Substation
Monitoring Market Scenario
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.
Market
Potential and Pitfalls
The 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.
On the contrary, high initial expenditure for
installing wireless sensors, coupled with the constant surging prices of
installing IEDs in substations, are considered to restrict the growth of the
market in the foreseeable future. Moreover, harsh environmental conditions like
storms, along with road traffic, are estimated to impede the market growth.
Substation
Monitoring Industry Segmental Analysis
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. Among these, the software component segment
is likely to expand at a faster rate due to the growing use of electricity in
industries.
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.
By industry, the market is segmented into steel,
utility, oil & gas, mining, and transportation.
Regional
Frontiers
Geographically, the global substation monitoring
market spans across Europe, Asia Pacific, North America, South America, and the
Middle East & Africa.
Considering the global scenario, Asia Pacific will
occupy the largest share in the global market in the foreseeable future. The
substation monitoring market, especially in emerging countries like India,
China, and South Korea, is likely to expand at the highest CAGR due to the increased
demand for reduction in transmission and distribution losses. Due to extreme losses
in transmission and distribution, governments in this region are undertaking
initiatives to reduces loses in T&D. This is further anticipated to accelerate
the growth of the regional market.
North America will expand at a significant rate due to
the constant innovations made to improvise the substation monitoring system
offerings and its applications.
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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