Selbyville, Delaware, Sept. 21, 2020 (GLOBE NEWSWIRE) -- As per credible estimates, global substation monitoring system market was worth USD 3.80 billion in the year 2019 and is expected to expand with a CAGR of 7.8% during 2020-2027. Favorable government initiatives for renewable energy promotion worldwide and notable applications of substation monitoring systems to monitor several components of renewable transmission system are driving the market growth.
According to the given report, global substation monitoring system market is examined with reference to component type, communication technology, sector scope, industry spectrum, and regional terrain. Besides, the study also highlights the competitive arena of the business space while offering information regarding product offering as well as market share held by every leading firm. It also acknowledges the mergers & acquisitions undertaken by major players to deal with the competition in this industry vertical.
Notably, substation monitoring system offers information regarding the distribution network and electrical transmission. It comprises of various parameters such as frequency, voltage, and power input & output of a substation. The data gathered is transmitted to the main station through the communication technologies. Substation monitoring systems are highly variable, depending on the substation type, grid integration, load capacity, voltage levels, and other technical parameters.
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As per Indian Brand Equity Foundation, installation of renewable power generation plants in India recorded 17.33% CAGR during 2016-2020 and reached 87.26 GW capacity, of which wind and solar energy accounted for 34.74 GW and 34.81 GW respectively. Moreover, India possesses 22 nuclear reactors in 7 nuclear power plants taking installation capacity to 6,780 MW in 2018 and generated about 35 TWh of nuclear power in the year 2017.
Further, the U.S. renewable energy policy like Modified Accelerated Cost-Recovery System (MACRS), Investment Tax Credit (ITC), and Federal Production Tax Credit (PTC) manage subsidies and economic incentives to the manufacturer for making renewable energy production cost competitive with conventional fossil fuels. However, surging demand for reduction in distribution and transmission losses may hamper the growth of global substation monitoring system industry.
Summarizing market segmentation:
Based on component type, global substation monitoring system market is divided into software and hardware. Speaking of communication technology, the industry is categorized into wireless and wired. Moving on to sector, the market is classified into distribution and transmission. Elaborating on industry scope, global substation monitoring system market is bifurcated into transportation, mining, utility, steel, and oil & gas.
Evaluating the regional terrain:
According to the evaluations of industry experts, North America currently holds significant market share, on account of growing IoT based communication network. Meanwhile, Asia Pacific substation monitoring system industry is likely to record a substantial growth over 2020-2027. This regional growth is credited to numerous renewable energy projects.
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Global Substation Monitoring System Market Component Analysis (Revenue, USD Billion, 2017-2027)
- Software
- Hardware
Global Substation Monitoring System Market by Communication Technology (Revenue, USD Billion, 2017-2027)
- Wireless Communication Technology
- Wired Communication Technology
Global Substation Monitoring System Market Sector Analysis (Revenue, USD Billion, 2017-2027)
- Distribution
- Transmission
Global Substation Monitoring System Market Industry Analysis (Revenue, USD Billion, 2017-2027)
- Transportation
- Mining
- Utility
- Steel
- Oil & gas
Global Substation Monitoring System Market Regional Landscape (Revenue, USD Billion, 2017-2027)
North America
- Canada
- U.S.
Europe
- Italy
- Spain
- France
- Germany
- U.K.
- Rest of Europe
Asia Pacific
- South Korea
- Australia
- Japan
- India
- China
- Rest of Asia Pacific
Latin America
- Mexico
- Brazil
Rest of the World
Global Substation Monitoring System Market Competitive Hierarchy (Revenue, USD Billion, 2017-2027)
·Novatech Inc.
·Crompton Greaves Limited
·Eaton Corporation
·Siemens AG
·Emerson Electric Co.
·Honeywell International Inc.
·Schneider Electric SE
·Cisco Systems
·ABB Ltd.
·General Electric
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Substation Monitoring System Market, by Region, 2018-2027 (USD Billion)
1.2.2. Substation Monitoring System Market, by Component, 2018-2027 (USD Billion)
1.2.3. Substation Monitoring System Market, by Communication technology, 2018-2027 (USD Billion)
1.2.4. Substation Monitoring System Market, by Sector, 2018-2027 (USD Billion)
1.2.5. Substation Monitoring System Market, by Industry, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Substation Monitoring System Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Substation Monitoring System Market Dynamics
3.1. Substation Monitoring System Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Substation Monitoring System Market Industry Analysis
4.1. Porter’s 5 Force Model
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Substation Monitoring System Market, by Component
5.1. Market Snapshot
5.2. Global Substation Monitoring System Market by Component, Performance - Potential Analysis
5.3. Global Substation Monitoring System Market Estimates & Forecasts by Component 2017-2027 (USD Billion)
5.4. Substation Monitoring System Market, Sub Segment Analysis
5.4.1. Hardware
5.4.2. Software
Chapter 6. Global Substation Monitoring System Market, by Communication technology
6.1. Market Snapshot
6.2. Global Substation Monitoring System Market by Communication technology, Performance - Potential Analysis
6.3. Global Substation Monitoring System Market Estimates & Forecasts by Communication technology 2017-2027 (USD Billion)
6.4. Substation Monitoring System Market, Sub Segment Analysis
6.4.1. Wired communication technology
6.4.2. Wireless communication technology
Chapter 7. Global Substation Monitoring System Market, by Sector
7.1. Market Snapshot
7.2. Global Substation Monitoring System Market by Sector, Performance - Potential Analysis
7.3. Global Substation Monitoring System Market Estimates & Forecasts by Sector 2017-2027 (USD Billion)
7.4. Substation Monitoring System Market, Sub Segment Analysis
7.4.1. Transmission
7.4.2. Distribution
Chapter 8. Global Substation Monitoring System Market, by Industry
8.1. Market Snapshot
8.2. Global Substation Monitoring System Market by Industry, Performance - Potential Analysis
8.3. Global Substation Monitoring System Market Estimates & Forecasts by Industry 2017-2027 (USD Billion)
8.4. Substation Monitoring System Market, Sub Segment Analysis
8.4.1. Oil & gas
8.4.2. Steel
8.4.3. Utility
8.4.4. Mining
8.4.5. Transportation
Chapter 9. Global Substation Monitoring System Market, Regional Analysis
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coming years.