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North America medium voltage digital substation industry is experiencing significant trends driven by technological advancements and increasing demand for efficient power management. Key trends include the integration of digitalization and automation technologies, which enhance the reliability and efficiency of power systems. There is a strong emphasis on grid modernization and the incorporation of renewable energy sources, such as wind and solar, necessitating advanced substations to manage complex power flows. Additionally, government initiatives and regulatory mandates focusing on sustainability and carbon emission reductions are propelling market growth. The rising adoption of smart grid technologies further supports the development of medium voltage digital substations to ensure grid stability and resilience.
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.