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.
Industry Segmentation
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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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.
Leading Players
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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