Synchrophasors

Synchrophasors

Global Synchrophasors Market to Reach US$1.4 Billion by 2030

The global market for Synchrophasors estimated at US$703.4 Million in the year 2023, is expected to reach US$1.4 Billion by 2030, growing at a CAGR of 10.3% over the analysis period 2023-2030. Synchrophasor Hardware, one of the segments analyzed in the report, is expected to record a 10.2% CAGR and reach US$1.0 Billion by the end of the analysis period. Growth in the Synchrophasor Software segment is estimated at 10.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$191.6 Million While China is Forecast to Grow at 14.1% CAGR

The Synchrophasors market in the U.S. is estimated at US$191.6 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$297.1 Million by the year 2030 trailing a CAGR of 14.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.7% and 8.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.2% CAGR.

Synchrophasors - Key Trends and Drivers

Synchrophasors, also known as synchronized phasor measurement units (PMUs), are devices that provide real-time monitoring of electrical power systems by measuring the instantaneous voltage, current, and frequency at various points across the grid. These measurements are synchronized to a common time source, typically GPS, allowing for the precise comparison of phase angles and the detection of grid anomalies with unprecedented accuracy. Introduced in the late 1980s, synchrophasors have evolved to become critical components in the modernization of power grids, enabling utilities to enhance reliability, efficiency, and resilience. By providing high-speed, time-synchronized data, PMUs facilitate advanced grid management strategies, such as state estimation, fault detection, and dynamic stability assessment.

The technological advancements in synchrophasor technology have significantly contributed to their widespread adoption. Modern PMUs are equipped with sophisticated algorithms and communication protocols that ensure accurate and timely data transmission even under adverse conditions. The integration of synchrophasors with advanced software platforms allows for real-time data analytics, visualization, and automated decision-making processes. Furthermore, the development of more affordable and compact PMUs has made it feasible to deploy them extensively across power grids. This widespread deployment is crucial for creating a comprehensive and detailed picture of grid operations, which is essential for optimizing performance and preventing blackouts. Additionally, synchrophasor data is increasingly being utilized in the integration of renewable energy sources, where it helps manage the variability and intermittency associated with wind and solar power.

The growth in the synchrophasor market is driven by several factors. Firstly, the increasing need for grid reliability and stability in the face of aging infrastructure and rising demand is a major driver. Utilities are investing in synchrophasor technology to enhance their monitoring and diagnostic capabilities, thereby preventing outages and improving service quality. Secondly, the transition towards smart grids and the integration of distributed energy resources necessitate sophisticated monitoring tools like PMUs to manage complex and decentralized power flows effectively. Thirdly, regulatory mandates and incentives aimed at promoting grid modernization are encouraging the adoption of synchrophasors. Governments and regulatory bodies are recognizing the value of synchrophasor data in ensuring grid security and resilience. Additionally, the growing use of big data analytics and machine learning in grid management is spurring demand for high-quality, time-synchronized data provided by PMUs. As utilities and grid operators increasingly rely on data-driven decision-making, the role of synchrophasors in the energy sector is set to expand, driving continuous innovation and market growth.

Select Competitors (Total 34 Featured) -

• ABB Ltd
• Arbiter Systems, Inc.
• AXON Group Ltda
• Bachmann electronic GmbH
• Electric Power Group LLC
• GE Vernova
• NR Electric Co., Ltd.
• PropSync Solutions
• Qualitrol Company LLC
• Schneider Electric SE
• Schweitzer Engineering Laboratories, Inc.
• Siemens AG
• Textron Aviation, Inc.
• Toshiba Energy Systems & Solutions Corporation
• Vizimax, Inc.;

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