Synchrophasor Market size is set to grow by USD 546.72 million from 2024-2028, increasing number of power outages to boost the market growth, Technavio

NEW YORK, April 29, 2024 /PRNewswire/ -- The global synchrophasor market  size is estimated to grow by USD 546.72 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  11.9%  during the forecast period. 

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Market Driver

Old infrastructure, more people, and higher demand for power are causing more power outages. Reasons include bad weather, equipment problems, maintenance, cutting power to some areas, damage, and cyber-attacks. These outages are a big problem. They inconvenience people, cost power companies money, and can even make it hard for emergency services to work.

Smart grids help find and fix problems faster, but outages still happen. Smart grids can also be attacked by hackers, causing more outages. Businesses in the US lose a lot of money every year because of outages. To fight this, power companies are using new tech like synchrophasors. Synchrophasors measure the power grid very fast and send the data to control centers. They help operators see problems and fix them quickly. So, because of all the outages, there's a growing need for synchrophasors, which means the synchrophasor market is growing.

Market Challenges

• Synchrophasor tech helps utilities know what's happening on the grid right away. It finds and locates problems all over, making the grid stronger. PMUs collect data with time stamps from GPS and send it to PDC devices. These devices get lots of data from a big area. They sift through it, keep the good stuff, and send it to the control center using fancy tech like fiber optics or satellites.
• But, utilities struggle with moving all this data fast because their networks can't handle it. Also, setting up the communication system costs a lot, about 6-7 times more than just the PMU hardware. The cost depends on how complex and useful the PMUs are. So, the high cost of the communication system is a big problem that might slow down the synchrophasor market's growth.

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Segment Overview 

This synchrophasor market report extensively covers market segmentation by

1. Application 
   1. 1.1 Power station
   2. 1.2 Transforming station
   3. 1.3 Others
2. Component 
   1. 2.1 Hardware
   2. 2.2 Software
3. Geography 
   1. 3.1 North America
   2. 3.2 APAC
   3. 3.3 Europe
   4. 3.4 South America
   5. 3.5 Middle East and Africa

1.1 Power station-  The part of the market that deals with power stations will grow a lot in the coming years. Power stations make electricity. They're also called generating plants or stations. They measure things like voltage and frequency using a tool called a synchrophasor. This helps them avoid big problems like blackouts. In 2018, the power station part of the market was worth USD187.88 million.

• Places like factories and businesses need power to run smoothly. So, power stations have to provide power all the time. People want synchrophasors more and more because they can find problems quickly. This helps keep power stations stable. So, synchrophasors will likely be used more in power stations in the future.

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Research Analysis

The Synchrophasor Market is experiencing significant growth due to the increasing importance of the energy sector in addressing climate change and protecting the environment. Synchrophasor technology, which utilizes Phasor Measurement Units (PMUs) and high-precision clocks, plays a crucial role in power system applications such as voltage and frequency regulation, system stability, and energy management. Political factors and social scenarios are driving the winning imperatives for smart grid projects that incorporate synchrophasor technology.

Communication technologies, including transforming stations, enable the real-time exchange of time-stamped data between system operators and industry organizations. Synchrophasors, also known as Synchrophasor Technology, provide high-precision measurements of voltage, frequency, and other electrical parameters, enabling system operators to respond quickly to grid disturbances and maintain the stability of the electric grid. The Synchrophasor Market is expected to continue its expansion as the need for more efficient, reliable, and sustainable energy solutions becomes increasingly urgent.

Market Research Overview

The Synchrophasor market is a significant segment of the power system industry, focusing on the implementation of Synchronized Phasor Measurement Systems (SPMS) for enhancing grid stability and reliability. These systems measure the instantaneous angles and magnitudes of voltage and current phasors at various points in the power grid in real-time. The Synchrophasor technology is crucial for implementing wide-area monitoring, protection, and control (WAMS) systems, which are essential for managing the increasing complexity of power grids.

The market for Synchrophasors is driven by the need for efficient and reliable power transmission and distribution, as well as the integration of renewable energy sources into the power grid. The market is expected to grow at a significant rate due to the increasing demand for smart grids and the integration of renewable energy sources.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application 
  • Power Station
  • Transforming Station
  • Others
• Component 
  • Hardware
  • Software
• Geography 
  • North America
  • APAC
  • Europe
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio