Substation Monitoring Market worth USD 8.17 billion by 2028, registering a CAGR of 8.75% – Report by Market Research Future (MRFR)
New York, Sept. 17, 2021 (GLOBE NEWSWIRE) — Substation Monitoring Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Substation Monitoring Market Research Report, Component, Communication Technology, Sector, Industry and Region – Forecast till 2028” the market is projected to be worth USD 8.17 billion by 2028, registering a CAGR of 8.75% during the forecast period (2021 – 2028)., The market was valued at USD 4.62 billion in 2021.
Competitive Analysis
List of the key companies profiled in the Substation Monitoring Market Research Report are:
- ABB Ltd.
- Siemens AG
- Schneider Electric
- Cisco
- Emerson Electric
- Honeywell
- General Electric
- Eaton
- Crompton Greaves
- Emerson Electric
- Schweitzer Engineering Laboratories
- Igrid T&D
- Novatech
- Sentient Energy
- Tekvel
- Cadillac Automation and Controls
- I-TOR
- others.
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The substation monitoring market is experiencing implementations of several strategies, such as collaboration, expansion, product launches, and mergers & acquisitions. Major industry players make large strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Aug.04, 2021, Hitachi ABB Power Grids Ltd. (India) announced the development of a TXpert remote services portfolio for remote monitoring of transformer fleets, consulting, troubleshooting, and guidance using augmented reality. Hitachi ABB Power Grids supports in analyzing large amounts of data and creating comprehensive reports required for optimal maintenance.
Significant Investments in Upgrading Aging Grid Infrastructures Increase Market Shares
Rapid smart grid deployments to meet growing regulatory targets are expected to increase the market value further. Moreover, the increasing uptake of substation automation across developed regions creates substantial market demand, witnessing immense growth in electrical infrastructure modernization expenditures. Furthermore, the rising emphasis on renewable energy would unlock the market value, contributing to electrification, automation, and digitalization.
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COVID-19 Impact
The COVID-19 outbreak had a positive impact on the substation monitoring industry. During the pandemic, the access to sites was reduced, which fostered the implementation of substation monitoring systems. Industry players tried to offer the most comprehensive transformer service portfolio, combining innovative digital services with traditional offerings and augmented reality in enhancing diagnostic & troubleshooting support.
Resultantly customers became all the more appreciative of having remote access and expertise. The substation monitoring market is expected to witness a steady rise in demand following the uplift of lockdown in many countries.
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Segmentation
The substation monitoring market analysis is segmented into components, communication technologies, sectors, industries, and regions. The component segment is sub-segmented into hardware and software. The sub-segment hardware is bifurcated into transformers, relay devices, recloser controllers, circuit breakers, switches, and others.
The communication technology segment is characterized by wired and wireless technologies. The sub-segment wired is bifurcated into fiber optic, Profibus, and Ethernet. Similarly, the sub-segment wireless is bifurcated into wireless LAN (WLAN), circular ZigBee, and others. The sector segment is sub-segmented into transmission and distribution.
The industry segment is sub-segmented into oil & gas, utility, steel, transportation, mining, and others. Among these, the utility segment accounts for the largest market share owing to the increasing implementation of substation monitoring systems to reduce energy losses during transmission and distribution and aging infrastructure. By region, the analysis is segmented into Asia Pacific, Americas, Europe, and the rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global substation monitoring market. Factors such as the changing electricity consumption pattern in the region that has led to T&D losses and government initiatives to boost energy efficiency in T&D networks drive the substation monitoring market growth. China and India, with increasing population, contribute to substation monitoring market size extensively, increasing the electricity demand.
The region is also witnessing vast investments in the renewable energy sector. Additionally, rising efforts to minimize the T&D losses by mitigating the losses occurring due to complex electricity T&D network boost the substation monitoring market share, triggering the need for a proper system. Furthermore, factors bolstering the substation monitoring market value include the growing infrastructure developments and increasing number of substations being installed at different locations.
Segmentation of Market covered in the research:
Substation Monitoring Market Research Report: Information by Component (Hardware & Software), Communication Technology (Wired & Wireless), Sector (Transmission & Distribution), Industry (Utility, Mining, Steel, Oil & Gas, and Transportation), and Region – Global Forecast till 2028
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The substation monitoring market outlook appears extremely promising. Electric power substations require utility-grade monitoring systems to ensure reliable operation in extreme environments. Factors such as rising substation automation and utility-grade monitoring systems for substation applications drive the market growth. Rising demand for electronic equipment compliant with reliable operation in substation environments offers significant market opportunities.
Additionally, growing implementations of substation monitoring systems to operate in the diverse and challenging conditions of electric utility substations define the growing market landscape. The rising demand for electronic equipment that meets these standards operates more reliably and has a longer life expectancy in a substation drive the growth of the substation monitoring market.Additionally, the continually rising demand for automated grid distribution processes and reliability improvement programs by the governments, the rise in global electricity demand, and grid infrastructures worldwide boost the market size.
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