Transparency Market Research delivers key insights on the global synchrophasors market. In terms of revenue, the global synchrophasors market is estimated to expand at a CAGR of ~20% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global synchrophasors market.
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The global synchrophasors market is broadly affected by several factors, including integration of synchrophasor measurement in multi-function recorders and protective relays, and increasing investments in modernization of power grids. The market for synchrophasor systems is likely to grow and it will be interesting to observe how the contending innovation-based new technology changes in the years ahead.
Synchrophasors Market: Dynamics
Measurements obtained by synchrophasors are used for fault analysis, state estimation, stability monitoring, power system control, operational monitoring, and to improve grid visualization. The availability of low cost, high precision timing sources, such as Global Positioning System (GPS) and IEEE 1588 compliant network clock sources, and the networking capability of protective relaying devices and systems are fundamentally changing the way that many current and future protective relaying applications are or will be implemented. Synchrophasor measurements, i.e., phasor measurements with high accuracy time stamping, have been used in a number of protective relaying applications, and are also being considered for many future protective relaying applications. Although synchrophasor measurements are used in many other power system applications such as wide-area monitoring and situational awareness applications, this report focuses primarily on its use in practical protective relaying applications that either have been implemented or are considered for future implementations. Thus, the integration of synchrophasor measurement in multi-function recorders and protective relays is expected to drive the synchrophasors market during the forecast period.
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It is crucial for both distributed utilities and digital utilities to update and modernize grid management systems being used with connected technology, since extra sensors and controls are installed all through the network. System reliability and efficiency continues to be the top priority for users and the market. However, these ideas are now being thought again in a much more distributed manner with more third-party involvement. According to studies, around 70% of utilities emphasize on physical security and cyber security while installing wireless technology and other communication devices. With modernization of power grids, efforts to protect the grid are in place, and respondents are also interested to improve grid reliability and competence using automation and providing deeper knowledge in grid operations. 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. Synchrophasors, along with communication networks and distribution feeder automation are an integral part of substation automation. This allows faster real-time information with more reliability.
Synchrophasors Market: Prominent Regions
North America holds a larger market share due to the presence of a large number of key market players, significant focus on aerospace & defense, and continual development of innovative technologies, which is boosting the synchrophasors market. The higher market share is mainly in large countries such as the U.S. and Canada. Additionally, the Asia Pacific region is anticipated to register a significant CAGR during the forecast period. The market in South America is expected to underperform as compared to other regions, owing to economic uncertainty in key countries such as Brazil and Argentina. Another reason for the lower growth forecast as compared to other regions is the limited presence of significant number of players that design and develop the respective products.
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Synchrophasors Market: Key Players
Key players operating in the global synchrophasors market are ABB Ltd, Wasion Group Holdings Ltd., Schweitzer Engineering Laboratories, Inc., Arbiter Systems Inc., Schneider Electric, Siemens AG., FUJI ELECTRIC FRANCE S.A.S., Toshiba Corporation, and General Electric.
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