Substation Monitoring System Market Exclusive Report on the Latest Revenue and Future Scope

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Substation Monitoring System Market- (By Component (Hardware (Intelligent Electric Devices (Transformer(Voltage Instrument Transformer, Current Instrument Transformer), Relay Devices, Recloser Controllers, Circuit Breakers, Switches), Distribution Network Feeders, Others (Smart Sensors, Microcontrollers, Cameras)), Software (Asset Management, Production Management, Performance Management)), By Communication Technology (Wired (Fiber Optic, Ethernet, PROFIBUS, Others), Fieldbus, HART, Modbus), Wireless (Wireless LAN (Wi-Fi), ZigBee, Cellular Technology)), By Sector (Transmission, Distribution), By Industry (Transportation, Mining, Steel, Oil and Gas, Utilities (Non-Renewable, Renewable))), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Substation Monitoring System Market is valued at US$ 4.67 Bn in 2022, and it is expected to reach US$ 8.61 Bn by 2031, with a CAGR of 7.2% during a forecast period of 2023-2031.

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A substation Monitoring System is a critical tool for utilities to ensure the safe, reliable, and efficient operation of electrical substations. It empowers operators with real-time data and control capabilities, helping to minimize downtime and optimize power distribution in the electrical grid. Global demand for substation monitoring systems has increased significantly, and it is expected to do so throughout the projected period. There is a high demand for substation monitoring systems and increased investment by power system operators in automation, monitoring, and control systems. An essential part of the local, regional, and international infrastructure is the substation monitoring system. Furthermore, the economy and national security both suffer greatly when these systems malfunction. The market is therefore anticipated to grow more quickly throughout the anticipated period as a result of growing awareness of its benefits.

The SMS system assures the substation's safe and dependable operation by continuously monitoring vital parameters like temperature, pressure, and voltage levels. The power generation, distribution sectors and transmission are included in the scope of the global substation monitoring system market. SMS technology is employed in these sectors to monitor and manage substation operations. Hardware, software, and consulting services are just a few of the several substation monitoring systems and services available on the market. The monitoring of the substation equipment is made possible by the sensors, communication tools, and other gear that is part of the hardware component.

List of Prominent Players in the Substation Monitoring System Market:
• ABB Ltd.
• Sentient Energy
• Schweitzer Engineering Laboratories
• Viper Imaging, LLC
• Allis Electric Co., Ltd.
• FLIR Systems
• MoviTHERM
• CAS
• Pyrumas Software Pvt. Ltd.
• CAHORS
• Advanced Energy
• Nortech Management Ltd.
• Crompton Greaves
• Eaton
• Emerson Electric
• Honeywell
• Cisco
• Schneider Electric SE
• General Eectric
• Siemens

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Market Dynamics:
Drivers-
By implementing cost-effective solutions, the power-generating sector hopes to address the ageing and failing infrastructure and enhance the IoT-based communication network, which is fueling the expansion of the substation monitoring system market. Growing government spending on modernizing power plants and developing IoT-based communication networks is driving the industry's expansion. Additionally, the monitoring systems used to effectively analyze and automate facility data are becoming more prevalent in the market. The communication network is crucial in power plants because monitoring equipment and Intelligent Electronic Devices (IEDs) at the substation must be transmitted through distant utility data centres. Technological developments such as novel communication and SCADA systems will drive the substation monitoring system market.

Challenges:
The substation monitoring system's affordability is further hampered by the high cost and difficulty of installing wireless sensor networks. As a result, it is predicted that the market development will be constrained by the high initial capital investment required for the installation of sensor (wireless) networks as well as the rising cost of placing IEDs in substations. In addition, a lack of information about the advantages of substation monitoring systems and a slower acceptance rate in developing nations are two of the biggest obstacles facing the market for these systems throughout the projection period.

Regional Trends:
The North America Substation Monitoring System market is expected to record a major market share in terms of revenue. The substation monitoring system market in this region is expanding its revenue due to factors including rising product launches and product expansion by major industry participants, among others. For instance, NV5 Geospatial just released the ARIS II Rover, an improved robotic substation monitoring gadget. After five years of in-field implementation and testing, the rover satisfies the most demanding standards for robustness and dependability in the industry. It can function in adverse weather and on a variety of surfaces, as seen in distribution and transmission substations. One of North America's most complete producers of geospatial scientific data is NV5 Geospatial.

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Recent Developments:

• In August 2023, Siemens came out with a new line of line monitoring switches. The SIRIUS 3UG5 line tracking relays took the technology that had been used before and added new functions and uses.The new SIRIUS 3UG5 line monitoring relays made sure that mobile tools and equipment were as safe as possible, especially if the grid was not stable. This made sure that grid and power problems could be found and reported quickly before they caused a lot of damage.

• In Nov 2021, General Electric (GE) and ISA CTEEP successfully implemented the initial operation of the inaugural digital substation within the National Interconnected System in Brazil. The facility was constructed via fibre optic cables and incorporated a control room that was 30% less in size compared to traditional substations. This design modification resulted in a reduction of environmental effects.

Segmentation of Substation Monitoring System Market-
Substation Monitoring System Market By Component-
• Hardware
o Intelligent Electric Devices
 Transformer
• Voltage Instrument Transformer
• Current Instrument Transformer
 Relay Devices
 Recloser Controllers
 Circuit Breakers
 Switches
o Distribution Network Feeders
o Others
 Smart Sensors
 Microcontrollers
 Cameras
• Software
o Asset Management
o Production Management
o Performance Management
Substation Monitoring System Market By Communication Technology-
• Wired
o Fiber Optic
o Ethernet
o PROFIBUS
o Others
 Fieldbus
 HART
 Modbus
• Wireless
o Wireless LAN (Wi-Fi)
o ZigBee
o Cellular Technology
Substation Monitoring System Market By Sector
• Transmission
• Distribution
Substation Monitoring System Market By Industry-
• Transportation
• Mining
• Steel
• Oil and Gas
• Utilities
o Non-Renewable
o Renewable

By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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