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North America Industrial Medium Voltage Digital Substation Market Size

Report ID: GMI11871
Published Date: Oct 2024
Report Format: PDF

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North America Industrial Medium Voltage Digital Substation Market Size

North America Industrial Medium Voltage Digital Substation Market was valued at USD 781.5 million in 2023 and is expected to grow at a CAGR of 5.5% from 2024 to 2032, driven by infrastructure modernization investments, smart grid technology adoption, increasing renewable energy integration, regulatory incentives for energy efficiency, and advancements in automation and data analytics.

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Growing demand for digitalization across substations are attracting significant investments in the medium voltage sector. In 2022, the U.S. Department of Energy announced a USD 13 billion investment in grid resilience and modernization through the Grid Resilience Innovation Partnership (GRIP) program, which includes funding for digital substation technologies. This substantial commitment underscores the government's focus on enhancing grid reliability and efficiency, supporting the ongoing transition towards more advanced, efficient, and reliable power distribution systems across the region.

North America Industrial Medium Voltage Digital Substation Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Industrial Medium Voltage Digital Substation Market Size in 2023:	USD 781.5 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.5%
2032 Value Projection:	USD 1.2 Billion
Historical Data for:	2021 - 2023
No. of Pages:	60
Tables, Charts & Figures:	10
Segments covered:	Component, Architecture, and Installation
Growth Drivers:	Expansion of smart grid networks Rising peak load demand Increasing electricity demand
Pitfalls & Challenges:	High dependency on imports

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The North American market for industrial medium voltage digital substation was crossed USD 781.5 million in 2023 and is expected to grow at a 5.5% CAGR from 2024 to 2032, driven by infrastructure modernization investments and smart grid technology adoption.

New installations segment is projected to achieve a CAGR of over 6.5% through 2032, propelled by the need for modernized infrastructure and renewable energy integration.

The U.S. market is expected to surpass USD 1 billion by 2032, led by the need for enhanced power reliability, infrastructure modernization, and renewable energy integration.

Prominent key players include in industry are ABB, CG Power, Cisco, Eaton, Efacec, Emerson Electric, Fuji Electric, General Electric, Hitachi Energy, Igrid T&D, NR Electric, One Energy Enterprises, Rockwell Automation, Schneider Electric, Siemens, SIFANG, Tekvel, Texas Instruments, and WEG.