A substation monitoring system monitors the electrical parameters of a substation to detect electrical faults, optimize operations and maintenance, and enhance situational awareness. It monitors key parameters such as power quality, voltage levels, current loading, environmental conditions etc. through various sensors and communication technologies.
The global Substation Monitoring System Market is estimated to be valued at US$ 5.21 Bn 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:
One of the key trends in the substation monitoring system market is the increasing adoption of Internet of Things (IoT) technology. IoT enables utilities to efficiently monitor and control substation assets remotely. IoT devices can be installed on transformers, circuit breakers and other substation equipment to collect real-time data on various performance parameters. This data can be analyzed on IoT platforms to detect anomalies, predict failures and reduce maintenance costs. IoT also facilitates integration of substation data with other IT systems to improve grid visibility, planning and operations.
Segment Analysis
The global substation monitoring system market is segmented by component, type, type of maintenance and region. By component, the market is segmented into hardware, software, and services. Currently, the hardware segment dominates the market as hardware components like recloser controllers and monitors power generation plants. The services segment is expected to witness high growth over the forecast period due to demand for maintenance, consulting and installation services.
Key Takeaways
The global substation monitoring system market is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing investment in smart grids and renewable energy.
Regional analysis
Asia Pacific holds the largest share of the global market currently and is expected to maintain its dominance over the forecast period. This is attributed to rapid industrialization and infrastructural development activities in emerging economies like China and India. Europe and North America are also major markets for substation monitoring systems due to rising deployment of advanced technology in aging power infrastructure in these regions.
Key players operating in the substation monitoring system market are ABB (Switzerland), Honeywell (US), Siemens (Germany), Schneider Electric (France), Emerson Electric (US), General Electric (US), Eaton (Ireland), Schweitzer Engineering Laboratories (US), NovaTech (UK), and Crompton Greaves (India). Key players are focusing on partnerships, collaborations and new product launches to enhance their product portfolio and geographical presence. For instance, in 2021, Eaton announced the launch of new capabilities for its Power Xpert 9395 RTU that enhances performance and cybersecurity for substation automation applications.
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