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North America Medium Voltage Digital Substation Market Size

Report ID: GMI9838
Published Date: Jun 2024
Report Format: PDF

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North America Medium Voltage Digital Substation Market Size

North America Medium Voltage Digital Substation Market was valued at USD 1.4 billion in 2023 and is expected to grow at a CAGR of 5.5% from 2024 to 2032, driven by advancements in digitalization and automation technologies, which significantly enhance the efficiency and reliability of power management systems. The increasing focus on grid modernization and the integration of renewable energy sources necessitate the deployment of advanced digital substations to manage complex power flows and ensure grid stability.

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Government initiatives and regulatory mandates aimed at reducing carbon emissions and promoting sustainable energy solutions further boost the market. Additionally, the rising adoption of smart grid technologies and the need for improved grid reliability and resilience in the face of increasing demand and aging infrastructure are propelling the market forward.

North America Medium Voltage Digital Substation Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Medium Voltage Digital Substation Market Size in 2023:	USD 1.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.5%
2032 Value Projection:	USD 2.4 Billion
Historical Data for:	2021 - 2023
No. of Pages:	60
Tables, Charts & Figures:	10
Segments covered:	Component, Architecture, End Use and Installation
Growth Drivers:	Expansion of smart grid networks Rising peak load demand Increasing electricity demand
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 medium voltage digital substation was reached at USD 1.4 billion in 2023 and is expected to grow at 5.5% CAGR from 2024 to 2032, driven by advancements in digitalization and automation technologies.

The industrial segment of the North America medium voltage digital substation will record over 5% CAGR through 2032, as the integration of advanced digitalization and automation technologies in industrial electrical systems enables better monitoring, control, and optimization of energy usage.

U.S. medium voltage digital substation market is poised to exceed USD 2 billion by 2032, driven by the increasing demand for reliable and efficient power distribution systems, coupled with the rising integration of renewable energy sources.

ABB, Cisco, CG Power & Industrial Solutions Ltd, Efacec, Eaton, Emerson Electric Co, General Electric, Hitachi Energy Ltd, Igrid T&D, and NR Electric Co., Ltd. among others.