Substation monitoring systems are able to provide valuable insights on the functioning of transmission and distribution network in an electrical grid. It can support remote monitoring amid the rapid automation of processes and lower maintenance expenses. The global substation monitoring market report by Market Research Future (MRFR) covers drivers and challenges to be faced by the industry for the period of 2021 to 2028 (forecast period). The COVID-19 outbreak and its implications on the market are noted in the report in full detail.
Market Scope
Substation monitoring system market is projected to be worth USD 8.17 billion by 2028, registering a CAGR of 8.75% during the forecast period (2021 - 2028). Improvements in IoT architecture, replacement of legacy infrastructure, and development of interoperability standards are factors driving market demand during the forecast period.
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Segmentation
The global substation monitoring market has been segmented by component, communication technology, sector, and industry.
By component, it is segmented into hardware, distribution network feeders, and software.
By communication technology, it is divided into wired and wireless. The former is further segmented into Ethernet, fiber optic, and PROFIBUS, while the latter is segmented into cellular technology, ZigBee, and Wi-Fi.
By sector, it is divided into distribution and transmission.
Based on industries, the market has been classified into oil gas, mining, utility, steel, transportation, and others. Utility segment is leading the market owing to the increasing implementation of substation monitoring system for reduction in transmission and distribution losses as well as ageing infrastructure of electric substations.
Regional Analysis
Asia Pacific accounts for the largest market share in the Substation monitoring market
Region wise, Asia Pacific held the largest market share of the global substation monitoring market in 2017. The substation monitoring system market in emerging economies, such as China, India, and South Korea, is expected to grow at the highest CAGR because of the rising need for reduction in transmission and distribution losses in these countries.
Competitive Outlook
Cisco, Emerson Electric, Cadillac Automation and Controls, Eaton, Sentient Energy, Schneider Electric, Crompton Greaves, Emerson Electric, Igrid TD, Tekvel, General Electric, Novatech, Siemens AG, Schweitzer Engineering Laboratories, ABB Ltd., Honeywell, I-TOR, and others are prominent names in the global substation monitoring market.
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