Press release
Substation Monitoring System Market: Drivers, Restraints, Opportunities, and Threats 2018-2028
Substation monitoring system refers to an ecosystem consisting of hardware and software components that is used to monitor substation equipment, such as transformers, switching devices, and circuit breakers, among others. Substation monitoring system is used across transmission and distribution substations to collect real time data of individual equipment as the entire operational status of the substation. This data monitoring carried out by the substation monitoring system helps to identify the faults, trips, or breakages in the substation equipment, enabling quick response to tackle any such event.
Substation monitoring system helps with the protection and reliable operation of substation equipment. The specifications of a substation monitoring system are highly variable, depending on the type of substation, voltage levels, load capacity, grid integration and many other technical parameters. Substation monitoring system may be installed in a given substation on a standalone basis, or often integrated as part of a wider substation automation system.
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In view of the criticality of their application, a wide range of regulations and standards govern the specification, design, engineering and application of substation monitoring system, both for hardware and software components. Providers of substation monitoring system widely use standards and protocols determined by the International Electrotechnical Commission (IEC) on an international scale, along with the other regional standards that may apply in specific territories.
Considering these aspects of the substation monitoring system, the study of the trends and forecasts of the substation monitoring system market becomes an important read.
Substation Monitoring System Market: Dynamics
The demand for substation monitoring system is driven by the growing need for reliable power supply and overall power network and grid stability. With increasing demand for power consumption, especially due to development of new urban areas and continuing industrialization, there are growing investments from power producers, as well as transmission & distribution network operators to implement systems that reduce outages, provide effective real-time control and reduce the operation costs. Substation monitoring system helps the efficient operation of substation, which in effect leads to lower costs related to maintenance and equipment failure, reduced unplanned shutdown or outages, and thus increased profitability.
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The advancement in communication technology, with regards to development of the Internet of Things (IoT), has further accelerated the implementation of substation automation systems, thus providing new opportunities and growth avenues for substation monitoring system market. Also, continuing investments in renewable power generation is expected to be the key driver of the demand for substation monitoring system market. The substation monitoring system market is projected to benefit from the growing spending on the integration of renewable power sources to existing grids and power networks.
Substation Monitoring System Market: Regional Outlook
The demand for substation monitoring system is projected to grow at a good pace in the next five to ten years owing to increasing spending by power system operators on automation, monitoring and control systems for substation applications. Asia Pacific is expected to be a dominant regional market for substation monitoring system, on the back of large-scale power capacity additions, especially in the fast-growing economies of the region such as India, China and Southeast Asian countries.
Power infrastructure addition will include the expansion of transmission and distribution lines, addition for substations and related systems, which is expected to contribute to the growth of the substation monitoring system market. Europe and North America are also expected to be the key regional markets for substation monitoring system with growing need of equipment and system upgrades to replace ageing infrastructure. The Middle East & Africa, with increasing power infrastructure investments, will also be important region for generating new opportunities for manufacturers.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application and industry.
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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.
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