Substation Monitoring System Market Forecasts to 2028 - Global Analysis By Component (Software, Hardware and Other Components), Communication (Wireless, Wired and Other Communications), Sector, Industry and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $5147.60 MN |
|
Projected Year Value (2028) |
US $8776.59 MN |
|
CAGR (2022 - 2028) |
9.3% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Substation Monitoring System Market is accounted for $5147.60 million in 2022 and is expected to reach $8776.59 million by 2028 growing at a CAGR of 9.3% during the forecast period. A substation monitoring system is a complicated power distribution network that allows remote and local control, monitoring, automation, protection and communication of all substation equipment. Substations are essential for supplying power to consumers and act as the connection points between transmission networks and electric generators. It supervises and controls various protection and automation functions using intelligent electronic devices (IEDs) data. Demand for electricity is multiplying due to increasing population and power consumption. The substation monitoring system ensures the safety of both man and machine. It helps in the reduction of distribution and transmission losses and enhances the reliability of power systems.
According to the reports of Ministry of New and Renewable Energy, India with a population of 1.3 billion, from a power deficit nation for over seven decades, became the world's third largest producer of renewable energy, with 40% of its installed electricity capacity coming from non-fossil fuel sources and a power surplus nation with a total installed electricity capacity of over Four lakh MW.
Market Dynamics:
Driver:
High demand of substation monitoring system
The substation monitoring systems can generate custom substation monitoring operations based on the required modifications for some industries such as oil and gas and mining. While performing substation monitoring actions, the system generates data by measuring, recording and calculating. The surge in demand for reliable power supply, overall power network and grid stability are driving the demand of the market.
Restraint:
High installation costs
The electronic devices in substation such as transformers, relay devices, switches, controllers, circuit breakers consists high setting up costs. Additionally, wireless sensor network in application grid contains multifunctional sensor nodes which are quite expensive. The increasing installation costs of IEDs in substations are the major factors hindering growth of the market.
Opportunity:
Advancements and investments
Advancements are made in the IEC 61850 standards to enable interoperability. The transmission and distribution network operators & power producers have increased their investments in systems that reduce outages, operating costs and provide effective real-time control due to the high demand for power. And also, the increase in investments from the government is propelling the market growth.
Threat:
Harsh environmental conditions
Harsh environmental conditions such as storm water drainage, noise, lighting and road traffic causes the improper functioning of substation monitoring systems. Factors such as substation landscaping, view sheds, noise and lighting are considered to be long-lasting and permanent effects. The noise created by substations can be quite loud to adjacent property owners, as a constant buzzing and humming of noise can be audible several feet from the substation fence which are hindering the growth of the market.
Covid-19 Impact
The substation monitoring system market was immensely impacted by the outbreak of COVID-19 as it largely affected the supply chain. The pandemic crisis has created uncertainty in the stock market, slowed the supply chain significantly, lowered business confidence and heightened panic among customer segments. Several renewable energy projects were delayed because of the reduction in power demand from various end-user industries.
The wireless segment is expected to be the largest during the forecast period
The wireless segment is estimated to have a lucrative growth, due to its easy maintenance and online monitoring purposes. The wireless solutions are majorly implemented in remote areas. Wireless data communications offers various advantages such as easy user access, low-cost installation and rapid deployment which drive the growth of the market.
The hardware segment is expected to have the highest CAGR during the forecast period
The hardware segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its growing implementation in mining, steel, oil & gas and transportation industries. Hardware components are being built in the electrical substations and they help in the collection of real-time data, thereby providing an uninterrupted power supply in several industries and witnessing a considerable growth.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing demand for monitoring services and power management solutions. This region is having the major key players and economies. They key players are undertaking initiatives to introduce measures to reduce the T&D losses. The rising need for reduction in transmission and distribution losses in this region is fuelling the market growth.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the huge investments. The government organizations in this region are heavily investing in implementing automated services for examination of devices in electrical facilities. Government is focusing on reducing losses and spending huge amount for improving the power infrastructure across the country.
Key players in the market
Some of the key players profiled in the Substation Monitoring System Market include Siemens, Schneider Electric, Cisco, ABB, General Electric, Emersom Electric, Honeywell, Crompton Greaves, Eaton, Novatech, Schweitzer Engineering Laboratories, Sentient Energy, Advanced Energy, FLIR Systems, Allis Electric Co, MoviTHERM, CAS, CAHORS, Nortech Management Ltd, Pyrumas Software Pvt Ltd
Key Developments:
In October 2022, Emerson launched AVENTICS Series Servo Profile Advanced (SPRA) Electric Actuators. The new, versatile line contains precise and highly repeatable rod-style cylinders. Emerson’s actuator line offers three screw technologies, including a precision ball screw, a cost-effective lead screw and a roller screw providing durability, accuracy, precision, speed and heavy loads.
In May 2022, ABB launched ABB Ability™ NGX, a new standardized hoist control system for use by mining companies worldwide. It can adapt to any hoist and replace older and third-party systems, offering more flexibility than ever to achieve maximum performance and safety of hoist operations.
Components Covered:
• Software
• Hardware
• Other Components
Communications Covered:
• Wireless
• Wired
• Other Communications
Sectors Covered:
• Distribution
• Transmission
• Other Sectors
Industries Covered:
• Steel
• Utility
• Transportation
• Mining
• Oil & Gas
• Other Industries
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Substation Monitoring System Market, By Component
5.1 Introduction
5.2 Software
5.3 Hardware
5.4 Other Components
6 Global Substation Monitoring System Market, By Communication
6.1 Introduction
6.2 Wireless
6.3 Wired
6.4 Other Communications
7 Global Substation Monitoring System Market, By Sector
7.1 Introduction
7.2 Distribution
7.3 Transmission
7.4 Other Sectors
8 Global Substation Monitoring System Market, By Industry
8.1 Introduction
8.2 Steel
8.3 Utility
8.4 Transportation
8.5 Mining
8.6 Oil & Gas
8.7 Other Industries
9 Global Substation Monitoring System Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Siemens
11.2 Schneider Electric
11.3 Cisco
11.4 ABB
11.5 General Electric
11.6 Emersom Electric
11.7 Honeywell
11.8 Crompton Greaves
11.9 Eaton
11.10 Novatech
11.11 Schweitzer Engineering Laboratories
11.12 Sentient Energy
11.13 Advanced Energy
11.14 FLIR Systems
11.15 Allis Electric Co
11.16 MoviTHERM
11.17 CAS
11.18 CAHORS
11.19 Nortech Management Ltd
11.20 Pyrumas Software Pvt Ltd
List of Tables
1 Global Substation Monitoring System Market Outlook, By Region (2020-2028) ($MN)
2 Global Substation Monitoring System Market Outlook, By Component (2020-2028) ($MN)
3 Global Substation Monitoring System Market Outlook, By Software (2020-2028) ($MN)
4 Global Substation Monitoring System Market Outlook, By Hardware (2020-2028) ($MN)
5 Global Substation Monitoring System Market Outlook, By Other Components (2020-2028) ($MN)
6 Global Substation Monitoring System Market Outlook, By Communication (2020-2028) ($MN)
7 Global Substation Monitoring System Market Outlook, By Wireless (2020-2028) ($MN)
8 Global Substation Monitoring System Market Outlook, By Wired (2020-2028) ($MN)
9 Global Substation Monitoring System Market Outlook, By Other Communications (2020-2028) ($MN)
10 Global Substation Monitoring System Market Outlook, By Sector (2020-2028) ($MN)
11 Global Substation Monitoring System Market Outlook, By Distribution (2020-2028) ($MN)
12 Global Substation Monitoring System Market Outlook, By Transmission (2020-2028) ($MN)
13 Global Substation Monitoring System Market Outlook, By Other Sectors (2020-2028) ($MN)
14 Global Substation Monitoring System Market Outlook, By Industry (2020-2028) ($MN)
15 Global Substation Monitoring System Market Outlook, By Steel (2020-2028) ($MN)
16 Global Substation Monitoring System Market Outlook, By Utility (2020-2028) ($MN)
17 Global Substation Monitoring System Market Outlook, By Transportation (2020-2028) ($MN)
18 Global Substation Monitoring System Market Outlook, By Mining (2020-2028) ($MN)
19 Global Substation Monitoring System Market Outlook, By Oil & Gas (2020-2028) ($MN)
20 Global Substation Monitoring System Market Outlook, By Other Industries (2020-2028) ($MN)
21 North America Substation Monitoring System Market Outlook, By Country (2020-2028) ($MN)
22 North America Substation Monitoring System Market Outlook, By Component (2020-2028) ($MN)
23 North America Substation Monitoring System Market Outlook, By Software (2020-2028) ($MN)
24 North America Substation Monitoring System Market Outlook, By Hardware (2020-2028) ($MN)
25 North America Substation Monitoring System Market Outlook, By Other Components (2020-2028) ($MN)
26 North America Substation Monitoring System Market Outlook, By Communication (2020-2028) ($MN)
27 North America Substation Monitoring System Market Outlook, By Wireless (2020-2028) ($MN)
28 North America Substation Monitoring System Market Outlook, By Wired (2020-2028) ($MN)
29 North America Substation Monitoring System Market Outlook, By Other Communications (2020-2028) ($MN)
30 North America Substation Monitoring System Market Outlook, By Sector (2020-2028) ($MN)
31 North America Substation Monitoring System Market Outlook, By Distribution (2020-2028) ($MN)
32 North America Substation Monitoring System Market Outlook, By Transmission (2020-2028) ($MN)
33 North America Substation Monitoring System Market Outlook, By Other Sectors (2020-2028) ($MN)
34 North America Substation Monitoring System Market Outlook, By Industry (2020-2028) ($MN)
35 North America Substation Monitoring System Market Outlook, By Steel (2020-2028) ($MN)
36 North America Substation Monitoring System Market Outlook, By Utility (2020-2028) ($MN)
37 North America Substation Monitoring System Market Outlook, By Transportation (2020-2028) ($MN)
38 North America Substation Monitoring System Market Outlook, By Mining (2020-2028) ($MN)
39 North America Substation Monitoring System Market Outlook, By Oil & Gas (2020-2028) ($MN)
40 North America Substation Monitoring System Market Outlook, By Other Industries (2020-2028) ($MN)
41 Europe Substation Monitoring System Market Outlook, By Country (2020-2028) ($MN)
42 Europe Substation Monitoring System Market Outlook, By Component (2020-2028) ($MN)
43 Europe Substation Monitoring System Market Outlook, By Software (2020-2028) ($MN)
44 Europe Substation Monitoring System Market Outlook, By Hardware (2020-2028) ($MN)
45 Europe Substation Monitoring System Market Outlook, By Other Components (2020-2028) ($MN)
46 Europe Substation Monitoring System Market Outlook, By Communication (2020-2028) ($MN)
47 Europe Substation Monitoring System Market Outlook, By Wireless (2020-2028) ($MN)
48 Europe Substation Monitoring System Market Outlook, By Wired (2020-2028) ($MN)
49 Europe Substation Monitoring System Market Outlook, By Other Communications (2020-2028) ($MN)
50 Europe Substation Monitoring System Market Outlook, By Sector (2020-2028) ($MN)
51 Europe Substation Monitoring System Market Outlook, By Distribution (2020-2028) ($MN)
52 Europe Substation Monitoring System Market Outlook, By Transmission (2020-2028) ($MN)
53 Europe Substation Monitoring System Market Outlook, By Other Sectors (2020-2028) ($MN)
54 Europe Substation Monitoring System Market Outlook, By Industry (2020-2028) ($MN)
55 Europe Substation Monitoring System Market Outlook, By Steel (2020-2028) ($MN)
56 Europe Substation Monitoring System Market Outlook, By Utility (2020-2028) ($MN)
57 Europe Substation Monitoring System Market Outlook, By Transportation (2020-2028) ($MN)
58 Europe Substation Monitoring System Market Outlook, By Mining (2020-2028) ($MN)
59 Europe Substation Monitoring System Market Outlook, By Oil & Gas (2020-2028) ($MN)
60 Europe Substation Monitoring System Market Outlook, By Other Industries (2020-2028) ($MN)
61 Asia Pacific Substation Monitoring System Market Outlook, By Country (2020-2028) ($MN)
62 Asia Pacific Substation Monitoring System Market Outlook, By Component (2020-2028) ($MN)
63 Asia Pacific Substation Monitoring System Market Outlook, By Software (2020-2028) ($MN)
64 Asia Pacific Substation Monitoring System Market Outlook, By Hardware (2020-2028) ($MN)
65 Asia Pacific Substation Monitoring System Market Outlook, By Other Components (2020-2028) ($MN)
66 Asia Pacific Substation Monitoring System Market Outlook, By Communication (2020-2028) ($MN)
67 Asia Pacific Substation Monitoring System Market Outlook, By Wireless (2020-2028) ($MN)
68 Asia Pacific Substation Monitoring System Market Outlook, By Wired (2020-2028) ($MN)
69 Asia Pacific Substation Monitoring System Market Outlook, By Other Communications (2020-2028) ($MN)
70 Asia Pacific Substation Monitoring System Market Outlook, By Sector (2020-2028) ($MN)
71 Asia Pacific Substation Monitoring System Market Outlook, By Distribution (2020-2028) ($MN)
72 Asia Pacific Substation Monitoring System Market Outlook, By Transmission (2020-2028) ($MN)
73 Asia Pacific Substation Monitoring System Market Outlook, By Other Sectors (2020-2028) ($MN)
74 Asia Pacific Substation Monitoring System Market Outlook, By Industry (2020-2028) ($MN)
75 Asia Pacific Substation Monitoring System Market Outlook, By Steel (2020-2028) ($MN)
76 Asia Pacific Substation Monitoring System Market Outlook, By Utility (2020-2028) ($MN)
77 Asia Pacific Substation Monitoring System Market Outlook, By Transportation (2020-2028) ($MN)
78 Asia Pacific Substation Monitoring System Market Outlook, By Mining (2020-2028) ($MN)
79 Asia Pacific Substation Monitoring System Market Outlook, By Oil & Gas (2020-2028) ($MN)
80 Asia Pacific Substation Monitoring System Market Outlook, By Other Industries (2020-2028) ($MN)
81 South America Substation Monitoring System Market Outlook, By Country (2020-2028) ($MN)
82 South America Substation Monitoring System Market Outlook, By Component (2020-2028) ($MN)
83 South America Substation Monitoring System Market Outlook, By Software (2020-2028) ($MN)
84 South America Substation Monitoring System Market Outlook, By Hardware (2020-2028) ($MN)
85 South America Substation Monitoring System Market Outlook, By Other Components (2020-2028) ($MN)
86 South America Substation Monitoring System Market Outlook, By Communication (2020-2028) ($MN)
87 South America Substation Monitoring System Market Outlook, By Wireless (2020-2028) ($MN)
88 South America Substation Monitoring System Market Outlook, By Wired (2020-2028) ($MN)
89 South America Substation Monitoring System Market Outlook, By Other Communications (2020-2028) ($MN)
90 South America Substation Monitoring System Market Outlook, By Sector (2020-2028) ($MN)
91 South America Substation Monitoring System Market Outlook, By Distribution (2020-2028) ($MN)
92 South America Substation Monitoring System Market Outlook, By Transmission (2020-2028) ($MN)
93 South America Substation Monitoring System Market Outlook, By Other Sectors (2020-2028) ($MN)
94 South America Substation Monitoring System Market Outlook, By Industry (2020-2028) ($MN)
95 South America Substation Monitoring System Market Outlook, By Steel (2020-2028) ($MN)
96 South America Substation Monitoring System Market Outlook, By Utility (2020-2028) ($MN)
97 South America Substation Monitoring System Market Outlook, By Transportation (2020-2028) ($MN)
98 South America Substation Monitoring System Market Outlook, By Mining (2020-2028) ($MN)
99 South America Substation Monitoring System Market Outlook, By Oil & Gas (2020-2028) ($MN)
100 South America Substation Monitoring System Market Outlook, By Other Industries (2020-2028) ($MN)
101 Middle East & Africa Substation Monitoring System Market Outlook, By Country (2020-2028) ($MN)
102 Middle East & Africa Substation Monitoring System Market Outlook, By Component (2020-2028) ($MN)
103 Middle East & Africa Substation Monitoring System Market Outlook, By Software (2020-2028) ($MN)
104 Middle East & Africa Substation Monitoring System Market Outlook, By Hardware (2020-2028) ($MN)
105 Middle East & Africa Substation Monitoring System Market Outlook, By Other Components (2020-2028) ($MN)
106 Middle East & Africa Substation Monitoring System Market Outlook, By Communication (2020-2028) ($MN)
107 Middle East & Africa Substation Monitoring System Market Outlook, By Wireless (2020-2028) ($MN)
108 Middle East & Africa Substation Monitoring System Market Outlook, By Wired (2020-2028) ($MN)
109 Middle East & Africa Substation Monitoring System Market Outlook, By Other Communications (2020-2028) ($MN)
110 Middle East & Africa Substation Monitoring System Market Outlook, By Sector (2020-2028) ($MN)
111 Middle East & Africa Substation Monitoring System Market Outlook, By Distribution (2020-2028) ($MN)
112 Middle East & Africa Substation Monitoring System Market Outlook, By Transmission (2020-2028) ($MN)
113 Middle East & Africa Substation Monitoring System Market Outlook, By Other Sectors (2020-2028) ($MN)
114 Middle East & Africa Substation Monitoring System Market Outlook, By Industry (2020-2028) ($MN)
115 Middle East & Africa Substation Monitoring System Market Outlook, By Steel (2020-2028) ($MN)
116 Middle East & Africa Substation Monitoring System Market Outlook, By Utility (2020-2028) ($MN)
117 Middle East & Africa Substation Monitoring System Market Outlook, By Transportation (2020-2028) ($MN)
118 Middle East & Africa Substation Monitoring System Market Outlook, By Mining (2020-2028) ($MN)
119 Middle East & Africa Substation Monitoring System Market Outlook, By Oil & Gas (2020-2028) ($MN)
120 Middle East & Africa Substation Monitoring System Market Outlook, By Other Industries (2020-2028) ($MN)
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