PUNE, India, October 16, 2017 /PRNewswire/ --
According to the new market research report "Substation Monitoring System Market by Component (Hardware & Software), Communication Technology (Wired & Wireless), Sector (Transmission & Distribution), Industry (Utility, Oil & Gas, Mining, Steel, and Transportation) and Geography - Global Forecast to 2023", published by MarketsandMarkets™ , the 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.
Browse 63 Market Data Tables and 52 Figures spread through 166 Pages and in-depth TOC on "Substation Monitoring System Market"
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The factors driving the growth of this market are growing demand for reduction in transmission and distribution losses, aging infrastructure, increasing investments (contracts) from the government, improving IoT-based communication network, and developing IEC 61850 standard to enable interoperability between IEDs.
"Substation monitoring system market for software component is expected to grow at the highest CAGR during the forecast period"
The substation monitoring system market for software is expected to grow at the highest CAGR between 2017 and 2023. Despite the challenges such as cyber threat and harsh environmental conditions in the power industry, the market for software is expected to grow at the highest rate. The increasing use of electricity in the industrial sector and demand for uninterrupted power in emerging economies, such as China and India, are driving the growth of the substation monitoring system market for software. Moreover, a growing need for reducing electricity losses through monitoring is driving the growth of the substation monitoring system market for software.
"Substation monitoring system market for wireless communication technology is expected to grow at the highest CAGR during the forecast period"
The substation monitoring system market for wireless communication technology is expected to grow at the highest CAGR between 2017 and 2023, owing to the growing adoption of wireless communication technology over wired communication technology in remote electrical substations for online monitoring purposes.
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"Substation monitoring system market for distribution sector is expected to grow at the highest CAGR during the forecast period"
The substation monitoring system market for the distribution sector is expected to grow at the highest CAGR between 2017 and 2023, owing to the increasing demand for electricity, which drives the need for upgrading aging infrastructure. The existing infrastructure cannot sustain the bulk power movements. Owing to this, there is a need for substation monitoring systems to reduce the losses and maximize the electricity efficiency.
"Substation monitoring system market for the utility industry to grow at the highest CAGR between 2017 and 2023"
The utility industry is expected to witness the highest CAGR in the overall substation monitoring system market between 2017 and 2023. This growth rate is attributed to the growing use of substation monitoring system and services for reduction in transmission and distribution losses and aging infrastructure of electrical substations.
"Asia Pacific expected to lead the substation monitoring system market between 2017 and 2023"
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 with the rising need for reduction in transmission and distribution losses in these countries.
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The major players operating in the substation monitoring system market are ABB (Switzerland), Honeywell (US), Siemens (Germany), Schneider Electric (France), Emerson Electric (US), General Electric (US), Eaton (Ireland), Schweitzer Engineering Laboratories (US), NovaTech (UK), and Crompton Greaves (India).
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