have been substantially
have expanded substantially
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com