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North America Substation Market Trends

Report ID: GMI9812
Published Date: Jun 2024
Report Format: PDF

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North America Substation Market Trends

The North America substation industry is witnessing several prominent trends shaping its trajectory, including the integration of smart technologies, such as digital monitoring and control systems, into substations to enhance operational efficiency and grid reliability. Additionally, there's a growing focus on grid modernization and resilience, driven by increasing concerns over climate change and extreme weather events. As per IEA, Canada's Smart Grid Program is allocating USD 100 million to bolster the implementation of smart grid technologies and integrated systems. This includes the adoption of advanced automation and cybersecurity measures to safeguard critical infrastructure.

Moreover, the expansion of electric vehicle (EV) infrastructure and the electrification of transportation are fueling demand for substations to support charging stations and manage the increased electrical load.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

North American market for substation was crossed USD 18.7 billion in 2023 and is anticipated to register 4.7% CAGR between 2024 to 2032, owing to expansion of smart grid networks and rising peak load demand.

North America substation industry from the conventional segment will record USD 27.5 billion by 2032, due to its reliable technology, cost-efficiency, and the increasing electricity demands and infrastructure projects in North America.

U.S. substation industry size may reach USD 24 billion by 2032, owing to the ongoing investments across upgrades, replacements, and expansion of the aging infrastructure across the country to maintain reliability and efficiency

ABB, CG Power & Industrial Solutions Ltd., Cisco Systems, Inc., Efacec, Fuji Electric, General Electric, Hitachi Energy Ltd., L&T Electrical and Automation, NR Electric Co., Ltd., and Open Systems International, Inc., among others.