Synchrophasor Market is to grow by USD 546.72 million from 2023 to 2028, Increasing need for reducing grid outages to drive the growth - Technavio

NEW YORK, Oct. 31, 2023 /PRNewswire/ -- The synchrophasor market is expected to grow by USD 546.72 million from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 11.9% during the forecast period. The market is segmented by Application (Power station, Transforming station, and Others), Component (Hardware and Software), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). The increasing need for reducing grid outages is a key factor driving the market. The aging infrastructure, population growth, and increasing demand for energy resources have increased the burden on those infrastructures which lead to blackouts. Previous causes of power outages include adverse weather conditions, equipment failure, maintenance interruption, load shedding, vandalism, and cyber-attacks. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the synchrophasor market: ABB Ltd., ALSTOM SA, Arbiter Systems Inc., ElectraNet Pty Ltd., Electric Power Group LLC, ERLPhase Power Technologies Ltd., Fortive Corp., General Electric Co., Hitachi Ltd., Quanta Technology LLC, Schneider Electric SE, Schweitzer Engineering Laboratories Inc., SHENZHEN GUOWANG NARI TECHNOLOGY CO. LTD., Siemens AG, Toshiba Corp., and Vizimax Inc.
• Synchrophasor Market is fragmented in nature.
• Market to observe 8.33% YOY growth in 2024.

Market Dynamics:

Major Trend

• Changing the power grid structure is a major trend in the market.
• Climate change policies and technological progress have led to the production of electricity from low-carbon or carbon-free renewable energy sources such as Solar, Wind Power, and Hydropower.
• In addition, the existing electricity grid was mainly connected with its customers and had a one-way communications system, but new technologies are making it possible for energy and utility companies to improve all parts of the value chain.

Significant Challenge

• The high cost of communication system installation is a significant challenge restricting market growth.
• A synchrophasor technology provides real-time situational awareness and control of a grid system.
• In addition, the project costs increase by seven times more than the cost of PMU equipment if it is to be installed in conjunction with a communication network.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

• The power station segment will account for a major share of the market's growth during the forecast period. As they are responsible for the production of electricity, these power plants or stations shall also be generators. The synchrophasor is used at power stations to monitor voltage, frequency of current, and the phase curve of electrical signals. In addition, the demand for synchrophasors to catch problems at an early stage has consistently increased due to their extremely high-resolution time-synchronized measurements. Hence, these factors are expected to drive market growth during the forecast period.

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The circuit breaker market size is estimated to grow at a CAGR of 6.11% between 2023 and 2028. The market size is forecast to increase by USD 3,378.61 million. 

The protective relay market size is estimated to grow at a CAGR of 5.07% between 2023 and 2028. The market size is forecast to increase by USD 690.09 million.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Component

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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SOURCE Technavio