The substation monitoring system market is expected to grow from USD 3.32 Billion in 2017 to USD 5.21 Billion by 2023, at a CAGR of 7.8% between 2017 and 2023
The growth of this market is fueled by the growing demand for reduction in transmission and distribution losses, aging infrastructure, increasing investments (contracts) from the government, and improving IoT-based communication network. Moreover, the advantages of developing IEC 61850 standard to enable interoperability between IEDs and developments in the substation monitoring ecosystem through organic and inorganic growth strategies, such as product developments, expansions, partnerships, contracts and agreements, and acquisitions, would further drive the growth of this market.
Asia Pacific (APAC) is expected to hold the largest share of the substation monitoring system market during the forecast period. The substation monitoring system market in emerging economies, such as China, India, and South Korea, is expected to grow at the highest CAGR because of the rising need for reduction in transmission and distribution losses in these countries.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Substation Monitoring System Market, By Component
7 Substation Monitoring System Market, By Communication Technology
8 Substation Monitoring System Market, By Sector
9 Substation Monitoring System Market, By Industry