Substation Monitoring System Market Analysis 2020: By Keyplayers ABB, Honeywell International Inc., Siemens AG, Schneider Electric SE, Emerson Electric, General Electric, Eaton Corporation Plc, Schweitzer Engineering Laboratories, NovaTech Systems, and Cr

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Substation monitoring system is designed to remotely monitor and control distributed power generation. Substations are essential for supplying power to consumers and act as the connection points between transmission networks and electric generators. Substations offer steady flow of voltage, and maintains the temperature of distribution transformers. Additionally, it helps in converting the Alternating Current (AC) to Direct Current (DC). Therefore, substations offer improved power quality management with increased reliability and operational advantages.

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Global Substation Monitoring System Market: Competitive Background

Key players operating in the substation monitoring system market include ABB, Honeywell International Inc., Siemens AG, Schneider Electric SE, Emerson Electric, General Electric, Eaton Corporation Plc, Schweitzer Engineering Laboratories, NovaTech Systems, and Crompton Greaves.

Rising demand for the reduction in distribution and transmission losses is the major factor driving the growth of market.

In the process of supplying electricity to the consumers, power loss is expected due to technical and commercial losses. Technical loss is due to dissipation of energy in transformers, conductors, and other equipment used in the distribution of power. Additionally, commercial losses are due to bypassing meters, defective meters, and errors in meter readings among others. For instance, according to the Coherent Market Insights' analysis, the average transmission and distribution losses in 2014, accounted for around 23% of the total electricity generated globally. Therefore, the demand for substation monitoring systems high for use in energy distribution operations, to reduce distribution and transmission losses (T&D losses), which in turn, is expected to positively influence the growth of the market during the forecast period.

Wireless Technology segment is expected to hold the largest market share over the forecast period
Among communication technology, the wireless technology segment held the largest market share in 2016. The segment includes cellular, wireless LAN, and Zigbee among others. The wired communication technology are easily susceptible to corruption, as they are more difficult to maintain than wireless technology. Therefore, the demand for wireless technology is increasing and is thus expected to fuel growth of the market over the forecast period (2017-2025).

High capital expenditure for installation of equipment is the major factor hampering growth of the market

High installation cost of the IEDs (Intelligent Electronic Devices) in substation such as transformers, relay devices, switches, controllers, circuit breakers is the major factor hindering growth of the market. Additionally, high expenditure for installation of wireless sensor network in application grid, which contains multifunctional sensor nodes helps in power generation, power delivery, and power utilization is also a major factor hampering growth of the market.�

Harsh environmental conditions is the major challenge faced by manufacturers in the substation monitoring system market

Harsh environmental conditions such as storm water drainage, noise, lighting, and road traffic are expected to hamper the proper functioning of substation monitoring systems. Factors such as substation landscaping and� habitat loss, changes to local aesthetics and view sheds, noise, and lighting are considered to be long-lasting and permanent effects. For instance, the noise created by substations can be quite loud to adjacent property owners, as a constant buzzing and humming of noise can be audible several feet from the substation fence. Moreover, tall soil berms and barrier of mature trees between the substations and nearby residences can partially reduce the noise impacts. Therefore, considering the harsh environmental conditions for the production of substations is the major challenge faced by manufacturers.

Global Substation Monitoring System Market: Regional Insights

Asia Pacific is expected to witness highest growth in the substation monitoring system market over the forecast period. India, China, Japan, Australia, and South Korea are major growth engines in the substation monitoring system market in Asia Pacific. Owing to increase in the Transmission and Distribution (T&D) losses, governments in these countries are undertaking initiatives to introduce measures to reduce the T&D losses.� For instance, Government of India is focusing on reducing the transmission and distribution losses of power from 21% in 2018 to 15% by 2019. The government is spending US$ 26.92 for improving the power infrastructure across the country.

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Global Substation Monitoring System Market: Taxonomy

On basis of component, the market is segmented into:
o Hardware
o Software

On basis of sector, the market is segmented into:
o Transmission
o Distribution

On basis of communication technology, the market is segmented into:
o Wired Communication Technology
o Wireless Technology

On basis of Industry, the market is segmented into:
o Oil and Gas
o Steel
o Mining
o Transportation

On basis of region, the market is segmented into:
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East
o Africa

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This release was published on openPR.