Substation Monitoring
System Market Scope
Market
Research Future (MRFR) expects the global substation monitoring market to attain
a growth rate of 8.50% from 2018 to 2023, which is the forecast period.
Market Boosters and Top
Barriers
Substation
monitoring offers a number of advantages while controlling, managing and monitoring
a substation. Some of these advantages are remote monitoring that helps prevent
further power and time loss, need for low maintenance, high efficiency and accuracy,
and the whole system can be shut down when required during fast repairs and
re-installations.
The
worldwide Substation
Monitoring System Market can expand significantly in the years to come,
on account of the rising need to reduce distribution and transmission losses and
also the rising focus on elevating the reliability of power systems. The power
generation industry is striving to deal with the issues related to distressed and
maturing infrastructure along with enhancing the IoT-based communication
network with the use of cost-efficient solutions, which calls for the use of
substation monitoring systems and boosts the market demand.
Surging
investments from the government to improve IoT-based communication network and to
modernize the power stations also works in favor of the substation monitoring
market. On top of that, the industry is continuously being penetrated by various
monitoring solutions that helps accurately analyze as well as automate the
facility data. The communication network is an important aspect of any power
house, since the monitoring devices & Intelligent Electronic Devices (IEDs)
that are based at the substation need to go through the utility data centers that
are remote. Innovations in technology like SCADA technologies and innovative
communication can help with the growth of the substation monitoring system
market in the coming years.
Substation Monitoring
System Market Segmentation
The
global market for substation monitoring system has been segregated on the basis
of component, communication technology, sector and industry.
Depending
on the component, the substation monitoring market is considered for hardware
and software. The software segment can grow at a faster pace in the following
years, thanks to the surging use of electricity in industries along with the
mounting demand for consistent power in developing countries like India and China.
In addition, the rising need to reduce electricity losses with monitoring also
favors the substation monitoring system market for software.
Communication-wise,
the market includes wired communication and wireless communication.
Sector-based
market segments are distribution and transmission.
The
types of industries that make use of substation monitoring are utility, oil
& gas, transportation, mining and steel, among others. Utility leads the
market, given the growing implementation of substation monitoring system to
bring down transmission and distribution losses and the distressed infrastructure
of electric substations.
Regional Insight
The
report provides the latest trends and highlights the statistical analysis of
the global market for substation monitoring in the primary regions of Asia
Pacific (APAC), North America, Middle East & Africa, South America and
Europe.
The
APAC is the largest market for substation monitoring, as estimated in 2017. Advancing
demand for monitoring services as well as power management solutions are
expected to provide significant push to the market growth in the region. The
substation monitoring market present in India, South Korea, Japan, Australia and
China can expand substantially in the ensuing years, as the government in these
areas make massive investments in development of automated services to monitor devices
in electrical facilities.
North
America is a strong market for substation monitoring, with respect to revenue
generation as the region observes steady innovations in technologies, which
helps enhance substation monitoring systems and boosts their applications
across industries.
Europe
is another crucial market for substation monitoring, with most of the growth
being the result of the rising demand for prevention of transmission and
distribution losses. The increasing number of aging infrastructure, massive investments
from the government along with the growth of the IoT-based communication
network has led the regional market to greater heights in recent years and can
do so even in the years to come.
Leading Market Vendors
Leading
market vendors for substation monitoring include ABB Ltd., Schneider Electric,
I-TOR, Emerson Electric, Honeywell, Eaton, Siemens AG, Crompton Greaves, Cisco,
Novatech, Igrid T&D, Sentient Energy, General Electric, Cadillac Automation
and Controls, Emerson Electric, Tekvel, Schweitzer Engineering Laboratories,
among others
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