Press release
Substation Monitoring System Market Share, Size By Top Key Players: Emerson, GE, Cisco, CG Power and Industrial Solutions Limited (Formerly Crompton Greaves Limited), Honeywell, Eaton, Novatech, Schneider Electric, ABB, Siemens, Sentient Energy
Global Market Insights, Inc.
Substation Monitoring System Market size is expected to grow at a steady rate over the coming years owing to the growing focus on the reduction of distribution and transmission losses and to enhance the reliability of power systems. The power generation industry is looking to address the maturing and distressed infrastructure and improve the IoT-based communication network by employing cost-efficient solutions, driving the substation monitoring system market growth.
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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.
Global Key Players in Substation Monitoring System Market:
1. Emerson
2. GE
3. Cisco
4. CG Power and Industrial Solutions Limited (Formerly Crompton Greaves Limited)
5. Honeywell
6. Eaton
7. Novatech
8. Schneider Electric
9. ABB
10. Siemens
11. Sentient Energy
The benefits of developing IEC 61850 standard to allow interoperability amongst IEDs and advancements in the power ecosystem through several growth strategies, such as mergers & acquisitions, contracts & agreements, partnerships, expansions, and product developments, will provide an impetus to the substation monitoring system market growth. The surge in CAPEX associated with the installation of sensor networks is anticipated to hinder the substation monitoring system market growth. The threats of malicious attacks and increasing installation costs of IEDs in substations are among the other challenges that might limit the industry demand.
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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.
Players operating in the substation monitoring system market include Emerson Electric, GE, Cisco, CG Power and Industrial Solutions Limited (Formerly Crompton Greaves Limited), Honeywell, Eaton Corporation, IGrid, I-Tor, Novatech, Schneider Electric, ABB, Siemens, Tekvel, Sentient Energy, and Cadillac Automation and Controls.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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