Substation Monitoring System Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware and Other Components), Communication (Wireless, Wired and Other Communications), Sector, Industry and By Geography

Substation Monitoring System Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware and Other Components), Communication (Wireless, Wired and Other Communications), Sector, Industry and By Geography

According to Stratistics MRC, the Global Substation Monitoring System Market is accounted for $5147.60 million in 2022 and is expected to reach $8776.59 million by 2028 growing at a CAGR of 9.3% during the forecast period. A substation monitoring system is a complicated power distribution network that allows remote and local control, monitoring, automation, protection and communication of all substation equipment. Substations are essential for supplying power to consumers and act as the connection points between transmission networks and electric generators. It supervises and controls various protection and automation functions using intelligent electronic devices (IEDs) data. Demand for electricity is multiplying due to increasing population and power consumption. The substation monitoring system ensures the safety of both man and machine. It helps in the reduction of distribution and transmission losses and enhances the reliability of power systems.

According to the reports of Ministry of New and Renewable Energy, India with a population of 1.3 billion, from a power deficit nation for over seven decades, became the world's third largest producer of renewable energy, with 40% of its installed electricity capacity coming from non-fossil fuel sources and a power surplus nation with a total installed electricity capacity of over Four lakh MW.

Market Dynamics:

Driver:

High demand of substation monitoring system

The substation monitoring systems can generate custom substation monitoring operations based on the required modifications for some industries such as oil and gas and mining. While performing substation monitoring actions, the system generates data by measuring, recording and calculating. The surge in demand for reliable power supply, overall power network and grid stability are driving the demand of the market.

Restraint:

High installation costs

The electronic devices in substation such as transformers, relay devices, switches, controllers, circuit breakers consists high setting up costs. Additionally, wireless sensor network in application grid contains multifunctional sensor nodes which are quite expensive. The increasing installation costs of IEDs in substations are the major factors hindering growth of the market.

Opportunity:

Advancements and investments

Advancements are made in the IEC 61850 standards to enable interoperability. The transmission and distribution network operators & power producers have increased their investments in systems that reduce outages, operating costs and provide effective real-time control due to the high demand for power. And also, the increase in investments from the government is propelling the market growth.

Threat:

Harsh environmental conditions

Harsh environmental conditions such as storm water drainage, noise, lighting and road traffic causes the improper functioning of substation monitoring systems. Factors such as substation landscaping, view sheds, noise and lighting are considered to be long-lasting and permanent effects. The noise created by substations can be quite loud to adjacent property owners, as a constant buzzing and humming of noise can be audible several feet from the substation fence which are hindering the growth of the market.

Covid-19 Impact

The substation monitoring system market was immensely impacted by the outbreak of COVID-19 as it largely affected the supply chain. The pandemic crisis has created uncertainty in the stock market, slowed the supply chain significantly, lowered business confidence and heightened panic among customer segments. Several renewable energy projects were delayed because of the reduction in power demand from various end-user industries.

The wireless segment is expected to be the largest during the forecast period

The wireless segment is estimated to have a lucrative growth, due to its easy maintenance and online monitoring purposes. The wireless solutions are majorly implemented in remote areas. Wireless data communications offers various advantages such as easy user access, low-cost installation and rapid deployment which drive the growth of the market.

The hardware segment is expected to have the highest CAGR during the forecast period

The hardware segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its growing implementation in mining, steel, oil & gas and transportation industries. Hardware components are being built in the electrical substations and they help in the collection of real-time data, thereby providing an uninterrupted power supply in several industries and witnessing a considerable growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing demand for monitoring services and power management solutions. This region is having the major key players and economies. They key players are undertaking initiatives to introduce measures to reduce the T&D losses. The rising need for reduction in transmission and distribution losses in this region is fuelling the market growth.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the huge investments. The government organizations in this region are heavily investing in implementing automated services for examination of devices in electrical facilities. Government is focusing on reducing losses and spending huge amount for improving the power infrastructure across the country.

Key players in the market

Some of the key players profiled in the Substation Monitoring System Market include Siemens, Schneider Electric, Cisco, ABB, General Electric, Emersom Electric, Honeywell, Crompton Greaves, Eaton, Novatech, Schweitzer Engineering Laboratories, Sentient Energy, Advanced Energy, FLIR Systems, Allis Electric Co, MoviTHERM, CAS, CAHORS, Nortech Management Ltd, Pyrumas Software Pvt Ltd

Key Developments:

In October 2022, Emerson launched AVENTICS Series Servo Profile Advanced (SPRA) Electric Actuators. The new, versatile line contains precise and highly repeatable rod-style cylinders. Emerson’s actuator line offers three screw technologies, including a precision ball screw, a cost-effective lead screw and a roller screw providing durability, accuracy, precision, speed and heavy loads.

In May 2022, ABB launched ABB Ability™ NGX, a new standardized hoist control system for use by mining companies worldwide. It can adapt to any hoist and replace older and third-party systems, offering more flexibility than ever to achieve maximum performance and safety of hoist operations.

Components Covered:
• Software
• Hardware
• Other Components

Communications Covered:
• Wireless
• Wired
• Other Communications

Sectors Covered:
• Distribution
• Transmission
• Other Sectors

Industries Covered:
• Steel
• Utility
• Transportation
• Mining
• Oil & Gas
• Other Industries

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements