Valued to be $858.2 Million by 2026, Power System State Estimators Slated for Robust Growth Worldwide

SAN FRANCISCO, Feb. 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Power System State Estimators - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 10; Released: February 2022
Executive Pool: 15701
Companies: 30 - Players covered include ABB Group; Alstom SA; CYME International T&D Inc.; DIgSILENT GmbH; Energy Computer Systems (Spard); Epfl (Simsen); ETAP - Operation Technology, Inc.; GDF Suez - Tractebel Engineering S.A.; General Electric Company; KEPCO Inc.; NEPLAN AG; Nexant, Inc.; Open Systems International, Inc.; Power Research & Development Consultants Pvt. Ltd.; PowerWorld Corporation; Siemens AG; Siemens Power Technologies International; SKM Systems Analysis Inc.; Tom (Pasha) (Power Apparatus & System Homological Analysis) and Others.
Coverage: All major geographies and key segments
Segments: Software (Power Control Centers, Utility State Estimator); Solution (Weighted Lease Square (WLS), Least Absolute Value (LAV), Other Solutions); Application (Transmission Network, Distribution Network)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Power System State Estimators Market to Reach US$858.2 Million by the Year 2026
Power system state estimators help monitor, supervise and control the distribution and transmission networks. They make use of certain redundant measurements obtained from the power systems to identify the true state of the system. Although they are currently not deployed on a large-scale, they hold potential to deliver real-time protection and control of power systems in the future. Growth in the global market is led by factors including the emergence and increasing adoption of smart grids, the fast expanding and increasingly complex distribution and transmission networks and regulations supporting the use of energy-efficient systems. Power system state estimation appears poised to garner more attention with continuous shift from passive towards active distribution networks. The transition points towards the requirement of effective solutions to monitor and control electrical distribution systems in real-time and push operating performance of these systems.

Amid the COVID-19 crisis, the global market for Power System State Estimators estimated at US$620.7 Million in the year 2022, is projected to reach a revised size of US$858.2 Million by 2026, growing at a CAGR of 7.6% over the analysis period. Power Control Centers, one of the segments analyzed in the report, is projected to grow at a 6.9% CAGR to reach US$580.1 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Utility State Estimator segment is readjusted to a revised 8.8% CAGR for the next 7-year period. This segment currently accounts for a 35.2% share of the global Power System State Estimators market.

The U.S. Market is Estimated at $135.8 Million in 2022, While China is Forecast to Reach $156.2 Million by 2026
The Power System State Estimators market in the U.S. is estimated at US$135.8 Million in the year 2022. The country currently accounts for a 22.13% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$156.2 Million in the year 2026 trailing a CAGR of 9.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.4% and 6.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7% CAGR while Rest of European market (as defined in the study) will reach US$173.2 Million by the end of the analysis period.

Rising Investments in Smart Grids Bodes Well for Growth
Power system state estimators market is poised to gain from rising investments in smart grid domain. The growing global adoption of smart grids is a major contributor to the growth in demand for power system state estimators. Although smart metering devices deployed on the power grids provide higher resolution and highly accurate data for power system analysis, their deployment is not widespread owing to the high cost of such devices. Therefore, they are installed at critical locations on the power grid, which makes way for state estimators to make up for the missing links and even-out the noisy measurements, to deliver results that reflect the exact state of circuit parameters. Smart grids are increasingly being deployed across North American and European countries, while those in Latin America, Asia-Pacific and Middle East are showing interest in and preparing strategies to deploy smart grips in respective countries. Strong growth forecast for global smart grid market is in turn creating robust demand for common architectural, hardware, software and process components that are essential for or enhance the smart grid operations such as power system state estimators. Mounting pressure on utility operators to step up and modernize their grid operations and improve distribution efficiency to suffice the growing demand from consumers is encouraging utility operators to deploy smart grids in their infrastructure. Energy demand is significantly dependent on macro factors such as population growth, urbanization, commercial and industrial activity, consumer-spending trends, and economic scenario. Against the backdrop of mounting demand for energy and increasing need to manage the available energy resources, utility operators across the globe are turning to different types of smart grid components as a strategic response to enable superior grid operation and improved distribution efficiency.

This is helping open a new high-potential growth window for power system state estimators market. Smart grids necessitate the development of intelligent power T&D, where power system state estimators can play a significant role to enhances the reliability and efficiency of the grid. Smart grid system, which essentially involves upgrading the standard high voltage transmission network with efficient sensors, communication infrastructure, control algorithms and actuators for precise measurement of state of system, facilitate bi-directional communication of the system data. The mechanism enables analysis of incoming data and control signal generation so as to modify system state and actuators to enforce the requisite modifications to the transmission system are integrally dependent on smart transmission in order to efficiently manage the infrastructure. More

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