Substation Monitoring Market Research Report – Global Forecast till 2023
The global substation monitoring market is anticipated to garner a CAGR of 8.50% during the forecast period (2018-2023), Market Research Future (MRFR) unveils in a detailed report. Substation monitoring is considered a primary tool for utilities as it offers real-time based data with the help of integration of hardware and software component. It obtains data from substation assets like conductors, transformers, and circuit breaker.
The global substation monitoring market has witnessed a tectonic surge over the past few years, mainly due to the increased demand for reduction in transmission & distribution (T&D) losses and growing investments from governments. The enhanced IoT-based communication network, aging infrastructure, along with the development of IEC 61850 standards to enable interoperability among IEDs are further propelling the market growth. Substation monitoring offers several advantages while controlling, monitoring, and managing a substation. The benefits include low maintenance requirements, high efficiency and accuracy, and remote monitoring to prevent power loss and time. The entire system can also be shut down for reinstallations and quick repairs, which further augments the growth of the substation monitoring market.
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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.
Industry Segmentation
The global substation monitoring market is segmented on the basis of communication technology, component, industry, and sector.
By component, the substation monitoring market is segmented into hardware and software.
By communication technology, the substation monitoring market is segmented into wired communication technology and wireless communication technology.
By sector, the substation monitoring market is segmented into transmission and distribution. Among these, the distribution sector is likely to gain prominence due to the ever-increasing demand for electricity. This further propels the need to upgrade the aging infrastructure.
By industry, the market is segmented into steel, utility, oil & gas, mining, and transportation. Among these, the utility segment is likely to lead the market due to the rising implementation of substation monitoring systems to reduce T&D losses and aging infrastructure of electric substations.
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Regional Analysis
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.
Industry Updates
June 2019: With prices of land increasing at a rapid pace, Mescom has decided to install four compact substations of Gas Insulated Switchgear. The substations can be installed in a cellar with commercial complexes above the substations.
Competitive Dashboard
The top players operating in the global substation monitoring market include ABB Ltd., Siemens AG, General Electric, Schneider Electric, Emerson Electric, Cisco, Eaton, Honeywell, Crompton Greaves, Emerson Electric, Novatech, Schweitzer Engineering Laboratories, Sentient Energy, Igrid T&D, Tekvel, Cadillac Automation and Controls, and I-TOR.
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