North America Synchrophasor Market Size, Share & Trends Analysis Report By Component (Hardware, and Software), By Application, By Country and Growth Forecast, 2024 - 2031
The North America Synchrophasor Market would witness market growth of 8.8% CAGR during the forecast period (2024-2031).
The US market dominated the North America Synchrophasor Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $287.6 million by 2031. The Canada market is experiencing a CAGR of 11.1% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 10.2% during (2024 - 2031).
Critical application of synchrophasors is fault detection and localization. By analyzing the phase angles and magnitudes of synchrophasor measurements, operators can quickly pinpoint the location of faults or disturbances within the grid.
Additionally, by analyzing frequency deviations and phase differences across different points in the grid, synchrophasors enable operators to detect and mitigate oscillations efficiently. This capability improves overall grid stability and prevents oscillatory events from causing disruptions or equipment damage.
As electricity demand in Canada grows, grid operators face challenges maintaining grid reliability and stability. Synchrophasor technology provides real-time monitoring of grid conditions, offering precise measurements of voltage, current, and frequency dynamics across transmission and distribution networks. This capability is essential for identifying and managing grid disruptions, optimizing grid operations, and ensuring consistent electricity supply amidst varying demand patterns.
Based on Component, the market is segmented into Hardware, and Software. Based on Application, the market is segmented into Fault Analysis, Stability Monitoring, State Estimation, Improve Grid Visualization, Operational Monitoring, Power System Control, and Others.Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
List of Key Companies Profiled
- Schweitzer Engineering Laboratories, Inc. (SEL)
- Arbiter Systems, Inc.
- Vizimax Inc.
- Powerside
- ERLPhase Power Technologies Ltd.
- ABB Ltd.
- Siemens AG
- General Electric Company
- NR Electric Co., Ltd. (NARI Technology Development Limited Co.)
By Component
- Hardware
- Software
- Fault Analysis
- Stability Monitoring
- State Estimation
- Improve Grid Visualization
- Operational Monitoring
- Power System Control
- Others
- US
- Canada
- Mexico
- Rest of North America
- Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Synchrophasor Market, by Component
- 1.4.2 North America Synchrophasor Market, by Application
- 1.4.3 North America Synchrophasor Market, by Country
- 1.5 Methodology for the research
- Chapter 2. Market at a Glance
- 2.1 Key Highlights
- Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
- 3.3 Porter Five Forces Analysis
- Chapter 4. North America Synchrophasor Market by Component
- 4.1 North America Hardware Market by Country
- 4.2 North America Software Market by Country
- Chapter 5. North America Synchrophasor Market by Application
- 5.1 North America Fault Analysis Market by Country
- 5.2 North America Stability Monitoring Market by Country
- 5.3 North America State Estimation Market by Country
- 5.4 North America Improve Grid Visualization Market by Country
- 5.5 North America Operational Monitoring Market by Country
- 5.6 North America Power System Control Market by Country
- 5.7 North America Others Market by Country
- Chapter 6. North America Synchrophasor Market by Country
- 6.1 US Synchrophasor Market
- 6.1.1 US Synchrophasor Market by Component
- 6.1.2 US Synchrophasor Market by Application
- 6.2 Canada Synchrophasor Market
- 6.2.1 Canada Synchrophasor Market by Component
- 6.2.2 Canada Synchrophasor Market by Application
- 6.3 Mexico Synchrophasor Market
- 6.3.1 Mexico Synchrophasor Market by Component
- 6.3.2 Mexico Synchrophasor Market by Application
- 6.4 Rest of North America Synchrophasor Market
- 6.4.1 Rest of North America Synchrophasor Market by Component
- 6.4.2 Rest of North America Synchrophasor Market by Application
- Chapter 7. Company Profiles
- 7.1 ABB Ltd.
- 7.1.1 Company Overview
- 7.1.2 Financial Analysis
- 7.1.3 Segmental and Regional Analysis
- 7.1.4 Research & Development Expense
- 7.1.5 SWOT Analysis
- 7.2 Siemens AG
- 7.2.1 Company Overview
- 7.2.2 Financial Analysis
- 7.2.3 Segmental and Regional Analysis
- 7.2.4 Research & Development Expense
- 7.2.5 SWOT Analysis
- 7.3 General Electric Company
- 7.3.1 Company Overview
- 7.3.2 Financial Analysis
- 7.3.3 Segmental and Regional Analysis
- 7.3.4 Research & Development Expense
- 7.3.5 SWOT Analysis
- 7.4 NR Electric Co., Ltd. (NARI Technology Development Limited Co.)
- 7.4.1 Company Overview
- 7.5 Schweitzer Engineering Laboratories, Inc. (SEL)
- 7.5.1 Company Overview
- 7.5.2 SWOT Analysis
- 7.6 Arbiter Systems, Inc.
- 7.6.1 Company Overview
- 7.6.2 SWOT Analysis
- 7.7 Vizimax Inc.
- 7.7.1 Company Overview
- 7.7.2 SWOT Analysis
- 7.8 Powerside
- 7.8.1 Company Overview
- 7.8.2 SWOT Analysis
- 7.9 ERLPhase Power Technologies Ltd.
- 7.9.1 Company Overview
- 7.9.2 SWOT Analysis
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