Substation Monitoring System Market Outlook – 2027
The global substation monitoring system market is experiencing significant growth and is expected to grow considerably in the next few years. The substation monitoring system provides information about the electrical transmission & distribution network. It includes the monitoring of different parameters such as voltage power input & output and frequency in the substation.
This data is collected to transmit through communication technologies to the main station. This data related to the parameters are captured from various devices installed in a substation, including switchgear, conductors & isolators, transformers, and circuit breaker.
Substation monitoring provides different advantages while controlling, monitoring, and managing a substation. These advantages contain remote monitoring to avoid further power loss and time, low maintenance required, high accuracy & efficiency, and the entire system can be shut down for quick repairs and re-installations.
The global substation monitoring system market is segmented on the basis of component, communication technology, end use, industry vertical, and region. Based on component, the substation monitoring system market is bifurcated into hardware, and software. In terms of communication technology, the market is categorized into wired, and wireless. On the basis of end use, the market is divided into transmission, and distribution. In terms of industry vertical, the market is segregated into steel, oil & gas, transportation, and mining. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global substation monitoring system industry include Emerson Electric, Crompton Greaves, Schweitzer Engineering Laboratories, Novatech, Igrid T&D, Sentient Energy, Cadillac Automation and Controls, Tekvel, Siemens AG, ABB Ltd., Schneider Electric, General Electric, Cisco, Emerson Electric, Honeywell Corporation, and Eaton Corporation. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
Top Impacting Factors
The demand for substation monitoring system is mainly driven by the surge in need for reliable power supply as well as the overall power network & grid stability. The increasing demand for power consumption, owing to the development of new urban areas and continuing industrialization has led to the rising investments from transmission & distribution network operators and the power producers to implement systems that decrease outages, reduce the operation costs, and provide effective real-time control.
Substation monitoring system enables the efficient operation of substation, which leads to lower costs, reduce unplanned shutdown or outages, maintenance & equipment failure, and improved profitability. The advancement in communication technology, with regards to the development of the Internet of Things (IoT), further fuels the implementation of substation automation systems. This provides lucrative opportunities for the market.
On the other hand, continuing investments in renewable power generation is anticipated to be the main driver for the substation monitoring system market. The market is projected to benefit from the rising spend on the integration of renewable power sources to existing grids and power networks.
Hardware Component Expected to Drive the Market
The hardware component drives the overall substation monitoring system market growth, owing to its uses in utility, steel, mining, oil & gas, and transportation industries for building the monitoring platform. In addition, hardware components help to control, transmit, measure, and analyze the data in the process and non-process industries.
Hardware devices, such as distribution network feeders, microcontrollers, cameras, smart sensors, and intelligent electronic devices (IEDs), are built in the electrical substations for online monitoring purposes. Attributed to this fact, real-time information is collected with the help of such devices, thereby enabling the surge in the chances of getting uninterrupted power supply in industries.
Utility Industry Expected to Hold the Largest Share of the Market
Growing demand for reduction in transmission & distribution losses has created a demand for a substation monitoring system in industries. In addition, utility is the largest industry in the substation monitoring system market. Utility includes renewable and non-renewable sources of energy to fulfill the demand for electricity. Non-renewable sources include crude oil, coal, natural gas, and nuclear, which are used for power generation.
On the other hand, renewable sources include wind, water, solar, and others for electricity generation. The growing number of program launches related to subsidizing and demonstrating solar farm projects in Asian countries, such as India, Australia, Japan South Korea, China, and Africa, fuels the growth of the substation monitoring system market in the utility industry.
Key Benefits of the Report
- This study presents the analytical depiction of the global substation monitoring system market forecast along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global substation monitoring system market share.
- The current market is quantitatively analyzed to highlight the global substation monitoring system market trends and growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.
COVID-19 Scenario Analysis
- The pandemic is impacting society and the overall economy globally. The effect of this pandemic is increasing day by day as well as affecting the supply chain.
- The COVID-19 crisis is making uncertainty in the stock market, immense slowing of the supply chain, falling business confidence, and increasing panic among the customer segments.
- The overall impact of the pandemic is impacting the production process of several industries, including semiconductor, electronics, and many more.
- Trade barriers are further constraining the demand and supply outlook. As the governments of different areas have already announced total lockdown and temporarily shutdown of industries, the overall production process is adversely affected. Therefore, this has hampered the overall substation monitoring system market globally.
Questions Answered in the Substation Monitoring System Market Research Report
- Which are the leading market players active in the substation monitoring system market?
- What would be the detailed impact of COVID-19 on the substation monitoring system market size?
- How the current substation monitoring system market trends that will influence the industry in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Substation Monitoring System Market Report Highlights
By End Use
Key Market Players
GE Digital, Rockwell Automation, G&W Electric, Eaton, ABB, Schneider Electric, ZPTech Solutions., Siemens, Intelligent Automation, Alstom Grid