Global Substation Monitoring System Market Size Worth USD 10.22 Billion in 2032 | Emergen Research

Vancouver, Dec. 26, 2023 (GLOBE NEWSWIRE) -- The global substation monitoring system market size is expected to reach USD 10.22 Billion in 2032 and register a revenue CAGR of 7.8% during the forecast period, according to the latest analysis by Emergen Research. Developing IEC 61850 standard to enable interoperability between Intelligent Electronic Devices (IEDs) can be attributed to the steady market revenue growth. At the moment, electric power utilities are dealing with an issue of compatibility between Intelligent Electronic Devices (IEDs) provided by different businesses during extension of an existing electric substation. Recently, an attempt was made to create a global standard to solve the problem of interoperability. In this context, the European standard ‘International Electro-Technical Commission (IEC) 61850’ is gaining traction across the globe for flexible data transmission over IEDs in an electric power substation.

Major restraints to revenue growth of the substation monitoring system market are high installation cost for wireless sensor network installations, as well as increasing capital expenditure for IEDs in substations. Substation monitoring systems are used in sectors such as oil and gas, utilities, steel, transportation, and mining. Substation monitoring systems and services are in high demand in the utility industry. While both of these companies are rapidly developing, they face strong pricing competition in the market. As a result, industry players seek low-cost substation monitoring systems to minimize the cost of final services and products.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) https://www.emergenresearch.com/request-sample/2108

Scope of Research

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2108

Major Companies and Competitive Landscape
The global substation monitoring system market is consolidated, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective substation monitoring systems. Some major players included in the global substation monitoring system market report are:

• ABB
• Siemens
• General Electric
• Schneider Electric SE
• Cisco
• Honeywell
• Emerson Electric
• Eaton
• Crompton Greaves
• Schweitzer Engineering Laboratories

Strategic Development

• On 1 February 2023, the Finnish Competition and Consumer Authority authorized Caverion's deal to buy TM Voima group's substation and transmission line business in Finland and Estonia, which was signed on October 27, 2022. The switch to renewable energy and decentralized power generation creates a considerable requirement for updating electrical transmission and distribution networks. The purchase will improve Caverion's strong position in the energy industry and allow for expansion, particularly in the substation market. Caverion will be able to have a greater long-term influence on a larger client base. TMV Service Oy, TMV Line Oy, and TMV Power Oü, all of which are part of the TM Voima company, are included in the authorized transaction. The revenue of TM Voima Group's substation and transmission line business in 2021 was EUR 30.5 million.
• On 19 May 2021, Efacec, a Portuguese provider of power solutions, proved the potential of 5G in real-time monitoring and maintenance of LV substations. The pilot, one of two Efacec-implemented use cases as part of the European 5Growth Programme, was evaluated first in the lab and then in a substation at the University of Aveiro on Portugal's west coast. The goal was to use two major elements of 5G connectivity, low latency, and high data throughput, to provide real-time telemetry and video streaming between substations that were geographically separated from the control center.

Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2108

Some Key Highlights From the Report

• On 19 May 2021, Efacec, a Portuguese provider of power solutions, proved the potential of 5G in real-time monitoring and maintenance of LV substations. The pilot, one of two Efacec-implemented use cases as part of the European 5Growth Program, was evaluated first in the lab and then in a substation at the University of Aveiro on Portugal's west coast. The goal was to use two major elements of 5G connectivity, low latency, and high data throughput, to provide real-time telemetry and video streaming between substations that were geographically separated from the control center.
• The transmission segment is expected to account for largest revenue share in the global market over the forecast period. Transmission substations are positioned near places where electricity enters the power grid. As the voltage output from power sources such as power stations or wind farms fluctuates (between 130 and 400 kilovolts (kV) in the U.K. and up to 600kV in the U.S.), it must be converted to a transmission-safe level. Electricity is then frequently transmitted over great distances using high-voltage overhead power wires supported by electrical pylons. In the U.K., they are either 275kV or 400kV. Increasing or decreasing voltage as needed ensures that it reaches local distribution networks safely and efficiently.
• The utility segment is expected to account for largest revenue share in the global market over the forecast period. The integration of renewable energy sources, modernization of smart power networks, and criticality of energy supply all contribute to a rise in demand for monitoring power-related information from the edge. Smart monitoring can help businesses govern and safeguard their buildings and energy assets. Substation automation systems are used by businesses where energy availability is critical and energy control and monitoring are required. By gathering data from all of the equipment and the field, they can prevent blackouts and intervene to protect the power network and their facilities. When power-critical facility owners want this level of monitoring and proactive repair and management it provides, additional opportunities emerge for system integrators and medium-voltage panel builders.
• The substation monitoring system market in North America accounted for largest revenue share in 2022. Factors such as increasing activities by leading market players such as product introduction and product expansion, among others, are promoting market revenue growth in this region. NV5 Geospatial, for example, has developed the ARIS II Rover, an improved robotic electric substation monitoring gadget. After five years of in-field installation and testing, the rover meets industry's most severe standards for robustness and dependability. It is capable of operating in harsh weather circumstances as well as on the various terrains found at distribution and transmission substations. NV5 Geospatial is one of North America's most comprehensive geospatial scientific data providers. The remote-controlled modular wheeled rover is packed with cutting-edge heat sensors, imaging, and audio/video technology.

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/substation-monitoring-system-market

For the purpose of this report, Emergen Research has segmented the global substation monitoring system market based on the component, communication technology, sector, industry, and region:

• Component Outlook (Revenue, USD Billion; 2019–2032)
  • Hardware
    1. Intelligent Electric Devices
       • Transformer
         • Voltage Instrument Transformer
         • Current Instrument Transformer
       • Relay Devices
       • Recloser Controllers
       • Circuit Breakers
       • Switches
    2. Distribution Network Feeders
    3. Others
       • Smart Sensors
       • Microcontrollers
       • Cameras
  • Software
    1. Asset Management
    2. Production Management
    3. Performance Management
• Communication Technology Outlook (Revenue, USD Billion; 2019–2032)
  • Wired Communication Technology
    1. Fiber Optic
    2. Ethernet
    3. PROFIBUS
    4. Others
       • Fieldbus
       • HART
       • Modbus
  • Wireless Communication Technology
    1. Wireless LAN (Wi-Fi)
    2. ZigBee
    3. Cellular Technology
• Sector Outlook (Revenue, USD Billion; 2019–2032)
  • Transmission
  • Distribution
• Industry Outlook (Revenue, USD Billion; 2019–2032)
  • Oil & Gas
  • Steel
  • Utility
    1. Non-Renewable
    2. Renewable
  • Mining
  • Transportation
• Regional Outlook (Revenue, USD Billion, 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Spain
    5. BENELUX
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest of MEA

Curated Reports You Shouldn't Miss: Dive In Now!

Cooling Fabrics Market By Type (Natural, Synthetic), By Technology (Active Cooling Fabrics, Passive Cooling Fabrics), By Textile Type (Woven, Non-woven, Knitted), By Application (Sports Apparel, Protective Wearing), By Region Forecast to 2030.

Marble Market By Application (Building & Construction, Furniture, Decorative Infrastructure, Statues & Monuments, and Others), By Color (Black, White, Green, Yellow, Others), and By Region, Forecasts to 2027.

Healthcare CRM Market By Component (Services, Software), By Deployment (Cloud-based, On-premises), By Solution (Analytical CRM, Operational CRM, Collaborative CRM), By Application (Patient Management, Report Module, Communication Module, Task Management), By End-use, and By Region, Forecasts to 2027.

Industry 4.0 Market By Technology (Artificial Intelligence, Internet of Things, 3D Printing, Augmented Reality, Virtual Reality, Blockchain, Industrial Robotics, Digital Twin, Industrial Metrology), By Industry Vertical (Manufacturing, Energy & Utilities, Chemical, Transportation, Pharmaceutical, Metals, Consumer Electronics), and By Region Forecast to 2027.

Artificial Intelligence Systems Spending Market By Component (Software, Hardware, Service), By Technology (Natural Language Processing, Deep Learning, Artificial general intelligence (AGI), Machine Vision, and others), By Application, By End-use, and By Region, Forecast to 2028.

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: https://www.emergenresearch.com/

Direct Line: +1 (604) 757-9756

E-mail: sales@emergenresearch.com

Explore Our Japanese Version: Substation Monitoring System Market

Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights

Read our Press Release @ https://www.emergenresearch.com/press-release/global-substation-monitoring-system-market