The global substation monitoring system market is valued at US$XX.XX million in 2017 and is projected to reach US$XX.XX million in 2023 exhibiting a CAGR of XX.XX% during the forecast span. Substation monitoring market is driven by increasing number of substations owing to the increasing capacity addition in renewable power generation. This market is also driven the increasing aggregate technical and commercial losses (AT&C). By introduction of substation monitoring system AT&C losses has been successfully reduced in transmission and distribution networks across the geographical regions. Moreover, increasing government initiatives and appropriate funding for advancement and strengthening of transmission and distribution networks are pushing the overall market growth for substation monitoring system. Furthermore, increasing penetration of Internet of Things (IoT) into the power sector will augment the growth for substation monitoring system market across all geographical regions during the forecast period.
However, market for substation monitoring system will be restrained in developing countries owing to high initial cost in the installation of substation monitoring systems which may be PLC, SCADA, or FGPA operated, having bulky models. Moreover, lack of skilled workforce for successful operation of substation monitoring systems will impede its market growth during the forecast period. Furthermore, increasing cyber attacks and other illegal cyber practices will hamper the growth for this market. Despite these market growth restraints, various opportunities lie with this market. Modernization of transmission and distribution networks includes implementation of substation monitoring systems which will provide ample for opportunities to the public as well as private service providers and equipment manufacturers.
On the basis of component, the global substation monitoring system market can be bifurcated as hardware and software. Hardware components include various sensors, intelligent electronic devices, transmission and distribution feeders, and microcontrollers among others. On the other hand, software components include production, asset, and performance management. On the basis of end-user industry the global substation monitoring system market is segmented as energy and power, manufacturing, mining, and transportation.
On the basis of geography, substation monitoring system market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. North America and Europe holds significant share of the global substation monitoring system market owing to the developed economy and transportation services. Early and rapid adoption of advanced technologies and high investment made in the research and development will boost the market growth for substation monitoring system in Europe and North America. Increasing demand for reducing the aggregate technical and commercial losses will remarkably heighten the market for substation monitoring system in Asia Pacific. Moreover, modernization of traditional transmission and distribution networks will boost its market growth in Asia Pacific.
Substation monitoring system market is highly competitive due to the presence of well diversified international, and regional. However, some big international players dominate the market share owing to their brand image and market reach. With high market growth rate and increase in demand, this sector is attracting more players to enter into the market resulting in a more competitive substation monitoring system market. Competitive landscape provides with the strategy and investment details in order to boost up their presence.
Some of the key players of Substation monitoring system market included in the report are ABB Limited, Siemens AG, CG Power and Industrial Solutions Limited, Cisco Systems Inc, Honeywell International Inc, Schweitzer Engineering Laboratories, Inc, and Schneider Electric SE among others.
The Substation monitoring system market has been segmented on the basis of type, components, technology, and geography.
By Connection Type
Remotely via Modem or Wireless
Locally or Wired
By End-User Industry
Energy and Power
Middle East and Africa
Key questions answered by the report
What would be the global substation monitoring system market size from 2017-2022?
How are the major drivers and restraints affecting the global substation monitoring system market and the opportunities which exist for the key vendors?
Which segment and region will lead the market growth and why?
A comprehensive analysis of competitive landscape and key market participants behavior.
Key strategies adopted by vendors, with in-depth analysis along with their impact on competition and market growth.