Global substation monitoring system market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of ~8.50% during the forecast period.
To know about the Research Methodology :- Request Free Sample ReportThe report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Global substation monitoring system market Definition
A substation is a branch of an electrical generation, transmission, and distribution system. The substations system is used to convert high voltage to low and vice versa and is also used to perform various other important functions. The substation monitoring system is used in the electric substations and is used to provide information about the distribution network and electrical transmission.
Global substation monitoring system market Dynamics
A surge in the adoption of the substation monitoring systems and applications by worldwide electric power companies to minimize the risk of a breakdown in power delivery, such as brownouts and blackouts, frequently due to aging infrastructure is the major driving factor behind the growth of the market. Increasing requirements for reduction in distribution and transmission losses, aging infrastructure, increasing initiatives and investments by the governments from various countries, growing adoption of IoT-based communication network, rising adoption of smart grid projects across the world and increasing need for renewable energy projects are expected to improve the growth of the market during the forecast period.However, the high initial cost required for the installations of wireless sensor networks and IEDs in substation and concerns related to cybersecurity in the power industry are major restraining factors that could hamper the growth of the market.
Global Substation Monitoring System Market: Segmentation Analysis
By component, the hardware segment dominated the market in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. The hardware segment is further sub-segmented into smart sensors, microcontrollers, intelligent electronic devices, and many other hardware devices. Among these smart sensors and intelligent electronic devices segments are projected to witness fast growth at a CAGR of XX% during the forecast period. Growing adoption of smart sensors such as humidity, temperature, and smart grid sensors across the electric substations is attributed to the growth of the market. Increasing adoption of the substation automation system has augmented the demand for intelligent electronic devices, which is further expected to improve the growth of the market. The substation automation system is a method of obtaining data or information using data acquisition devices known as intelligent electronic devices. Alternatively, the software segment is projected to witness fast growth at CAGR of XX% during the forecast period. Increasing adoption of software monitoring systems such as SCADA in various power industries is impelling the growth of the market.By communication technology, the wireless segment projected to witness fast growth at CAGR of XX% during the forecast period. A surge in the adoption of wireless communication technology for distant electrical substations for remote monitoring is attributed to the growth of the market. Growing technological advancements in wireless communication standards such as wireless LAN, ZigBee, and cellular communication, rising adoption of IoT devices, and surging implementation of remote monitoring and control systems in various industries are impelling the growth of the market.
