Substation Monitoring System Market Top Key Industry Players: Emerson Electric, General Electric, Cisco, Crompton Greaves, Honeywell, Eaton Corporation, IGrid T&D, I-Tor, Novatech, Schneider Electric SA, ABB Ltd., Siemens AG, Tekvel, Sentient Energy
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Rising investments from the government for improving IoT-based communication network and modernizing the power stations are propelling the industry growth. In addition, the industry is witnessing a growing penetration of the monitoring solutions to efficiently analyze and automate the facility data. The communication network plays an essential part in power houses as the monitoring devices & Intelligent Electronic Devices (IEDs) located at the substation need to be passed through utility data centers that are located remotely. Advancements in technology, such as innovative communication and SCADA technologies, will drive the substation monitoring system market.
Based on the component, the substation monitoring system market is segmented into hardware and software. The hardware market accounted for the majority of the industry share and will gain a considerable share owing to its implementation in mining, steel, oil & gas, and transportation industries. Hardware components, such as microcontrollers, smart sensors, IEDs, cameras, distribution network feeders, and smart sensors, are being built in the electrical substations and they help in the collection of real-time data, thereby providing an uninterrupted power supply in several industries owing to which, the hardware substation monitoring system market will witness a considerable growth.
On the basis of technology, the substation monitoring system market is segmented into wired and wireless systems. The performance of wired solutions can get degraded due to the changing environmental conditions and the maintenance of these systems is comparatively difficult as compared to wireless; hence, wireless solutions are majorly implemented in remote areas for online monitoring purposes. In addition, wireless data communications are offering various advantages such as easy user access, low-cost installation, and rapid deployment.
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Based on applications, the substation monitoring system market is segmented into transportation, mining, utility, steel, and oil & gas industries. The utility market is expected to hold the largest share over the forecast time span owing to the high demand for energy supply in several industrial sectors. The installation of smart grids and modernization of grids has created a demand for monitoring solutions in the sector. The growing number of project launches, such as subsidizing solar farm projects in Asia Pacific and MEA countries, is driving the utility substation monitoring system market growth.
The Asia Pacific substation monitoring system market is witnessing a high demand for the technology owing to the growing demand for monitoring services and power management solutions. The industry in countries including South Korea, India, China, Japan, and Australia is expected to grow rapidly in the coming years. The government organizations from these countries are heavily investing in implementing automated services for examination of devices in electrical facilities.
Players operating in the substation monitoring system market include Emerson Electric, General Electric, Cisco, Crompton Greaves, Honeywell, Eaton Corporation, IGrid T&D, I-Tor, Novatech, Schneider Electric SA, ABB Ltd., Siemens AG, Tekvel, Sentient Energy, and Cadillac Automation and Controls. The competition amongst major players to offer technologically advanced solutions is making companies invest increasingly in R&D activities. Companies are focusing on expanding their business and M&As to improve their service offerings in the untapped regions.
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