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North America Digital Substation Market Size Estimated to Grow at a CAGR of 6.0% During 2021-2026

(IT-NEWSWIRE.COM, October 11, 2021 ) North America Digital Substation Market size was valued at $1.3 billion in 2020, and it is estimated to grow at a CAGR of 6.0% during 2021-2026. The growth is mainly attributed to the increasing research and development activities to enhance system portfolios as well as to incorporate a versatile technological platform that will positively influence the North America Digital substation industry. Replacement of conventional substations with digital technology act as digital substation automation system which set to propel the North America Digital Substation market. Rising electricity complexe is demanding rapid growth in the electric power landscape, thereby boosting the prevalence of digital substations, which overcome the challenges related to cybersecurity. On contrary, increasing digitalization, distribution, deployment of human machine interfaces and substation automation system as well as decarbonization of future energy systems are emphasizing the scope of a digital substation. Henceforth, digitalization of substations has become an influential step that positively determines the transformation of energy systems. Digital substation improvises operations administration between distributed intelligent electronic devices (IEDs) and programmable logic controllers, which are interconnected by communications networks. It also delivers key benefits specifically in terms of design, installation, engineering, and operation, hence, organizations are adapting the technology and creating Digital Substation Market revenue sources.



North America Digital Substation Market Segment Analysis – By Voltage



220KV-550KV is the key voltage segment and grow at a CAGR of 6.5% during forecast period 2021-2026. This voltage range digital substation is used in various industries such as Power, utilities, mining and others. There has been development of advanced digital substations which can sustain at high power monitoring application. For instance, in 2020, ABB had installed 500 Kv digital substation. This substation enables Enel Green Power to deliver carbon electricity using extensive protective relays and programmable logic controllers. This set to drive the market growth.



North America Digital Substation Market Segment Analysis – by Industry



Utilities Industry is the fastest growing segment in North America Digital Substation market and estimated to grow at a CAGR of 6.9% during forecast period 2021-2026. Increase in adoption of IoT technology has been providing opportunities to install digital substations in this industry. Digital substation can be used to collect valuable data from the entire power grid. Increasing investments on smart grids is further propelling the market growth as there is significant advancements in grid automation technology.



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North America Digital Substation Market Segment Analysis – Geography



The U.S. dominated the North America Digital Substation market in 2020 with a market share of 67.1%, followed by Canada and Mexico. Early adoption of advanced technologies and presence of large number of players such as General Electric, Siemens, Emerson Electric and others upsurge digital substation market in this region. In February 2021, Hitachi and ABB Power Grids have announced the launch of its Smart Digital Substation, with the unique predictive, prescriptive and prognostic capabilities of Hitachi’s industry-leading Lumada Asset Performance Management (APM) solution. High investments and introduction of products at various international councils, exhibition centers, and seminars is poised to drive the market in this region.



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North America Digital Substation Market Drivers



Replacement of conventional electrical substation with digital substations set to drive the market



With the adoption of advanced technologies, there has been increase in replacement of conventional electrical equipment with advanced equipment. Growing energy demand with rising expenditure towards the development of high voltage electric networks and restoration of existing infrastructure have reinforced the North America digital substation market size. Additionally, increasing focus towards the replacement of prevailing electrical infrastructure and its subparts with upgraded high-quality systems will enhance the industry growth.



Advancements in Technology



Adoption of Internet of Things (IoT) Technology in industries have been driving the digital substation market in North America. In power and utilities industry, there has been increase in adoption of digital substation which set to push the market. In 2019, Siemens had developed a digital substation to pilot IoT analytics and applications for power grids. This solution complies with the cybersecurity requirements, allowing end-to-end authentication and encryption based on certificates. Adoption of digital substation assists in increasing reliability, optimizing the efficiency and improving the security of the power grid which set to push the market growth. As digital technology is being integrated into the IoT, there has been high adoption of digital substations in industries, thereby driving the market.



North America Digital Substation Market Challenges



High initial investment



The initial investment for the digital substation is higher than that for a traditional substation setup owing to the use of advanced technologies such as intelligent electronic devices and high equipment purchase costs. Higher costs of hardware and software modules restrict the market growth. Additionally, cybersecurity is the major challenge in digital substation that hampers the growth of the market. However companies are focusing on developing digital substations with cyber security offerings which provide opportunities for the market during forecast period.



North America Digital Substation Market Landscape



Product Launches, Acquisitions, Collaboration and R&D activities are key strategies adopted by players in the North America Digital Substation market. North America Digital Substation major 10 companies include Schneider Electric, Emerson Electric, Cisco, Siemens AG, Igrid T&D (Thytronic Group), Tekvel, Honeywell International Inc, Eaton Corporation, General Electric, Fuji Electric and others.



Acquisitions/Technology Launches



In February 2021, Hitachi and ABB Power Grids has announced the launch of its Smart Digital Substation, with the unique predictive, prescriptive and prognostic capabilities of Hitachi’s industry-leading Lumada Asset Performance Management (APM) solution.



In February 2019, ABB and Intel had signed an agreement to collaborate on the marketing and selling of generation distribution automation systems and products for protection including digital substations for strengthening its position, thereby driving the market.



Key Takeaways



The U.S. dominated the North America Digital Substation market in term of revenue in 2020 owing to early adoption and high investments on advanced technologies.



Adoption of IoT technology has been pushing the North America Digital Substation industry as digital substation act as human machine interface system for IoT devices.



Integration of Programmable logic controller with digital substation is set to drive the market growth.



High initial investment compared to conventional substations becomes a major challenge and hampers the growth of the market.



Relevant Reports



A. Prefabricated Substation Market



https://www.industryarc.com/Report/18185/prefabricated-substation-market.html



B. Digital Substation Market



https://www.industryarc.com/Report/16570/digital-substation-market.html



For more Automation and Instrumentation related reports, please click here



About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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