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Synchrophasors Market to Reach USD 2.0 Bn by 2034 Amid Surge in Grid Modernization Initiatives | ABB, Alstom Grid, Arbiter Systems Inc., Electric Power Group, LLC
Synchrophasors Market
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Market Overview: Synchrophasors, or phasor measurement units (PMUs), offer time-synchronized measurements of voltage, current, and frequency, providing utilities with critical insights for real-time monitoring and control. These devices are instrumental in improving power grid reliability, operational efficiency, and facilitating the integration of renewable energy sources.
As power systems become more complex and decentralized, the value of synchrophasors in providing situational awareness, stability monitoring, fault detection, and optimal load balancing has become paramount. Utilities across the globe are increasingly deploying synchrophasor networks to enhance wide-area visibility and facilitate smarter grid operations.
Market Drivers & Trends
1. Surge in Demand for Real-time Monitoring and Control:
The transition to intelligent grid operations is being fueled by the need for accurate, real-time insights. Synchrophasors enable operators to detect disturbances, analyze system dynamics, and respond promptly to maintain grid stability. Their ability to provide precise data for grid optimization is critical in today's energy landscape.
2. Integration of Renewable Energy Sources:
As nations push towards cleaner energy, PMUs are becoming essential in managing the intermittency of renewables like wind and solar. The synchronized data helps in real-time balancing of supply and demand, aiding in smooth renewable integration without compromising grid stability.
3. Support for Energy Transition Initiatives:
Global commitments to carbon neutrality and sustainable energy infrastructure have boosted investments in technologies like synchrophasors. For instance, India aims to reach 500 GW of renewable energy capacity by 2030, creating vast opportunities for PMU deployment.
Key Players and Industry Leaders
The synchrophasors market is fragmented with several global and regional players actively developing new technologies and expanding their market presence through collaborations and M&A. Key players include:
• ABB
• Alstom Grid
• Arbiter Systems Inc.
• Electric Power Group, LLC
• Electro Industries
• FUJI ELECTRIC FRANCE S.A.S.
• General Electric
• Hitachi Energy
• Macrodyne
• NR Electric
• Schneider Electric
• Schweitzer Engineering Laboratories
• Siemens Energy
• Toshiba Corporation
• Vizimax
• Wasion Group Holdings Ltd.
• Other Key Players
These companies are investing heavily in R&D to enhance product efficiency and accuracy, while also integrating advanced analytics, AI, and cloud capabilities to improve grid intelligence.
Recent Developments
• In June 2023, the U.S. National Electric Vehicle Infrastructure (NEVI) program allocated US$ 5 Bn to develop 600kW DC fast-charging stations along major highways. This initiative includes the integration of synchrophasors to enable these charging stations and energy storage systems to function as smart distribution grid nodes.
• Companies like General Electric and Schneider Electric have launched next-gen PMUs capable of deeper grid insights through AI-driven analytics and high-speed communication protocols.
Latest Market Trends
• Adoption of AI and Data Analytics: Integration of artificial intelligence with PMU data enables predictive maintenance, anomaly detection, and enhanced system control.
• Cloud-Based PMU Solutions: Vendors are offering PMUs with cloud connectivity, enabling centralized monitoring and analytics from remote locations.
• Miniaturization and Modular PMUs: Compact, modular designs are enabling broader deployment, especially in remote or distributed energy networks.
• Interoperability Standards: Growing emphasis on interoperability with existing SCADA and EMS systems is driving software innovation in the market.
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Market Opportunities
• Expansion in Developing Regions: Countries in Asia, Latin America, and Africa are rapidly modernizing their grid infrastructure, offering lucrative opportunities for PMU manufacturers.
• Renewable Energy Projects: Synchrophasors will play a pivotal role in renewable-heavy microgrids, especially in remote areas.
• Smart Grid Deployments: Government-funded smart grid initiatives are accelerating the demand for synchrophasors in grid digitization projects.
Future Outlook
The synchrophasors market is expected to remain on a high-growth trajectory, backed by:
• Increasing government regulations supporting grid reliability and decarbonization
• Continued rise in renewable energy deployment and distributed energy resources
• Technological innovations offering advanced data visualization, control, and interoperability
By 2034, synchrophasors will become a standard component in the architecture of smart, sustainable, and self-healing power grids.
Market Segmentation
By Component:
• Hardware:
o Phasor Measurement Units (PMUs)
o Phasor Data Concentrators (PDCs)
o Real-time Dynamic Monitoring Systems (RTDMS)
o Communications Equipment
o Others (Clocks, Data Units)
• Software
• Services
By Application:
• Fault Location Identification & Protective Relaying
• State Estimation
• Power System Control
• Stability Monitoring
• Wide Area Monitoring
• Islanding Detection
• Load Characterization
• Others
By End-use:
• Power Transmission Systems
• Power Distribution Systems
• Distributed Energy Systems
• Power Generation
Regional Insights
Asia Pacific emerged as the leading region, capturing 47.5% of the market share in 2023 and is expected to grow at a CAGR of 22.6% through 2034. This growth is propelled by:
• Rapid renewable energy expansion in countries such as China, India, and Japan
• Increased investments in grid modernization and energy infrastructure
• Government-led smart grid initiatives and policy support
North America and Europe are also significant contributors, driven by aging grid infrastructure upgrades and high penetration of renewable energy.
Why Buy This Report?
This comprehensive report on the global synchrophasors market offers:
• In-depth analysis of market dynamics, trends, and growth drivers
• Market segmentation with data-driven insights across applications, components, and end-use sectors
• Competitive landscape with detailed profiles of major industry players
• Regional analysis covering North America, Latin America, Europe, Asia Pacific, and MEA
• Forecast data (2024-2034) backed by historical trends and expert insights
• Key developments and innovation strategies of leading companies
• Strategic recommendations for stakeholders, new entrants, and investors
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