North America Digital Substation Market - Forecast(2021 - 2026)

Report Code: AIR 0289 Report Format: PDF + Excel (Delivery in 48 Hrs)

North America Digital Substation Market Overview

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.

Report Coverage

The report: “North America Digital Substation Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the North America Digital Substation Market.
By Module: Hardware (Transformers, Busbars, Condition Monitoring Systems, Protection Devices, Circuit Breakers/Switchgears, Others); Fiber Optics Communication Network, Scada
By Type: Transmission Substations, Distribution Substations
By Voltage: Below 66kv, 66Kv-220kv, 220kv-550kv, Above 550kv
By Industry: Utility, Metal, Mining, Oil & Gas, Transportation and Others
By Country: U.S., Canada and Mexico

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.

North America Digital Substation Market, By Geography, 2020

North America Digital Substation Market

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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.

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.

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.

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1.North America  Digital Substation Market - Overview
    1.1. Definitions and Scope
2. North America Digital Substation Market - Executive summary
    2.1. Market Revenue, Market Size and Key Trends by Company
    2.2. Key Trends by type of Application
    2.3. Key Trends segmented by Geography
3. North America  Digital Substation Market 
    3.1. Comparative analysis
        3.1.1 Product Benchmarking - Top 10 companies
        3.1.2 Top 5 Financials Analysis
        3.1.3 Market Value split by Top 10 companies
        3.1.4 Patent Analysis - Top 10 companies
        3.1.5 Pricing Analysis 
4. North America Digital Substation Market – Startup companies Scenario Premium Premium
    4.1 Top 10 startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. North America  Digital Substation Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis – Top 10 companies
6. North America Digital Substation Market Forces
    6.1 Drivers
    6.2 Constraints
    6.3 Challenges
    6.4 Porters five force model
        6.4.1 Bargaining power of suppliers
        6.4.2 Bargaining powers of customers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes 
7. North America Digital Substation Market -Strategic analysis
    7.1. Value chain analysis
    7.2. Opportunities analysis
    7.3. Product life cycle
    7.4. Suppliers and distributors Market Share
8. North America Digital Substation Market – By Module (Market Size -$Million / $Billion)
    8.1 Market Size and Market Share Analysis 
    8.2 Application Revenue and Trend Research
    8.3 Product Segment Analysis
        8.3.1 Hardware
            8.3.1.1 Transformers
            8.3.1.2 Busbars
            8.3.1.3 Condition Monitoring Systems
            8.3.1.4 Protection Devices
            8.3.1.5 Circuit Breakers/Switchgears
            8.3.1.6 Others
        8.3.2 Fiber Optics Communication Network
        8.3.3 Scada
9. North America Digital Substation Market – By Type (Market Size -$Million / $Billion)
    9.1 Transmission Substations
    9.2 Distribution Substations
10. North America Digital Substation Market – By Voltage (Market Size -$Million / $Billion)
    10.1 Below 66kV Segment
    10.2 66kV–220kV Segment
    10.3 220kV–550kV Segment
    10.4 Above 550kV Segment
11. North America Digital Substation – By Industry(Market Size -$Million / $Billion)
    11.1 Segment type Size and Market Share Analysis 
    11.2 Application Revenue and Trends by type of Application
    11.3 Application Segment Analysis by Type
        11.3.1 Utility
        11.3.2 Metal
        11.3.3 Mining
        11.3.4 Oil & Gas
        11.3.5 Transportation
        11.3.5 Others
12. North America Digital Substation - By Geography (Market Size -$Million / $Billion)
    12.1 U.S
    12.2 Canada
    12.3 Mexico
13. North America Digital Substation Market - Entropy
    13.1 New product launches
    13.2 M&A's, collaborations, JVs and partnerships
14. North America Digital Substation Market – Industry / Segment Competition landscape Premium Premium
    14.1 Market Share Analysis
        14.1.1 Market Share by Country- Top companies
        14.1.2 Market Share in North America - Top 5 companies
        14.1.3 Market Share by type of Application – Top 5 companies
        14.1.4 Market Share by type of Product / Product category- Top 5 companies
        14.1.5 Best Practises for companies
15. North America Digital Substation Market – Key Company List by Country Premium Premium
16. North America Digital Substation Market Company Analysis
    16.1 Market Share, Company Revenue, Products, M&A, Developments
    16.2 Eaton Corp. PLC
    16.3 Emerson Electric Co.
    16.4 Honeywell International, Inc.
    16.5 Larsen & Toubro Ltd.
    16.6 Nr Electric Co., Ltd.
    16.7 Company 6
    16.8 Company 7
    16.9 Company 8
    16.10 Company 9
    16.11 Company 10 and more