A substation monitoring system consists of devices that are used to monitor power utilities and industrial substations. They help in monitoring voltage, current, frequency and other measurements for smooth distribution of electricity across vast areas. They also help detect equipment issues and reduce downtime by alerting authorities about problems.
The global Substation Monitoring System Market is estimated to be valued at US$ 5.21 Bn or 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:
The rising installation of smart grids across developed economies is boosting adoption of advanced substation monitoring systems. Smart grids integrate two-way communication and computational intelligence in electric distribution and enable real-time monitoring of equipment. Furthermore, growing investments towards upgrading aging power infrastructure is also fueling demand as monitoring systems enhance reliability and security of transmission network. Additionally, introduction of Internet of Things(IoT) enabled monitoring solutions for remote asset monitoring and predictive maintenance over cloud is expected to offer lucrative growth opportunities over the forecast period.
SWOT Analysis
Strength: Substation monitoring systems offer improved reliability and reduce operational costs through remote monitoring capabilities. They provide real-time data visibility for utilities to minimize downtime.
Weakness: High initial investment costs associated with deployment and integration of substation monitoring systems. Data security and privacy concerns due to the online and connected nature of these systems.
Opportunity: Growing investments by utilities in grid automation and adoption of smart grid technologies are driving demand. Additionally, the need for condition-based monitoring to improve grid resilience is creating opportunities.
Threats: Strict government regulations around cybersecurity for critical infrastructure could increase compliance requirements. Limited availability of skilled workforce with expertise in new and advanced monitoring technologies.
Key Takeaways
The global substation monitoring system market is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period, due to increasing investments in grid modernization projects worldwide. Utilities are adopting advanced monitoring solutions to modernize aging assets and enhance operational efficiencies.
North America is expected to dominate the substation monitoring system market, owing to sizeable investments to upgrade grids for enabling higher renewable energy integration. Significant spending on grid infrastructure by utilities in the US and Canada is driving regional market growth. The Asia Pacific region is anticipated to exhibit the fastest growth rate during the forecast period due to growing power demand and renewable capacity additions across countries such as China and India.
Key players operating in the substation monitoring system market include 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). Leading companies are focusing on product innovation and partnerships to strengthen their position in the evolving market. For instance, ABB launched Transformer Manager for cloud-based monitoring of transformer fleets in 2020.
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