NEW YORK, Oct. 31, 2023 /PRNewswire/ — The synchrophasor market is expected to grow by USD 546.72 million from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 11.9% during the forecast period. The market is segmented by Application (Power station, Transforming station, and Others), Component (Hardware and Software), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). The increasing need for reducing grid outages is a key factor driving the market. The aging infrastructure, population growth, and increasing demand for energy resources have increased the burden on those infrastructures which lead to blackouts. Previous causes of power outages include adverse weather conditions, equipment failure, maintenance interruption, load shedding, vandalism, and cyber-attacks. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample
Technavio has announced its latest market research report titled Global Synchrophasor Market 2024-2028
Key Highlights:
The report recognizes the following as some of the key players in the synchrophasor market: ABB Ltd., ALSTOM SA, Arbiter Systems Inc., ElectraNet Pty Ltd., Electric Power Group LLC, ERLPhase Power Technologies Ltd., Fortive Corp., General Electric Co., Hitachi Ltd., Quanta Technology LLC, Schneider Electric SE, Schweitzer Engineering Laboratories Inc., SHENZHEN GUOWANG NARI TECHNOLOGY CO. LTD., Siemens AG, Toshiba Corp., and Vizimax Inc.
Synchrophasor Market is fragmented in nature.
Market to observe 8.33% YOY growth in 2024.
Market Dynamics:
Major Trend
Changing the power grid structure is a major trend in the market.
Climate change policies and technological progress have led to the production of electricity from low-carbon or carbon-free renewable energy sources such as Solar, Wind Power, and Hydropower.
In addition, the existing electricity grid was mainly connected with its customers and had a one-way communications system, but new technologies are making it possible for energy and utility companies to improve all parts of the value chain.
Significant Challenge
The high cost of communication system installation is a significant challenge restricting market growth.
A synchrophasor technology provides real-time situational awareness and control of a grid system.
In addition, the project costs increase by seven times more than the cost of PMU equipment if it is to be installed in conjunction with a communication network.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
The power station segment will account for a major share of the market’s growth during the forecast period. As they are responsible for the production of electricity, these power plants or stations shall also be generators. The synchrophasor is used at power stations to monitor voltage, frequency of current, and the phase curve of electrical signals. In addition, the demand for synchrophasors to catch problems at an early stage has consistently increased due to their extremely high-resolution time-synchronized measurements. Hence, these factors are expected to drive market growth during the forecast period.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Component
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio