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North America Digital Substation Market Size

Report ID: GMI9768
Published Date: Jun 2024
Report Format: PDF

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North America Digital Substation Market Size

North America Digital Substation Market was valued at USD 2 billion in 2023 and is expected to grow at a CAGR of 6% between 2024 and 2032, driven by the increasing demand for reliable and efficient power supply, the modernization of aging grid infrastructure, and the integration of renewable energy sources.

North America Digital Substation Market

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Government initiatives and regulatory frameworks promoting smart grid development, along with substantial investments from utility companies in digital transformation projects, further fuel market expansion. Additionally, the rising focus on reducing operational costs and improving grid security and resilience against cyber threats is accelerating the adoption of digital substations in the region.

North America Digital Substation Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Digital Substation Market Size in 2023:	USD 2 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	6%
2024 – 2032 Value Projection:	USD 3.4 Billion
Historical Data for:	2021 – 2023
No. of Pages:	90
Tables, Charts & Figures:	10
Segments covered:	Component, Architecture, Application, Connectivity, Voltage Level, End Use, Installation
Growth Drivers:	Rising peak load demand Expansion of micro-grid networks Grid stability & security of supply concerns
Pitfalls & Challenges:	Slow paced technological evolution across the developing regions High dependency on imports

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of North America digital substation was crossed USD 2 billion in 2023 and will witness 6% CAGR between 2024 and 2032, due to the need for modernization of aging infrastructure, increasing grid reliability and efficiency requirements, and growing demand for smart grid solutions.

The transmission networks segment in the North America digital substation industry will witness over 6% CAGR through 2032, driven by growing investments for upgrading and digitizing their transmission infrastructure to enhance reliability, efficiency, and grid automation capabilities.

U.S. digital substation industry will surpass USD 2.9 billion by 2032, owing to robust investments in grid modernization initiatives, growing adoption of smart grid technologies, and stringent regulatory standards for promoting energy efficiency and reliability.

Key players operating in the North America digital substation industry are ABB, CG Power & Industrial Solutions Ltd., Cisco, Eaton, Efacec, Emerson Electric Co., Fuji Electric, General Electric, Hitachi Energy Ltd., Igrid T&D, and NR Electric Co., Ltd., among others.