Synchrophasor Market By Component (Hardware, Software), By Application (Fault Analysis, State Estimation, Stability Monitoring, Power System Control, Operational Monitoring, Improve Grid Visualization, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Synchrophasor Market
The synchrophasor market was valued at $0.6 billion in 2023 and is projected to reach $1.5 billion by 2033, growing at a CAGR of 9.6% from 2024 to 2033.
Synchrophasor is an advanced measurement equipment used to monitor and control electric power systems. It provides precise and synchronized measurement of current, voltage, phase angle, and frequency at different points within the power grid. The benefit of using synchrophasors over conventional measurement methods is that they offer instantaneous data collection, usually within microseconds. Some of the pivotal properties of synchrophasors include precision and real-time capabilities. These properties make them essential for grid monitoring, optimization, and control.
A pivotal factor driving the growth of the market is surge in expansion of transmission and distribution networks, along with rise in integration of renewable energy sources. The advancement of distribution networks necessitates robust monitoring systems, hence boosting the demand for synchrophasors. According to the International Energy Agency, renewables are projected to account for approximately 95% of rise in power capacity globally by 2026. This trend of renewable energy is increasing the requirement for synchrophasors for improved control over power systems.
However, interference and noise susceptibility of synchrophasor is expected to hamper the development of the market. In addition, concerns pertaining to data security pose significant challenges on the adoption of synchrophasors. For instance, in 2019, American Electric Reliability Corporation detected the availability of synchrophasor data over the internet, surging the concerns pertaining to unauthorized access and misuse of the pivotal information. On the contrary, the continuous efforts toward addressing the limitations of synchrophasors are an indicator of their promising future with lucrative opportunities. Improvements in grid visualization and timing of data executed from the device are anticipated to offer opportunities for maintaining the grid stability.
Segment ReviewThe global synchrophasor market is segmented into component, application, and region. On the basis of component, the market is bifurcated into hardware and software. By application, it is divided into fault analysis, state estimation, stability monitoring, power system control, operational monitoring, improve grid visualization, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of component, the software segment is expected to dominate during the forecast period.
By application, the power system control segment is projected to show the highest growth during the forecast period.
Region wise, Asia-Pacific is anticipated to be the highest revenue generator by 2033.
Competition AnalysisThe major players operating in the global synchrophasor market are Schweitzer Engineering Laboratories Inc., ABB, Schneider Electric, Toshiba Corporation, Siemens AG, NR Electric Co. Ltd, General Electric, Vizimax, Wasion Group Holdings Ltd., and Arbiter Systems Inc. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Key Market SegmentsBy ComponentHardware
Software
By ApplicationFault Analysis
State Estimation
Stability Monitoring
Power System Control
Operational Monitoring
Improve Grid Visualization
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Schweitzer Engineering Laboratories Inc.
ABB
Schneider Electric
Toshiba Corporation
Siemens AG
NR Electric Co. Ltd
General Electric
Vizimax
Wasion Group Holdings Ltd.
Arbiter Systems Inc.