Substation Monitoring Market Overview:
Substation Monitoring Market is projected to be worth USD 9674.13 Million, registering a CAGR of 8.8% during the forecast period 2022-2030. The Substation Monitoring Market was valued at USD 4.62 billion in 2021.
Substation monitoring is a key tool for utilities as it provides the real-time based data through the integration of software and hardware component. Substation monitoring involves acquiring significant data from the parameters attached to substation assets such as transformers, conductors, and circuit breaker, among others. The substation monitoring system can be structured in three levels. First level involves Data acquisition from each asset through appropriated sensor. Second level involves Data storage and processing at substation level, and third level involves Integration of the data from different substations into the general maintenance management system of the utility.
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.
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Market Segmentation
The global substation monitoring market 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.Regional Analysis:
Asia Pacific accounts for the largest market share in the Substation monitoring market.
Region wise, Asia Pacific held the largest market share of the global substation monitoring market in 2017. 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 reduction in transmission and distribution losses in these countries.
Regional Segmentation:
North America Asia-Pacific EuropeMiddle East & AfricaSouth AfricaAccess Report Details @ https://www.marketresearchfuture.com/reports/substation-monitoring-market-7341
Competitive Outlook
Cisco, Emerson Electric, Cadillac Automation and Controls, Eaton, Sentient Energy, Schneider Electric, Crompton Greaves, Emerson Electric, Igrid T&D, Tekvel, General Electric, Novatech, Siemens AG, Schweitzer Engineering Laboratories, ABB Ltd., Honeywell, I-TOR, and others are prominent names in the global substation monitoring market.
