The Substation Monitoring System Market is expected to grow at a significant rate between 2017 and 2023.
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The Substation Monitoring System Market is growing and the experts have predicted the future stats of Substation Monitoring System.
Substation Monitoring System Market report contains the top corporate profiles and strategies with industry analysis and trends.
The complete report of Substation Monitoring System Market by Component (Hardware & Software), Communication Technology (Wired & Wireless), Sector (Transmission & Distribution), Industry (Utility, Oil & Gas, Mining, Steel, and Transportation) and Geography - Global Forecast to 2023 is now available on www.rnrmarketresearch.com/substati…rket-report.html
The substation monitoring system market is expected to grow at a CAGR of 7.8% between 2017 and 2023 and would be worth USD 3.32 billion by 2017.
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The key factors driving the growth of the substation monitoring system market are the development strategies implemented by the players operating in the substation monitoring system, such as contracts and agreements, product launches and developments, partnerships, and expansions, as well as the growing demand for reduction in transmission and distribution losses, aging infrastructure, need for increasing the government support, development in the IEC 61850 standard to enable interoperability between IEDs, and improving IoT-based communication network. However, the major restraining factors for the growth of this market are high capital expenditure for installations of wireless sensor networks and increasing cost of installations of IEDs in substation.
The hardware component is expected to hold a larger share of the overall substation monitoring system market owing to its uses in the utility, steel, oil & gas, mining, and transportation industries for building the monitoring platform. Moreover, the hardware components are the devices, which help to control, measure, transmit, and analyze the data in the process and non-process industries.
The hardware devices such as distribution network feeders, smart sensors, micro controllers, cameras, and intelligent electronic devices (IEDs) are inbuilt in the electrical substations for online monitoring purposes. Owing to this, real-time information is collected with the help of these devices, which helps in increasing the chances of getting uninterrupted power supply in the industries.
As a result, the hardware component is expected to hold a larger share of the substation monitoring system market during the forecast period.
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Break of primary participants in Substation Monitoring System Market was as mentioned below:
By Company Size: Tier 1 = 20 %, Tier 2 = 55%, and Tier 3 = 25%
By Designation Level: C-Level Executives = 50%, Directors= 25%, and Others= 25%
By Region: Americas = 60%, Europe = 25%, APAC = 10%, and RoW = 5%
Major players of Substation Monitoring System Market Report are:
The key players operating in the substation monitoring system market are ABB (Switzerland), Honeywell(US),Siemens (Germany), Schneider Electric (France), Emerson Electric (US), General Electric (US), Eaton (Ireland), Schweitzer Engineering Laboratories (US), Nova Tech (UK), Crompton Greaves (India), iGrid T&D (Spain), Sentient Energy (California), Cadillac Automation and Controls (India), TEKVEL (Russia), and i-TOR (Russia).
FAQ’s regarding the Substation Monitoring System Market Report are:
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Comprehensive information about emerging markets. This report analyzes the market for various Substation Monitoring System products across geographies
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Growing demand for reduction in transmission and distribution losses has created a demand for substation monitoring system in the industries. Utility is the largest industry in the substation monitoring system market.
Utility includes non-renewable and renewable sources of energy to fulfill the demand for electricity. The non-renewables sources include coal, crude oil, natural gas, and nuclear, which is used for power generation.
Renewable sources include solar, wind, water, and others for electricity generation. The increasing number of program launches related to demonstrating and subsidizing solar farm projects in Asian countries, such as India, China, Japan, Australia, South Korea, and Africa, is driving the growth of the substation monitoring system market for the utility industry.
The substation monitoring system market in Asia Pacific (APAC) is expected to grow at the highest CAGR between 2017 and 2023. 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 power management and monitoring services for reducing transmission and distribution losses among various industries such as utility, steel, mining, transportation, and oil & gas.
China, Japan, and South Korea are the major countries driving the growth of the substation monitoring system market in APAC. The governments of these countries are investing heavily in implementing monitoring services of electrical substations.
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