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Substation Monitoring Market Share 2020 Gross Margin Analysis, Competitors Strategies, Revenue, Gross Margin Research Report and Trends by Forecast 2023

The global substation monitoring market is segmented on the basis of communication technology, component, industry, and sector.

ID: 1556034
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(businesspress24) - 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 global Substation Monitoring Market Share 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.

Global Substation Monitoring Market: 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. The surging demand for uninterrupted power, especially in developing countries like India and China, is encouraging the growth of substation monitoring software. With the increased need to reduce electricity losses through monitoring, the growth of the substation monitoring system for software is likely to accelerate.

By communication technology, the substation monitoring market is segmented into wired communication technology and wireless communication technology. Among these, wireless communication technology is likely to expand at a significant rate as wired communication technology is more prone to corruption.

By sector, the substation monitoring market is segmented into transmission and distribution. Among these, the distribution sector is likely to gain prominence due to the ever-increasing demand for electricity. This further propels the need to upgrade the aging infrastructure.

By industry, the market is segmented into steel, utility, oil & gas, mining, and transportation. Among these, the utility segment is likely to lead the market due to the rising implementation of substation monitoring systems to reduce T&D losses and aging infrastructure of electric substations.

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.

Industry Updates

June 2019: With prices of land increasing at a rapid pace, Mescom has decided to install four compact substations of Gas Insulated Switchgear. The substations can be installed in a cellar with commercial complexes above the substations.

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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Date: 02/17/2020 - 08:47
Language: English
News-ID 1556034
Character count: 4462
Firma: Market Research Future
Ansprechpartner: Avni Feedback to about Pressrelease-id:
Stadt: Pune

Meldungsart: Financial
Versandart: send
Freigabedatum: 17/2/2020

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