The North America Substation Automation Market would witness market growth of 5.5% CAGR during the forecast period (2024-2031).
The US market dominated the North America Substation Automation Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $15,978.7 million by 2031. The Canada market is experiencing a CAGR of 7.6% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 6.8% during (2024 - 2031).
This is a vital segment of modern electrical power systems, transforming how utilities manage and operate electrical substations. By utilizing advanced technologies, automation improves substations' efficiency, reliability, and safety, making them crucial for managing electrical grids. This market is growing rapidly due to the increasing demand for reliable electricity, the need for grid modernization, and advancements in automation technology.
In addition, this has far-reaching applications that cater to the operation and optimization of electrical systems. These are the backbone of substation automation. Protection systems monitor the substation for faults, while control systems manage the operational processes. Automated systems can immediately detect faults and take corrective actions, such as disconnecting affected sections, to prevent damage to the grid and ensure the continuous flow of electricity.
Mexico’s mining sector, valued at USD 3.3 billion in 2022, is a key driver of energy demand, particularly in regions where mining operations are concentrated. Precious metals, non-ferrous materials, and other mineral extraction activities require substantial energy resources. This is essential in ensuring the continuous and efficient power distribution to mining sites. In Canada, marine transportation plays a significant role in imports and exports, with over $151 billion in exports and $194 billion in imports transported via ports in 2022. The sector’s growth, contributing $1.95 billion to Canada’s GDP, drives the need for enhanced energy management systems at the ports and related infrastructure. In conclusion, expanding Mexico’s mining industry and Canada’s marine transportation sector significantly boosts the demand for these solutions.
Free Valuable Insights: The Substation Automation Market is Predict to reach USD 68.35 Billion by 2031, at a CAGR of 6.1%
Based on Type, the market is segmented into Transmission Substation, and Distribution Substation. Based on Technology, the market is segmented into New, and Retrofit. Based on Component, the market is segmented into Hardware, Services, and Software. Based on End Use, the market is segmented into Utilities, Transportation, Steel, Oil & Gas, Mining, and Other End Use. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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