Substation Monitoring Market Scenario
The global Substation Monitoring Market is estimated to expand at 8.50% CAGR during the forecast period. Substation monitoring system that provides the information about the electrical transmission and distribution network. The substation monitoring involves the monitoring of different parameters such as voltage, frequency, power input and output of a substation. This data is collected to transmitted through communication technologies to the main station. These data related to these parameters are captured from various devices installed in a substation including transformers, switchgears, conductors & isolators, and circuit breakers, among others. Substation monitoring provides numerous advantages while monitoring, controlling, and managing a substation. These advantages include remote monitoring to avoid further power loss and time, low maintenance required, high accuracy and efficiency, and entire system can be shut down for quick repairs and re-installations.
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The global substation monitoring market is set to witness high growth owing to increasing population. The changing electricity consumption pattern in the region has led to T&D losses. So, to minimize the T&D losses has triggered the need for a proper system to mitigate the losses occurring due to complex electricity T&D network. However, the government of various Asian economies are actively participating in the energy efficiency in the T&D network. A detailed analysis report of COVID-19 impact on Substation Monitoring Market Share is provided with the report.
The Substation Monitoring Market has been segmented based on industries into oil & gas, utility, steel, transportation, and mining, among 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.
Based on component, the Substation monitoring market is segmented into hardware and software. The software segment is estimated to grow at a faster pace during the forecast period. The increasing use of electricity in the industries and demand for uninterrupted power in developing economies including China and India are driving the growth of the substation monitoring system market for software. Moreover, a growing need for reducing electricity losses through monitoring is driving the growth of the substation monitoring system market for software.
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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.
The key players of the global Substation Monitoring Market are Siemens AG, ABB Ltd., Schneider Electric, General Electric, Cisco, Emerson Electric, Honeywell, Eaton, Emerson Electric, Crompton Greaves, Schweitzer Engineering Laboratories, Novatech, Igrid T&D, Sentient Energy, Cadillac Automation and Controls, Tekvel, and I-TOR, among others.
Scope of the Report
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global Substation Monitoring Market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.
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