Substation Wide Area Monitoring Market: Overview

  • A substation wide area monitoring system is used to continuously monitor the conditions of the transmission system with the use of data acquired through phasor measurement technology

Key Drivers and Restraints of Global Substation Wide Area Monitoring Market

  • Surge in investments in smart grid project is likely to drive the global substation wide area monitoring market during the forecast period. Substation wide area monitoring facilitates early detection of disturbances and degradation in the grid and helps prevent outages, by installing phasor measurement units (PMUs) at strategic locations on the grid.
  • Increase in investments in development of aging transmission and distribution infrastructure due to continuous increase in demand for electricity is also expected to propel the substation wide area monitoring market during the forecast period. For instance, as per the U.S. Energy Information Administration, utility distribution spending increased from US$ 31 billion in 1997 to US$ 51 billion in 2017, in the U.S.
  • Rise in investments in renewable power generation is anticipated to boost the global substation wide area monitoring market during the forecast period, as these systems utilize real-time synchro phasor data to measure the state of grid that enables improvement in stability and reliability of power grid
  • Technological innovations and advancements in the design of wide area monitoring systems to improve their operational efficiency are anticipated to propel the global substation wide area monitoring market during the forecast period

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Industrial Segment to Hold a Major Share of Global Substation Wide Area Monitoring Market

  • The global substation market can be segmented based on type, application, and region
  • In terms of type, the global substation wide area monitoring market can be classified into phasor measurement units, phasor data concentrator, communication network, and PDC solutions. A phasor measurement unit (PMUs) is used in substation wide area monitoring to provide synchronized measurements.
  • In terms of application, the global substation wide area monitoring market can be classified into transmission substation, distribution substation, collector substation, converter substations, and switching station.

Recent Developments, Expansions, Acquisitions, and New Contracts to Boost Global Market

  • In 2018, GE Power Grid Solutions announced to provide Wide Area Monitoring System (WAMS) solution to Power Grid Corporation of India Ltd (PGCIL) for the northern grid in India

North America to Hold a Major Share of Global Substation Wide Area Monitoring Market

  • The global substation wide area monitoring market can be divided into North America, Europe, Asia Pacific, and Middle East & Africa, and Latin America
  • North America is expected to hold a major share of the global substation wide area monitoring market during the forecast period, due to an increase in investments in refurbishment and replacement of aging grid infrastructure. Technological innovations in design of substation wide area monitoring system to enhance their operational efficiency is also expected to drive the market in the region from 2020 to 2030.
  • The substation wide area monitoring market in Europe is likely to expand at a rapid pace between 2020 and 2030. The market in the region is driven by a shift in focus toward adoption of renewable technologies for power generation. For instance, Germany has set a target to phase out all 17 of its nuclear power plants and shift to renewable energy by 2022.
  • The substation wide area monitoring market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to a rise in the demand for electricity, majorly in developing nations such as China and India. Rapid industrialization & urbanization and strong economic growth are key factors that are expected to propel the market in the region during the forecast period.
  • The substation wide area monitoring market in Middle East & Africa and Latin America is anticipated to expand at a moderate pace during the forecast period, due to increase in focus among utility operators to provide reliable and secure power supply to their customers in these regions

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Key Players Operating in Global Substation Wide Area Monitoring Market

Leading companies operating in the global substation wide area monitoring market include:

  • KEPCO KDN
  • Kalki Communication Technologies Private Limited
  • GE
  • ABB
  • Siemens
  • Schweitzer Engineering Laboratories, Inc.
  • Schneider Electric
  • Electric Power Group
  • SCOPE T&M

Global Substation Wide Area Monitoring Market: Research Scope

Global Substation Wide Area Monitoring Market, by Type

  • Phasor Measurement Units
  • Phasor Data Concentrator
  • Communication Network
  • PDC Solutions
  • Others

Global Substation Wide Area Monitoring Market, by Application

  • Transmission Substation,
  • Distribution Substation
  • Collector Substation
  • Converter Substations
  • Switching Station

Global Substation Wide Area Monitoring Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Substation Wide Area Monitoring Market

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