Substation Monitoring System Market Size, Share, Trends, Forecast 2022-28
The global substation monitoring system market size was valued at USD 3,143.9 billion in 2021 and is poised to grow at a significant CAGR of 8.9% during the forecast period 2022-28. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “Substation Monitoring System Market: By Component Type (Hardware, Software), By Communication Technology Type (Wired, Wireless), By Sector Type (Transmission, Distribution), By Industry (Utility, Oil & Gas, Mining, Steel, Transportation) and Geography- Global/Region/Country Forecast to 2028.”
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An overview on the Substation Monitoring System Market
The global market report aims at providing a comprehensive overview on the substation monitoring system market, which can be classified according to sector type, component type, communication and technology type. The substation monitoring system market has been classified into different segments such as Software and Hardware based on component type. Amid these segments, the hardware segment is likely to be the rapidly growing and - segment. The substation monitoring system market is categorized into different segments such as wireless and wired on the basis of communication technology type. Amid these sectors, the wireless sector is anticipated to witness the rapidly growing market during the forthcoming years 2022-2028. The substation monitoring system market is classified into Distribution and Transmission segments on the basis of sector type. Amid these segments, the transmission segment witnesses the biggest share in 2021. The market has been categorized into different sectors such as Steel, Transportation, Utility, Mining, Steel, Oil & Gas based on the industry. Amid these sectors, the Oil & Gas sector is anticipated to lead the other sectors in the substation monitoring system market. This segment is also anticipated to record the highest CAGR rate during the forthcoming years.
One of the major factors fuelling the substation monitoring system market is the growing demand for reduced transmission and distribution losses in developing economies like India. A few other factors impelling the substation monitoring system market are constantly improving loT-based communication network, aging infrastructure, development of the IEC61850 standard to allow interoperability between lEDs and need for increasing the government support for optimum electricity use.
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Asia Pacific accounted for major share in the Substation Monitoring System Market
The substation monitoring system market report aims at providing complete outlook around the region with special focus on the leading geographies including Asia Pacific, North America, Latin America, Europe, Middle East and Africa. On the basis of regional analysis, the Asia Pacific is anticipated to record the high market share during the forthcoming years because of the increase in the need of reducing distribution and transmission losses in the leading countries such as South Korea, China and India. The substation monitoring system market is anticipated to grow at the fast CAGR in these countries.
Competitive Analysis - Substation Monitoring System Market
Major players operating in the substation monitoring system market are ABB (Switzerland), Honeywell (US), Siemens (Germany), Schneider Electric (France) and Emerson Electric (US).
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