Substation Monitoring and Control System Market Scope Market Research Future (MRFR) expects the global substation monitoring market to attain a growth rate of 8.50% from 2018 to 2023, which is the forecast period. Market Boosters and Top Barriers Substation monitoring offers a number of advantages while controlling, managing and monitoring a substation. Some of these advantages are remote monitoring that helps prevent further power and time loss, need for low maintenance, high efficiency and accuracy, and the whole system can be shut down when required during fast repairs and re-installations. The Substation Monitoring and Control System Market can expand significantly in the years to come, on account of the rising need to reduce distribution and transmission losses and also the rising focus on elevating the reliability of power systems. The power generation industry is striving to deal with the issues related to distressed and maturing infrastructure along with enhancing the IoT-based communication network with the use of cost-efficient solutions, which calls for the use of substation monitoring systems and boosts the market demand. Surging investments from the government to improve IoT-based communication network and to modernize the power stations also works in favor of the substation monitoring market. On top of that, the industry is continuously being penetrated by various monitoring solutions that helps accurately analyze as well as automate the facility data. The communication network is an important aspect of any power house, since the monitoring devices & Intelligent Electronic Devices (IEDs) that are based at the substation need to go through the utility data centers that are remote. Innovations in technology like SCADA technologies and innovative communication can help with the growth of the substation monitoring system market in the coming years. Substation Monitoring and Control System Market Segmentation The global market for substation monitoring has been segregated on the basis of component, communication technology, sector and industry. Depending on the component, the substation monitoring market is considered for hardware and software. The software segment can grow at a faster pace in the following years, thanks to the surging use of electricity in industries along with the mounting demand for consistent power in developing countries like India and China. In addition, the rising need to reduce electricity losses with monitoring also favors the substation monitoring system market for software. Communication-wise, the market includes wired communication and wireless communication. Sector-based market segments are distribution and transmission. The types of industries that make use of substation monitoring are utility, oil & gas, transportation, mining and steel, among others. Utility leads the market, given the growing implementation of substation monitoring system to bring down transmission and distribution losses and the distressed infrastructure of electric substations.
Regional Insight The report provides the latest trends and highlights the statistical analysis of the global market for substation monitoring and control system in the primary regions of Asia Pacific (APAC), North America, Middle East & Africa, South America and Europe. The APAC is the largest market for substation monitoring, as estimated in 2017. Advancing demand for monitoring services as well as power management solutions are expected to provide significant push to the market growth in the region. The substation monitoring market present in India, South Korea, Japan, Australia and China can expand substantially in the ensuing years, as the government in these areas make massive investments in development of automated services to monitor devices in electrical facilities. North America is a strong market for substation monitoring, with respect to revenue generation as the region observes steady innovations in technologies, which helps enhance substation monitoring systems and boosts their applications across industries. Europe is another crucial market for substation monitoring, with most of the growth being the result of the rising demand for prevention of transmission and distribution losses. The increasing number of aging infrastructure, massive investments from the government along with the growth of the IoT-based communication network has led the regional market to greater heights in recent years and can do so even in the years to come. Leading Market Vendors Leading market vendors for substation monitoring include ABB Ltd., Schneider Electric, I-TOR, Emerson Electric, Honeywell, Eaton, Siemens AG, Crompton Greaves, Cisco, Novatech, Igrid T&D, Sentient Energy, General Electric, Cadillac Automation and Controls, Emerson Electric, Tekvel, Schweitzer Engineering Laboratories, among others About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. Contact: Market Research Future Office No. 528, Amanora Chambers
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