Substation Monitoring Market Impact of COVID-19 and the Way Forward...

Substation Monitoring Market Impact of COVID-19 and the Way Forward

Posted 2023-10-13 10:39:53

The global substation monitoring market is expected to grow from USD 6.4 billion in 2023 to USD 12.6 billion by 2032, at a CAGR of 8.80% during the forecast period. The growth of the market is attributed to various factors, including the increasing demand for a stable and reliable supply of power distribution, the modernization of existing electrical infrastructure, and the rising electrification and rapid urbanization of developing countries.

Substation monitoring systems are used to monitor the performance and condition of electrical equipment in substations. These systems help to identify and prevent potential problems, which can lead to improved reliability and efficiency, as well as reduced downtime and costs.

Competitive Outlook

· 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

· Controls

· Tekvel

Market Scope

The global substation monitoring market is expected to accrue huge revenues at 8.50% CAGR over the forecast period. Improvements in IoT architecture, replacement of legacy infrastructure, and development of interoperability standards are factors driving market demand during the forecast period.

Segmentation

The global Substation Monitoring System Market size has been segmented by component, communication technology, sector, and industry.

By component, it is segmented into hardware, distribution network feeders, and software.

By communication technology, it is divided into wired and wireless. The former is further segmented into Ethernet, fiber optic, and PROFIBUS, while the latter is segmented into cellular technology, ZigBee, and Wi-Fi.

By sector, it is divided into distribution and transmission.

Based on industries, the market has been classified into oil & gas, mining, utility, steel, transportation, and 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.