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.
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.
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.
Browse Complete Research Report at: https://www.marketresearchfuture.com/reports/substation-monitoring-market-7341
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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