Substation monitoring systems are used for real-time monitoring of electrical equipment parameters, reducing operating costs and increasing productivity. These systems help monitor critical parameters like voltage, current, and power factor along with equipment performance and environmental conditions. They offer improved situational awareness and data-driven insights for proactive management of substations.
The global Substation Monitoring System Market is estimated to be valued at US$ 5.29 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for real-time monitoring from utilities is driving the growth of the substation monitoring system market. Real-time data collected through these systems helps utilities monitor electrical assets remotely and take preventive actions. It aids in failure prediction through performance analysis and alerts generators and operators in case of deviations from predefined thresholds. This improves grid reliability and responsiveness while reducing downtime and maintenance costs. Advanced analytics capabilities of modern systems further help utilities optimize substation operations through comprehensive insights.
Segment Analysis
Substation Monitoring System Market is segmented based on component, communication technology, voltage monitoring and vertical. Based on component the market is segmented into hardware and software. Amongst these, hardware segment currently dominates the market. This is majorly due to higher revenue generation from hardware devices such as sensors, smart meters and voltage monitoring devices used in substation monitoring systems.
Key Takeaways
The global Substation Monitoring System Market is expected to witness high growth during the forecast period 2023 to 2030. The global Substation Monitoring System Market is estimated to be valued at US$ 5.29 billion in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030.
North America region currently dominates the global market followed by Europe. This is attributed to large investments towards grid modernization activities in countries like United States and Canada.
Key players operating in the Substation Monitoring System Market are ABB, Honeywell International, Siemens, Eaton, Schneider Electric, Emerson Electric and General Electric.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it