Substation Monitoring System Market by Component, Communication Technology, Sector, Industry and Geography - Global Forecast to 2023
NEW YORK, Oct. 25, 2017 /PRNewswire/ -- "Substation monitoring system market expected to grow at a significant rate between 2017 and 2023"
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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. 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.
"Hardware component expected to hold a larger share of the substation monitoring system market during the forecast period"
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, microcontrollers, 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.
"Utility industry expected to hold the largest share of the overall substation monitoring system market in 2017"
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.
"Substation monitoring system market in Asia Pacific expected to grow at the highest rate during the forecast period"
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.
Following is the break-up of the profiles of primary participants for the report:
• By Company: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
• By Designation: C-Level Executives – 50%, Directors – 25%, and Managers – 25%
• By Region: North America – 60%, Europe – 10%, APAC – 20%, and RoW – 10%.
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), NovaTech (UK), Crompton Greaves (India), iGrid T&D (Spain), Sentient Energy (California), Cadillac Automation and Controls (India), TEKVEL (Russia), and i-TOR (Russia).
Research Coverage:
In this research report, the substation monitoring system market is segmented on the basis of component, communication technology, sector, industry, and region. The market has been segmented based on component into hardware and software. Hardware is further divided into distribution network feeders, smart sensors, microcontrollers, cameras, and intelligent electronic devices (IEDs). Software is divided into asset management, production management, and performance management. Based on communication technology, the substation monitoring system market has been classified into wired and wireless. Based on sector, the market has been classified into transmission and distribution. The market has been segmented by industry into utility, steel, mining, transportation, and oil & gas. Utility industry is further divided into renewable and non-renewable.
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast of the substation monitoring system market based on component, communication technology, sector, industry, and region have been provided to present an overall view of this market.
The value chain analysis is provided for in-depth insight into the substation monitoring system market.
The major drivers, restraints, opportunities, and challenges in the substation monitoring system market have been detailed in this report.
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