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North America Digital Substation Market Trends

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

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North America Digital Substation Market Trends

North America digital substation industry is witnessing several notable trends, including a strong push towards grid modernization and the integration of advanced communication technologies like IEC 61850 for enhanced interoperability and efficiency. The adoption of IoT and cloud-based solutions is rising, enabling real-time monitoring and predictive maintenance. There is also a growing emphasis on cybersecurity measures to protect critical infrastructure from increasing cyber threats. Additionally, the shift towards renewable energy sources is driving the need for flexible and adaptable substations that can manage variable power inputs. Investments in smart grid projects and the increasing deployment of automation and control devices are further shaping the market landscape.

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.