Market Research Report
NORTH AMERICA DIGITAL SUBSTATION MARKET FORECAST 2018-2026
|Published by||Inkwood Research||Product code||660265|
|Published||Content info||98 Pages
Delivery time: 2-3 business days
|NORTH AMERICA DIGITAL SUBSTATION MARKET FORECAST 2018-2026|
|Published: July 9, 2018||Content info: 98 Pages||
The North America digital substation market is expected to catapult ahead in terms of revenue generation by exhibiting a CAGR of 7.78%. High degree of standardization, reduction in the risk of cable engineering and electrical hazard, cost-effective maintenance and reduction in power outages are some crucial benefits observed due to the digitization of substations.
The rise in power demand with limited space availability and increasing infrastructure development in smart cities along with rising demand of digital substation for replacing traditional substation infrastructure are driving the market demand in this region. Opportunities such as technological advancements in digital substations and growing demand for renewable energy projects are expected to propel the market growth ahead. However, the market has to face major challenges in terms of controlling cybersecurity risks.
Market companies like Emerson Electric, Schneider Electric, Cisco, Igrid T&D (Acquired By Thytronic Group), Siemens Ag, Tekvel, Abb Ltd, Larsen & Toubro, Honeywell International Inc, Fuji Electric, S&C Electric Company, I-Tor, General Electric Company and Eaton Corporation are active in this market.