Synchrophasors Market - Global Industry Analysis 2020
The measurements obtained by the synchrophasors are used for fault analysis, state estimation, stability monitoring, power system control, operational monitoring, and improve grid visualization. The integration of synchrophasor devices is one of the key factors in updating high voltage substations into centers of real-time information. The increasing demand for substation automation on account of the rise in adoption of smart grid technologies is anticipated to augment the global demand for synchrophasors. The synchrophasor along with communication networks and distribution feeder automation are an integral part of substation automation. This allows faster real-time information and with more reliability.
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The global market for synchrophasors can be fragmented on the basis of application and geography. On the basis of applications, the global market for synchrophasors can be segmented as wide-area situational awareness, voltage monitoring and trending, state estimation, resource integration, power oscillation monitoring, and outage restoration. The market on the basis of application of synchrophasors is also segmented as operations planning, frequency stability monitoring, alarming and setting system operating limits, event detection, dynamic line ratings and congestion management.
The primary demand for the synchrophasors is driven by their ability to determine the phase relationship between phase quantities at any location of the power system. Additionally, the escalating power demand and application of synchrophasors in smart grids is expected to boost the demand for this market.
The requirement of high initial investment and a lack of clear roadmap of technology deployment can hamper the growth of synchrophasors market. The Asia Pacific region is expected to be an opportunity area for synchrophasors on account of increasing smart grid activity. China is expected to contribute the most to the growth of synchrophasors market. Under synchrophasor initiatives in India, the pilot projects are deployed across the country. The pilot projects shall allow identifying the challenges that may result prior to the deployment of phasor measurement units in the country. North America is expected to drive the demand for synchrophasors worldwide in the foreseeable future. The demand in this region is driven by the lucrative policies and investment in research and development of new synchrophasor data analysis tools, and grants by the government under the North American SynchroPhasor Initiative (NASPI).
Europe is expected to register moderate growth in the foreseeable future. The demand in this region is driven by the need to transmission networks both in terms of capacity and stability. The deployment of synchrophasors is likely to increase the observability of the power system and gain an awareness of the stability situation throughout the whole power network.
Some of the key players in the synchrophasors market include XJ Electric Co. Ltd, Wasion Group Holdings Limited, Toshiba Corporation, Siemens AG, Schweitzer Engineering Laboratories, Schneider Electric, General Electric Company, Arbiter Systems, Alstom, and ABB among others.
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