Global Substation Monitoring Market -market Size & Forecast To 2032

GLOBAL SUBSTATION MONITORING MARKET -MARKET SIZE & FORECAST TO 2032

The global substation monitoring market is estimated to be worth of USD 5.21 Billion in 2023 and is growing at a CAGR of 7.8% during the forecast period from 2023 to 2032. A substation is a component of a system for the generation, transmission, and distribution of electricity. It plays a critical role in preserving the quality of an electric power transmission system and the dependability of the electric power supply. It converts voltage from high to low or the other way around, among other crucial tasks. Electricity may travel at various voltage levels through many substations between the producing plant and the customer.

A substation monitoring is an ecosystem of hardware and software components used to monitor substation equipment such as transformers, switching devices, and circuit breakers, among other things. Transmission and distribution substations employ substation monitoring systems to gather real-time information on specific pieces of equipment as well as the overall operating condition of the substation. The substation monitoring system uses data monitoring to identify faults, tripping, or equipment breaks in the substation, enabling prompt reaction to any such incident. The safety and dependable functioning of substation equipment is aided by substation monitoring systems. Automation of substations has become necessary for all utility companies as the complexity of the distribution network has increased. It is vital to understand what type of limitation has occurred in order to improve the quality of electricity. Additionally, if a power system's protection, monitoring, or control are insufficient in any way. A monitoring system that can automatically detect, track, and categories the current limits on electrical connections is therefore required.

There is an increasing need for electricity because of the growing population and per capita energy use. Power supply consistency and dependability are essential for any country to grow. There are several places where electricity is distributed, including industrial facilities and commercial structures. Switch gears are required for a stable and constant energy delivery. The substation monitoring system is required because it ensures both machine and human safety. The market for substation monitoring technology is being driven by rising public investment on upgrading IoT-based communication networks and updating power plants. As a result of commercial and technical losses, power loss occurs throughout the transfer of energy to customers. A technical loss occurs as a result of energy loss in conductors, transformers, and other power distribution equipment. Additionally, meter bypassing, malfunctioning meters, and reading mistakes are some of the factors that contribute to commercial losses. Due to the growing need for substation monitoring systems used in energy distribution operations to decrease distribution and transmission losses, the market for substation monitoring technology is likely to grow favorably over the projected period (T&D losses).

Some prominent players of the market are ABB, Siemens, General Electric, Schneider Electric, Cisco, Honeywell, Emerson Electric, Eaton, Crompton Greaves, Schweitzer Engineering Laboratories, Novatech , Igrid T&D, Sentient Energy, Cadillac Automation and Controls, and others.

The substation monitoring market report has been segmented by component, communication technology, voltage class, end user, substation type, and region.

Based on component, the market is segregated into hardware and software.

Among these, the hardware subsegment is anticipated to held a notable share in the market owing to its increasing application in the mining, steel, oil & gas, transportation, and hardware sectors. The installation of hardware elements such microcontrollers, smart sensors, IEDs, cameras, distribution network feeders, and smart sensors in electrical substation management will lead to a major expansion of the market for hardware substation monitoring systems. In several sectors, these gadgets help collect real-time data and offer an ongoing power supply

On the basis of communication technology, the market is bifurcated into wired communication technology and wireless communication technology.

The wireless subsegment is expected to held a notable share in the market owing to changing environmental circumstances, wired solutions' performance might degrade, and maintaining these systems is more difficult than maintaining wireless ones. Further advantages of wireless data transmission include easy user access, reasonably priced installation, and rapid adoption.

Based on voltage class, the market is categorized into low and medium.

The medium voltage subsegment is expected to held a notable share in the market. Medium Voltage Substations are critical components of electricity distribution networks because they are the sites at which the network's Medium Voltage is transformed from 20,15kV or 6,6kV to Low Voltage 400/230V for industrial or home usage. In order to link with the M.V. network of the Public Power Corporation, we have to step up substations to 20kV for energy generation from PV parks, wind parks, and small hydroelectric projects.

On the basis of end user, the market is segregated into oil & gas, steel, utility, mining, transportation, others.

Among these, the utilities category led the market due to the considerable need for energy supplies across a wide range of industrial sectors. Due to the installation of smart grids and grid modernization, there is a demand in the sector for monitoring solutions. The market for utility substation monitoring systems is growing as a result of more projects being launched, including solar farm projects that are receiving subsidies in the countries of the Asia Pacific and the Middle East and Africa.

Based on substation type, the market is bifurcated into transmission and distribution.

The distribution subsegment is expected to held a remarkable share in the market due to the expanding requirement for a reliable and constant power supply. Substation monitoring systems will become increasingly popular as emerging countries electrify more infrastructure and rapidly urbanize

Based on region, the Substation Monitoring market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2022, the Europe accounted for the significant share xx.xx% in the global Substation Monitoring Market. This region was valued at USD xx.xx million in 2022, and it is projected to grow at a CAGR of xx.xx% during the forecast period, reaching USD xx.xx million by 2032.

Asia Pacific region is expected to held a significant share in the market. The region's altering power consumption habits, which have resulted in T&D losses, and government initiatives to improve the energy efficiency of T&D networks are some of the factors driving the market's rise. The size of the market and therefore the demand for power are both greatly impacted by the population expansion in China and India.

However, North America region is also anticipated to held a notable share in the market due to increased funding for the renovation and replacement of ageing grid infrastructure. Technology advancements in the design of substation-wide-area monitoring systems to boost operational effectiveness are also expected to have a significant impact on the market in the region.