Substation Monitoring Market Overview:
Substation Monitoring Market is projected to be worth USD 8.17 billion, registering a CAGR of 8.75% during the forecast period 2022-2030. The Substation Monitoring Market was valued at USD 4.62 billion in 2021.
Substation monitoring is a key tool for utilities as it provides the real-time based data through the integration of software and hardware component. Substation monitoring involves acquiring significant data from the parameters attached to substation assets such as transformers, conductors, and circuit breaker, among others. The substation monitoring system can be structured in three levels. First level involves Data acquisition from each asset through appropriated sensor. Second level involves Data storage and processing at substation level, and third level involves Integration of the data from different substations into the general maintenance management system of the utility.
Substation monitoring systems are able to provide valuable insights on the functioning of transmission and distribution network in an electrical grid. It can support remote monitoring amid the rapid automation of processes and lower maintenance expenses.
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Report Attribute/Metric
Details
Market Size
2030: USD 8.17 billion
CAGR
8.75% CAGR (2022-2030)
Base Year
2021
Forecast Period
2022-2030
Historical Data
2019 & 2020
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component, Communication Technology, Sector, and Industry
Geographies Covered
North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
Market Scope
The global substation monitoring market is expected to accrue huge revenues at 8.50% CAGR over the forecast period. Improvements in IoT architecture, replacement of legacy infrastructure, and development of interoperability standards are factors driving market demand during the forecast period.
This report provides an in-depth analysis of the global Substation monitoring market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Substation monitoring Market by its component, technology type, sector, industry, and by region.
Market Segmentation
The global substation monitoring market has been segmented by component, communication technology, sector, and industry.
- By component, it is segmented into hardware, distribution network feeders, and software.
- By communication technology, it is divided into wired and wireless. The former is further segmented into Ethernet, fiber optic, and PROFIBUS, while the latter is segmented into cellular technology, ZigBee, and Wi-Fi.
- By sector, it is divided into distribution and transmission.
- Based on industries, the market has been classified into oil & gas, mining, utility, steel, transportation, and others. Utility segment is leading the market owing to the increasing implementation of substation monitoring system for reduction in transmission and distribution losses as well as ageing infrastructure of electric substations.
Regional Analysis:
Asia Pacific accounts for the largest market share in the Substation monitoring market.
Region wise, Asia Pacific held the largest market share of the global substation monitoring market in 2017. The substation monitoring system market in emerging economies, such as China, India, and South Korea, is expected to grow at the highest CAGR because of the rising need for reduction in transmission and distribution losses in these countries.
Regional Segmentation:
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- South Africa
Competitive Outlook
Cisco, Emerson Electric, Cadillac Automation and Controls, Eaton, Sentient Energy, Schneider Electric, Crompton Greaves, Emerson Electric, Igrid T&D, Tekvel, General Electric, Novatech, Siemens AG, Schweitzer Engineering Laboratories, ABB Ltd., Honeywell, I-TOR, and others are prominent names in the global substation monitoring market.
Read More:
https://nitter.weiler.rocks/noronha_shane/status/1607228635089637376
https://nitter.winscloud.net/noronha_shane/status/1607228738269511680
https://notabird.site/noronha_shane/status/1607228813695660032
https://nt.vern.cc/noronha_shane/status/1607228916770705409
https://t.com.sb/noronha_shane/status/1607229042784374786
