According to the Graphical Research new growth forecast report titled “North America Digital Substation Market Size By Component (Substation Automation System, Communication Network, Electrical System, Monitoring & Control System), By Architecture (Process, Bay, Station), By Application (Transmission, Distribution), By Connectivity (< 33 kV, 33 kV to 110 kV, 110 kV to 220 kV, 220 kV to 550 kV, > 550 kV), By Voltage Level (Low, Medium, High), By End Use (Utility, Industrial), By Installation (New, Refurbished), Industry Analysis Report, Country Outlook (U.S., Canada, Mexico), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”, to Report Notable Hike by 2026.
North America Digital Substation Market Growth is predicted to witness upsurge owing to large scale integration of renewable power and growing electricity demand. Ongoing digital transformation of power utilities along with flourishing real estate sector will favor the business scenario. Positive consumer shift toward the deployment of efficient substations to ensure uninterrupted power supply will energize the industry dynamics.
Communication based digital substation will gain an appreciable momentum owing to rising demand for safe & reliable electrical infrastructure across industrial and residential establishments. Increasing energy demand from the large-scale process plants and manufacturing industries have instituted a favorable business scenario. Rapid expansion of transmission capacity, temporary load support and quick disaster response are some of the key features which will boost the product demand.
Favorable government schemes including net metering and feed in tariff will strengthen the digital substation market growth. Implementation of micro grid network along with expansion of existing electrical infrastructure will accelerate the business outlook. Ongoing technological advancements including PLC networks, smart monitoring hardware and software will positively influence the business landscape.
Stringent government norms toward replacement of existing electric infrastructure along with growing demand of cost competitive products will foster the Canada digital substation market. Adoption of decentralized power systems along with increasing need for efficient distribution and transmission networks will amplify the business potential. Moreover, upsurge in demand across sugar mills, airports and colleges & universities will boost the product growth.
33 kV to 110 kV digital substation market is projected to grow on account of development of smart grid network coupled with increasing concern toward grid stability and security. Increasing infrastructural investments along with growing expansion of residential establishments will fuel the production deployment. Rapid development of commercial establishments along with growing tourism sector have led to increase in power demand, augmenting the business landscape. Furthermore, increasing fund allocation toward the expansion of cross border network to supply power with less losses will propel the industry potential.
Eminent players operational across the industry includes NR Electric, ABB Group, Belden Inc, Emerson Electric, Schneider Electric, General Electric, Eaton Corporation, Siemens AG, Rockwell Automation and L&T. The manufacturers are introducing new products and developing improved technologies to meet the competition prevailing in the industry.