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Synchrophasor Market Segmented By Technology type such as Hardware Components and Software Systems
According to latest research by Persistence Market Research, Synchrophasor market is set to witness exceptional growth between 8% and 10% during 2021-2031. Advancements in communication technologies, alongside advancing automation and monitoring systems are anticipated to have a positive impact on the market.
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Phasor measurement units (PMUs) collect data, which gives information regarding grid performance, and transmit it to phasor data concentrator (PDC) devices to identify anomalies, if any, in the grid system
The aging grid framework, the rise in domestic and commercial energy consumption rates, industrialization and development of civic infrastructure and an increased demand on power resources have created strain on the framework causing power blackouts, owing to which government organizations and end users are extensively adopting smart grids and this factor is considered to have optimistic results on the market.
For instance according to US. Energy Department currently U.S has 9,200 electric generating units with more than 1 million megawatts of generating capacity connected to more than 300,000 miles of transmission lines, with such numbers smart grids are critical for the power systems.
Increasing custom electric powers systems have proved to be beneficial for the market. Increasing complexity and efficiency concerns has increased the demand for monitoring systems and therefore Synchrophasor has emerged as best option for the above application. Additionally its benefits over conventional methods will further uplift the market.
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Although Covid-19 pandemic slightly affected the market due to closure of and shutdown of industrial sector, however the market is forecast to get on track in next few quarters.
Demand for Synchrophasor in US and Canada will be led by Energy sector.
Government is enrolling schemes and promoting inter industry collaboration to encourage use of Synchrophasor technology, like North American Synchrophasor Initiative (NASPI), which is a collaboration between electric industry, the North American Electric Reliability Corporation (NERC), and the U.S. Department of Energy (DOE) to advance the use of synchrophasor technology to enhance grid reliability and economics through high-speed, wide-area measurement, monitoring, and control.
This steps from government organizations have proven to be very beneficial for the market.
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European Commission is by far most active organization keen to reduce its carbon footprint, owing to which this organization is regulating and implementing norms to reduce carbon footprint across all industries.
As of March 1, 2021, the European Energy Label Regulation 2019/2018 came into force for professional equipment. The purpose of the European Union is to reduce the environmental impact in terms of energy consumption by encouraging and promoting the sale of more efficient and sustainable products, which expected to be optimistic factor for the market.
Also integration of renewable energy sources in smart grids is expected to drive the market in the region. This integration decrease the carbon footprint generated from electric power frameworks, thus improving the overall efficiency of smart grid platforms and decreasing the reliance on non-renewable control source.
Some of the leading manufacturers and suppliers of Synchrophasor include
Many leading manufacturers are indeed a smart grid infrastructure and large scale power system manufactures and have agreements with governments, like Siemens.
In April 2019, Siemens and Iraqi Government have signed agreement, this includes short, mid- and long-term addition of new highly efficient power generation capacity and includes rehabilitation, upgrade of existing plants, expansion of transmission and distribution networks and valued at Euro 700 Million.
By Technology Type
By End-use Industry
By Region
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
