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.
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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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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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