Substation Monitoring System Market -Forecast (2021 - 2026)

Substation Monitoring System Market is analyzed to grow at a CAGR of 9.1% during the forecast 2021-2026 to reach $30.7 billion in 2026. The Substation Monitoring System Market is estimated to witness sustainable growth over the forecast period majorly because of the distinctive features of its system which enables end-users to arrange and examine the substation operations by themselves. Substation Monitoring Systems offers end users the complete network of power distribution which helps in the control, monitor, mechanization, protection, and communication of various equipment’s which provides a stable working in power distribution. Typically, Substation Monitoring Systems consist of different components such as Circuit Breakers, Relay Devices, Recloser Controllers, Smart Sensors, Microcontrollers, Switching Devices, and others. It helps in identifying the faults or breakages in transmission lines and locating the equipment malfunctioning that disrupts the distribution, is likely to uplift its market demands in every power generation industry. The primary working principle behind Substation Monitoring System is Intelligence Electronic Devices (IEDs). IEDs provide data to the monitoring system which helps in the smooth functioning of the transmission lines. But, IEDs require a high installation cost which restraints its market growth. Lack of awareness about monitoring systems in power generation and transmission industries is also hindering the market growth.

Report Coverage

The report: “Substation Monitoring System Industry Outlook – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Substation Monitoring System Market.

By Elements – Hardware elements and Software elements.

By Hardware Elements – Intelligence Electronic Devices (IEDs), Circuit Breakers, Relay Devices, Re-closer Controllers, Smart Sensors, Microcontrollers, Switching Devices, Cameras, and Others.

By Section – Transmission section and Distribution section.

By Transmission – Wired transmission and Wireless transmission.

By Data Monitored – Frequency, Voltage, Power input/output, Load capacity, and Others.

By End-Use Industry – Steel industry, Oil & Gas industry, Transportation, Power plants, and Others.

By Geography: North America(the U.S., Canada and Mexico); Europe(U.K., Germany, Italy, France, Spain, Russia, Rest of Europe); APAC (China, Japan, South Korea, India, Australia, Rest of APAC); South America(Brazil, Argentina, Rest of Americas); RoW (Middle East & Africa).

Key Takeaways

• Growing demand for self-automated monitoring feature which identifies any faults or breakage in the transmission line and need for smooth power supply in the overall power network and proper grid stability in different sections of industries is analyzed to significantly drive the market during the forecast period 2021-2026.
• Hardware elements are analyzed to hold a significant share in 2020 owing to its working reliability, hardware elements require less operation and can be used according to the end-user.
• Wireless transmission is expected to hold the highest market share in the forecast period owing to the quick, stable, and disrupt free transmission and distribution of electric power in required sections is offered by wireless transmission.
• Asia-Pacific is analyzed to grow at the highest CAGR during the forecast period owing to the availability of the fast-growing economies such as China, India, Japan and Others. The increasing rate of Urbanization and Industrialization in these economies is a major growth factor of the Substation Monitoring System Market.

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Substation Monitoring System Market Segment Analysis - By Elements

By Elements, the Substation Monitoring System Market Report is segmented into Hardware elements and Software elements. Hardware Elements are analyzed to hold the highest share and grow at the highest CAGR of 8.9% during the forecast period 2021-2026 owing to its working reliability, hardware elements require less operation and can be used according to the end-user. The demand for hardware elements is growing due to their working reliability, hardware elements require less operation and can be used according to the end-user. It reduces the time of operation as required by the hardware elements in the transmission of power in required sections with the help of software in-built in those. Hardware elements provide a wide range of input/output expansion according to the user’s requirements. The increasing use of electricity in the industrial sector and the growing need to reduce electricity losses through monitoring are controlled best by hardware elements. On the other hand, there are challenges as well that make software elements better. Due to the current Covid-19 pandemic which has suspended on-ground work for a majority of operators in various industries, the substation monitoring in required sections is not accurate. So, the demand for software elements with upgraded technologies will increase in the forecast period.

Substation Monitoring System Market Segment Analysis - By Applications

By Transmission, the Substation Monitoring System Market Report is segmented into Wired transmission and Wireless transmission. Wireless Transmission is analyzed to grow at the highest CAGR of 8.1% during the forecast period 2021-2026. The quick, stable, and disrupt-free transmission and distribution of electric power in required sections are offered by wireless transmission. Wireless transmission has been adopted by the majority of power plants, Oil & Gas industries, and Other Industrial fields. The performance of wired transmission is deteriorated due to its high maintenance requirements which use more manpower than software transmission. This uplifts the demand for wireless transmission in the global market.

Substation Monitoring System Market Segment Analysis – By Geography

Asia-Pacific is analyzed to be the major region with a share of 30% in 2020 for the Substation Monitoring System Market owing to the presence of highly populated countries such as China, India, Japan and Others. The market growth in this region is predominantly rising due to fast-growing economies such as China, India, Japan, and Others. The increasing rate of Urbanization and Industrialization in these economies tends to uplift the Substation Monitoring Systems Market in these regions. Fulfilling the demands of users by expanding the distribution section to transmit at maximum sectors tends to increase its market as monitoring is necessary. APAC region is closely followed by Europe and North America in the market growth of Substation Monitoring Systems.

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Substation Monitoring System Market Drivers

Rise in Industrialization and Urbanization are contributing towards Substation Monitoring System Market growth

Fast growing economies in Asia-Pacific are contributing considerably to Substation Monitoring System Market. The rise in Industrialization tends to drive the market growth of substation monitoring as every section of an industry weather its Power plant, Oil & Gas industry, Mining industry or others needs to be monitored with regularity to avoid any breakage and disruption in electricity transmission and offer a stable electric supply for smooth production in respective industries. The installation of new monitoring technologies at substations especially wireless transmission tends to promote its adaptability in the majority of industries helping in market growth.

Initiatives taken by Government is stimulating the market

The significant increase in the adoption of Substation Monitoring Systems as a medium of monitoring every section of an industrial organization acquired globally has brought the governments of many leading economies such as China, India, Japan, and Others to install these systems. Governmental organizations are promoting the use of these monitoring systems and are shifting towards recent developments in technologies making it an automated medium for monitoring in various industries. The government initiative to conserve resources and reduce losses of energy in every industry uplifts the adoption of substation monitoring systems globally.

Substation Monitoring System Market Challenges

High Installation cost and Cyber Threats is analyzed to hamper the Substation Monitoring Systems market growth

One of the major challenges faced by Substation Monitoring Systems Market globally is the High Installation Cost of monitoring systems, majorly the installation of Intelligence Electronic Devices (IEDs) which includes Relays, Circuit Breakers, Transformers and Other devices require high installation charges. The maintenance cost of these is comparatively high among the other hardware elements. As there is a vast adoption of wireless transmission used in the monitoring systems which enables various software elements involved in the monitoring process, there is always a threat of cyber security. The data monitored can be disrupted by illegal practices which may break the distribution channel and damage the electricity lines. This hinders the Substation Monitoring Systems Market growth globally.

Substation Monitoring System Market Landscape

Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Substation Monitoring Systems Market. In 2020, the market of Substation Monitoring Systems industry outlook has been fragmented by several companies. Substation Monitoring Systems top 10 companies include

1. Novatech Inc.
2. Crompton Greaves Limited
3. Eaton Corporation
4. Siemens AG
5. Emerson Electric Co.
6. Honeywell International Inc.
7. Schneider Electric SE
8. Cisco Systems
9. ABB Limited
10. General Electric

Acquisitions/Technology Launches/Partnerships

In January 2020 GE Energy announced the new Multilin Stator Ground Protection module and the Field Ground Protection module that provide a complete generator monitoring, protection and control solution when used in conjunction with the industry-leading Multilin G60 generator protection relay.

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