Opportunity and Growth Drivers of Substation Wide Area Monitoring Market till 2029|KEPCO KDN, GE, ABB

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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

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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.