Factors Driving Growth in the Substation Monitoring Market |...

Factors Driving Growth in the Substation Monitoring Market

Posted 2023-09-13 06:36:16

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 2023 to 2030 (forecast period). The COVID-19 outbreak and its implications on the market are noted in the report in full detail.

Competitive Outlook

· Siemens AG, ABB Ltd.

· Schneider Electric

· General Electric

· Cisco

· Emerson Electric

· Honeywell, Eaton

· Emerson Electric

· Crompton Greaves

· Schweitzer Engineering Laboratories

· Novatech

· Igrid T&D

· Sentient Energy

· Cadillac Automation

· Controls

· Tekvel

Market Scope

The global substation monitoring market is expected to accrue huge revenues at 8.50% CAGR over the forecast period. Improvements in IoT architecture, replacement of legacy infrastructure, and development of interoperability standards are factors driving market demand during the forecast period.

Segmentation

The global Substation Monitoring System Market size 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.