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North America Transmission Substation Market Trends

Report ID: GMI10713
Published Date: Aug 2024
Report Format: PDF

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North America Transmission Substation Market Trends

Aging infrastructure in the U.S. and Canada is prompting significant investments in modernizing transmission substations. Upgrading older facilities with advanced technologies improves efficiency, reliability, and safety. This trend is crucial as the demand for reliable power grows and the existing infrastructure ages. The implementation of smart grid technologies is transforming transmission substations. These technologies enable real-time monitoring, automated control, and improved fault detection, enhancing the overall reliability and efficiency of the grid. Smart substations equipped with sensors, communication networks, and data analytics are becoming increasingly common.

Investments are being made in reinforced structures, backup power systems, and advanced protection mechanisms to ensure continued operation during disruptions. The rise of decentralized energy systems and microgrids is influencing the design and operation of transmission substations. The integration of energy storage technologies, such as batteries, is becoming a critical component of transmission substations. Energy storage helps manage supply and demand fluctuations, enhances grid stability, and supports the integration of intermittent renewable energy sources.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

The market size of North America transmission substation was worth about USD 9.7 billion in 2023 and is anticipated to register 3.8% CAGR between 2024 to 2032, owing to growing urban populations and industrial activities.

North America transmission substation industry from the conventional segment will record USD 11.5 billion by 2032, due to the reliance on established technologies for reliable power distribution and ongoing investments in maintenance.

U.S. transmission substation industry size may reach USD 10.2 billion by 2032, driven by population growth, urbanization, and industrial expansion.

ABB, CG Power & Industrial Solutions Ltd., Eaton, General Electric, Hitachi Energy Ltd., L&T Electrical and Automation, Locamation, Open System International, Inc., Rockwell Automation, Inc., and Schneider Electric, among others.