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Synchro phasors Market is to grow at a 15 % CAGR, with the United States leading the market through 2030
Synchro phasors Market
The Synchro phasors Market was USD 0.30 Bn in 2023 and is expected to expand at a CAGR of 15 % from 2024 to 2030, reaching USD 0.81 Bn by 2030. Synchro phasor technology offers high-precision, real-time data on electrical grid behavior and performance. Synchro phasors allow improved grid disturbance detection, which will allow grid operators to increase stability and avoid blackouts or cascade failures. The adoption of synchro phasors is mostly driven by the development of smart grids, which improve the sustainability, dependability, and efficiency of energy distribution via the use of digital communication technology. The U.S. Federal Energy Regulatory Commission (FERC) has made the installation of phasor measuring units (PMUs) necessary for grid reliability and monitoring. The synchrophasor market in the United States was estimated to be worth $287.6 million.
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Synchro phasors Market Segmentation
By Type: Hardware Components comprises the systems that allow the PMUs and control centers to exchange synchrophasor data. Software Components permit remote power grid monitoring and control by grid operators. These consist of data storage and backup software as well as integration software for connecting synchrophasor systems to other grid management technologies, such as SCADA systems
By Application: Fault Analysis is used for improved dependability and fewer power interruptions, particularly in the commercial and industrial sectors. State Estimation is necessary for planning and predicting grid behavior, as well as for the precise control of electricity flow across the grid. Stability Monitoring is essential for avoiding grid outages and guaranteeing that the system can stabilize following an interruption.
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Synchro phasors Market Regional Analysis
The United States synchrophasor market is anticipated to increase at a CAGR of 11.9%, with a possible peak of $546.72 million by that year from 2024 to 2030. The dominating key players like Siemens AG provide complete synchrophasor grid monitoring and control solutions. General Electric (GE) offers analytics software and sophisticated phasor measuring equipment.
Germany leads the European synchrophasor market and will continue to dominate the synchrophasor market until 2030. Innovations like the Korridor B project, which aims to carry wind energy from northern Germany to industrial areas by building high-voltage direct current (HVDC) lines.
China's synchrophasor market was estimated to be worth $36.9 million in 2024. Siemens a global leader offers real-time monitoring systems, grid stability solutions, and sophisticated Phasor Measurement Units (PMUs) that are used in China to increase grid dependability. Additionally, General Electric, and ABB Ltd. also dominate the Chinese market.
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Synchro phasors Market Competitive Landscape
Siemens AG: In October 2024, Siemens agreed to acquire Altair Engineering, a leading industrial simulation company located in the United States for $10.6 billion, equating to $113 per share. Also in 2024, Danfoss Fire Safety was fully acquired by Siemens Smart Infrastructure.
General Electric: In 2024, Dussur sold 55% of General Electric Saudi Advanced Turbines (GESAT) to GE Vernova. More than 200 gas turbine modules for power plants in ten different countries have been built by GESAT.
ABB Ltd.: In May 2024, Siemens' Wiring Accessories division in China was acquired by ABB. In August 2024, ABB completed the acquisition of SEAM Group, a U.S.-based company that offers consultancy and energized asset management services.
Conclusion
Synchrophasor technology will remain essential to energy management in the future as utilities and power corporations depend more and more on real-time data to improve grid stability and optimize operations.
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