Global substation monitoring system market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of ~8.50% during the forecast period.
Global Substation Monitoring System Market
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Global substation monitoring system market Definition
A substation is a branch of an electrical generation, transmission, and distribution system. The substations system is used to convert high voltage to low and vice versa and is also used to perform various other important functions. The substation monitoring system is used in the electric substations and is used to provide information about the distribution network and electrical transmission.
Global substation monitoring system market Dynamics
A surge in the adoption of the substation monitoring systems and applications by worldwide electric power companies to minimize the risk of a breakdown in power delivery, such as brownouts and blackouts, frequently due to aging infrastructure is the major driving factor behind the growth of the market. Increasing requirements for reduction in distribution and transmission losses, aging infrastructure, increasing initiatives and investments by the governments from various countries, growing adoption of IoT-based communication network, rising adoption of smart grid projects across the world and increasing need for renewable energy projects are expected to improve the growth of the market during the forecast period.
However, the high initial cost required for the installations of wireless sensor networks and IEDs in substation and concerns related to cybersecurity in the power industry are major restraining factors that could hamper the growth of the market.
Global Substation Monitoring System Market: Segmentation Analysis
By component, the hardware segment dominated the market in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. The hardware segment is further sub-segmented into smart sensors, microcontrollers, intelligent electronic devices, and many other hardware devices. Among these smart sensors and intelligent electronic devices segments are projected to witness fast growth at a CAGR of XX% during the forecast period. Growing adoption of smart sensors such as humidity, temperature, and smart grid sensors across the electric substations is attributed to the growth of the market. Increasing adoption of the substation automation system has augmented the demand for intelligent electronic devices, which is further expected to improve the growth of the market. The substation automation system is a method of obtaining data or information using data acquisition devices known as intelligent electronic devices. Alternatively, the software segment is projected to witness fast growth at CAGR of XX% during the forecast period. Increasing adoption of software monitoring systems such as SCADA in various power industries is impelling the growth of the market.
By communication technology, the wireless segment projected to witness fast growth at CAGR of XX% during the forecast period. A surge in the adoption of wireless communication technology for distant electrical substations for remote monitoring is attributed to the growth of the market. Growing technological advancements in wireless communication standards such as wireless LAN, ZigBee, and cellular communication, rising adoption of IoT devices, and surging implementation of remote monitoring and control systems in various industries are impelling the growth of the market.
Global Substation Monitoring System Market: Regional Analysis
Region-wise, Asia Pacific held the largest market share in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. The economies such as China, India, and South Korea are major key contributors behind the growth of the market. The growth is attributed to the growing adoption of substation monitoring system in electric substations across the countries like India and China.
The growing introduction of substation automation system at various substations across the region is driving the growth of the market. According to MMR study, it is found that, in 2019, Transmission Corporation of Andhra Pradesh Ltd, India (APTRANSCO) is planning to upgrade the infrastructure by introducing Substation Automation Systems (SAS) at the substations with the help of Power Grid Corporation of India, which is ultimately boosting the growth of the market.
The objective of the report is to present a comprehensive analysis of the Global Substation Monitoring System Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Substation Monitoring System Market dynamics, structure by analyzing the market segments and projects the Global Substation Monitoring System Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Substation Monitoring System Market make the report investor’s guide.
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Global Substation Monitoring System Market, By Component
o Distribution Network Feeders
o Smart Sensors
o Intelligent Electronic Devices (IEDs)
o Asset Management
o Production Management
o Performance Management
Global Substation Monitoring System Market, By Communication Technology
o Fiber Optic
o Others (Fieldbus, HART, Modbus)
o Wireless LAN
Global Substation Monitoring System Market, By Sector
Global Substation Monitoring System Market, By Industry
• Oil & Gas
Global Substation Monitoring System Market, By Region
• North America
• Asia Pacific
• South America
• Middle East & Africa
Global Substation Monitoring System Market, Key Players
• Schneider Electric
• LARSEN & TOUBRO LIMITED
• Emerson Electric
• General Electric
• Schweitzer Engineering Laboratories
• Sentient Energy
• IGrid T&D
• Crompton Greaves
• Cadillac Automation and Controls
South America & MEA
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