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North America Industrial Digital Substation Market Size
North America Industrial Digital Substation Market was valued at USD 1.1 billion in 2023 and is projected to expand at a CAGR of 6.1% between 2024 and 2032. The increasing adoption of smart grid technology necessitates the upgrading of aging infrastructure to improve efficiency, reliability, and grid management capabilities. Additionally, regulatory mandates aimed at improving grid resilience and integrating renewable energy sources further propel the demand for digital substations.
Digital substations offer advanced monitoring, control, and diagnostic features that enhance operational visibility and reduce maintenance costs. Moreover, advancements in communication technologies such as IoT and cloud computing enable real-time data analytics and remote operation, contributing to the attractiveness of digital substations. As industries strive for greater energy efficiency and sustainability, the digital transformation of substations becomes a pivotal component in modernizing North America's industrial infrastructure.
What is the size of the North America industrial digital substation market?
The market size of North America industrial digital substation was generated USD 1.1 billion in 2023 and is expected to witness 6.1% CAGR from 2024 to 2032, owing to the increasing electricity demand.
Why is the demand for medium voltage industrial digital substations growing in North America?
The medium voltage segment in the North America industrial digital substation market will witness over 5% CAGR through 2032, driven by increasing industrialization and the need for reliable power distribution systems.
How big is the U.S industrial digital substation industry?
U.S. industrial digital substation market is set to surpass USD 1.5 billion by 2032, driven by escalating demand for dependable and efficient power distribution systems.
Mention the key players involved in North America industrial digital substation industry?
ABB, Cisco, Emerson Electric Co., Efacec, Eaton, General Electric, Hitachi Energy Ltd., Igrid T&D, NR Electric Co., Ltd., Rockwell Automation, Inc., SIFANG, and Siemens among others.