Substation Monitoring Market – Overview
Advancing IoT based communication network is expected to be a crucial factor promoting the substation monitoring market. Reports that study the energy and power industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is on path to exploit an 8.50 % CAGR in the forecast period.
The escalated funds being devoted by government sources is anticipated to positively reinforce the progress of the market of the substation monitoring market. Moreover, the need to lessen the deficits happening owing to a multipart electricity T&D network is further raising the need for substation monitoring market. Also, the increased establishment of substations in remote locations is expected to provide new opportunities for growth in the coming years.
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The progress in the efficacy of production facilities is buttressing the market’s growth pace in the coming years. Also, inventions in technology are anticipated to exercise a constructive inspiration on the enhancement of the market. The influence of governmental plans is stirring additional evolution of the market. The revivals carried out in the logistic chain are projected to produce favorable possibilities for progress in the coming period. The instabilities in global currency are predicted to become stable and consequently place a beneficial impact on the market. The upturn of investment into physical capital is estimated to underpin the market’s growth in the forecast period. The market is being distinguished by the instrumental forces that are applying an imposing influence. The upgrades in the mining of natural resources are further supporting market expansion advancement. The improvement of substitute raw material resources is likely to further concentrate on the supply demands in the market.
The significant companies functioning in the substation monitoring market are Schneider Electric, General Electric, Cisco, Crompton Greaves, Emerson Electric, Siemens AG, ABB Ltd., Honeywell, Eaton, Emerson Electric, Schweitzer Engineering Laboratories, Novatech, Sentient Energy, Cadillac Automation and Controls, Igrid T&D, Tekvel, and I-TOR, among others.
The segmental assessment of the substation monitoring market on component, sector, industry, communication technology, and region.
On the basis of industries, the substation monitoring market has been segmented into steel, oil & gas, utility, mining, transportation, among others. The utility segment is steering the market due to the growing application of substation monitoring systems for decreasing distribution and transmission losses along with the old infrastructure of electric substations existing presently.
Based on the component, the substation monitoring market has been segmented into software and hardware.
On the basis of communication technology, the substation monitoring market is bifurcated into wireless and wired.
On the basis of sector, the substation monitoring market is divided into distribution and transmission.
On the basis of region, the substation monitoring market is segmented into Europe, Asia Pacific, South America, North America, Africa, and Middle East.
The regional assessment of the substation monitoring market covers regions such as Europe, Asia Pacific, South America, North America, Africa, and Middle East.
As per the analysis, the Asia Pacific region, which comprises of the key economies of China and India, have broadly contributed towards the growing demand for electricity, due to growing population in this region. The altering electricity consumption trends in the region have led to T&D deficits.
Aug 2019 Atlas Renewable Energy has commenced viable operation of the 156MW Juazeiro solar farm in Brazil. The photovoltaic installation consists of the first digital substation set up in Latin America, boosting the power plant’s dependability. The amount devoted to the plant’s build is about USD165million. The PV farm’s digital substation conducts and supplies clean electricity while growing the operators’ output, security, and consistency and also needs markedly less space while enabling more well-organized operation of utility networks such as substation monitoring, diagnostics and control.
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