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North America Low Voltage Digital Substation Market Size
- Report ID: GMI11450
- Published Date: Sep 2024
- Report Format: PDF
North America Low Voltage Digital Substation Market Size
North America Low Voltage Digital Substation Market was valued at USD 366.5 million in 2023 and is expected to grow at a CAGR of 6.6% from 2024 to 2032, due to the increasing demand for modernized and efficient power distribution systems. As utilities transition to smart grids, digital substations enhance system reliability, reduce operational costs, and improve real-time monitoring and control. The integration of renewable energy sources, urbanization, and the need for grid decentralization further drive demand.
Advancements in communication technologies, such as the Internet of Things (IoT) and advanced automation, support the digital transformation of substations. Government initiatives, like the U.S. Department of Energy's recent USD 65 million investment in grid modernization, promote energy efficiency, infrastructure upgrades, and stringent regulations on energy distribution and safety standards, significantly boosting investment in low voltage digital substations across North America.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Low Voltage Digital Substation Market Size in 2023: | USD 366.5 Million |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 6.6% |
| 2024 – 2032 Value Projection: | USD 657.1 Million |
| Historical Data for: | 2021-2023 |
| No. of Pages: | 60 |
| Tables, Charts & Figures: | 10 |
| Segments covered: | Component, Architecture, End Use and Installation |
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Frequently Asked Questions (FAQ) :
North America Low Voltage Digital Substation Market Scope
