Substation Monitoring Market Size

Substation Monitoring Market Overview:

Substation Monitoring Market Size was valued at USD 6.4 Billion in 2023. The Substation Monitoring Market industry is projected to grow from USD 6.96 Billion in 2024 to USD 12.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.69% during the forecast period (2024 - 2032). The growing need for smart grid technologies, as well as the emphasis on asset management is the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Substation Monitoring Market Trends

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  Growing demand for Smart Grid Technologies drives market growth.

  
  

The growing need for smart grid technology is driving the substation monitoring market CAGR. Smart grids provide real-time monitoring and control of electricity generation, transmission, and distribution, which improves the efficiency and reliability of power transmission networks. This is accomplished by the application of cutting-edge technology such as sensors, communication networks, and data analytics. Substation monitoring is an important component of smart grid systems since it allows utilities to track the functioning of their power transmission infrastructure in real time. Utilities can spot possible faults before they cause costly downtime or equipment failure by monitoring substation equipment such as transformers, circuit breakers, and switchgear. This can help to minimize maintenance costs and enhance overall grid reliability.

A variety of causes are driving the increased need for smart grid technologies, including rising electricity demand, aging power infrastructure, and the need for grid modernisation. As a result, as utilities aim to increase the efficiency and reliability of their power transmission systems through the use of advanced monitoring technologies, the substation monitoring market is likely to grow in the coming years.

Another driving factor for the Substation Monitoring Market is the growing use of renewable energy sources. Renewable energy sources, such as wind and solar electricity, are gaining popularity due to their environmental friendliness and lower costs. However, because of their fluctuation and intermittency, renewable energy sources can be difficult to integrate into the power system.

Substation monitoring is crucial in allowing renewable energy sources to be integrated into the power system. Utilities can identify and address issues that may occur due to the fluctuation of renewable energy sources by monitoring the functioning of substation equipment in real time. This can help to ensure the power grid's stability and reliability while also allowing for the continuous rise of renewable energy sources. The demand for substation monitoring systems is predicted to rise as the use of renewable energy sources grows. As utilities aim to integrate renewable energy sources into the power grid in a reliable and cost-effective manner, this is projected to fuel the growth of the substation monitoring market in the coming years.

Substation monitoring systems allow utilities to track the performance of their substation equipment in real time, allowing them to discover possible problems before they cause costly downtime or equipment breakdown. This can assist utilities in lowering maintenance costs and increasing the overall reliability of their power transmission systems.

Asset management is becoming increasingly crucial for utilities as they strive to improve the efficiency of their power transmission systems while lowering costs. Many utilities, for example, use advanced analytics and machine learning algorithms to forecast equipment breakdowns and improve maintenance plans. Utilities may increase the accuracy of their predictions and optimize their maintenance procedures by including substation monitoring data into these analytics models.

Substation Monitoring Market Segment Insights:

Substation Monitoring Component Insights

The Substation Monitoring Market segmentation, based on Component includes Hardware, Software. In 2022, the hardware category dominated the market. Smart sensors, microcontrollers, intelligent electronic devices, and a variety of other hardware gadgets comprise the hardware section. The smart sensors and intelligent electronic devices categories are expected to grow rapidly. The market's expansion can be ascribed to the increasing deployment of smart sensors such as humidity, temperature, and smart grid sensors across electric substations.

Figure 1: Substation Monitoring Market, by Component, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Substation Monitoring Communication Technology Insights

The Substation Monitoring Market segmentation, based on Communication Technology, includes Wired, Wireless. In 2022, the wireless category held the greatest market share. Among the technologies in this area are cellular, wireless LAN, and Zigbee. Because wired communication equipment is more difficult to maintain than wireless communication technology, it is more prone to corruption. As a result, demand for wireless technology is increasing, which is likely to fuel market expansion over the forecast period.

Substation Monitoring Sector Insights

The Substation Monitoring Market segmentation, based on sector, includes Transmission, Distribution. Over the projection period, the transmission segment is predicted to account for a disproportionately large revenue share of the global market. Transmission substations are positioned near ports of entry into the electrical system.

Substation Monitoring Industry Insights

The Substation Monitoring Market segmentation, based on industry, includes Utility, Mining, Steel, Oil & Gas And Transportation. The Utility category led the market in 2022 as a result of the increasing need for energy delivery in various industrial sectors. Monitoring solutions are in high demand in the sector as a result of the installation of smart grids and grid modernisation. The utility substation monitoring system market is developing as a result of an increasing number of projects being undertaken, such as solar farm projects that are being subsidized in Asia Pacific and MEA countries.

Substation Monitoring Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Substation Monitoring Market area will dominate this market, due of the increased demand for equipment and system improvements to replace aging infrastructure in the region between 2022 and 2030.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Substation Monitoring Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Substation Monitoring Market accounts for the second-largest market share due to the growing use of renewable energy sources, as well as increasing emphasis on asset management. Further, the German Substation Monitoring Market held the largest market share, and the UK Substation Monitoring Market was the fastest growing market in the European region

The Asia-Pacific Substation Monitoring Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the region's rapidly rising industrialization and increase in the oil and gas and mining industries. Moreover, China’s Substation Monitoring Market held the largest market share, and the Indian Substation Monitoring Market was the fastest growing market in the Asia-Pacific region.

Substation Monitoring Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Substation Monitoring Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Substation Monitoring industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Substation Monitoring industry to benefit clients and increase the market sector. In recent years, the Substation Monitoring industry has offered some of the most significant advantages to medicine. Major players in the Substation Monitoring Market, including Emerson Electric, Honeywell, Eaton, Emerson Electric, Crompton Greaves, Schweitzer Engineering Laboratories, Novatech, Igrid T&D, Sentient Energy and others, are attempting to increase market demand by investing in research and development operations.

ABB Ltd. is a global Swedish-Swiss enterprise headquartered in Zürich, Switzerland. ASEA Brown Boveri was created in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie amalgamated to form ASEA Brown Boveri, afterwards abbreviated to ABB. Both firms were founded in the late 1800s and were major makers of electrical equipment, a business in which ABB is still involved today. Since then, the company has grown into robotics and automation technology. In August 2021, Hitachi ABB Power Grids Ltd. (India) has announced the creation of a TXpert remote services portfolio for remote monitoring of transformer fleets, consulting, troubleshooting, and guidance through augmented reality. Hitachi ABB Power Grids assists in the analysis of vast amounts of data as well as the creation of detailed reports required for effective maintenance.

Schneider Electric SE is a multinational French corporation specializing in digital automation and energy management. By merging energy technology, real-time automation, software, and services, it addresses homes, buildings, data centres, infrastructure, and industries. In September 2019, Schneider Electric extended their business by establishing a smart distribution centre in Brazil, which has aided in cutting customer delivery times and optimizing supply chain operations by minimizing equipment downtime and overall power usage. Customers, partners, and educational institutions can visit the distribution centre to see and learn about the company's most innovative technologies supplied through its loT-enabled, open, interoperable architecture, and EcoStruxure.

Key Companies in the Substation Monitoring market include

• Siemens AG,


• ABB Ltd.


• Schneider Electric


• General Electric


• Cisco


• Emerson Electric


• Honeywell, Eaton


• Emerson Electric


• Crompton Greaves


• Schweitzer Engineering Laboratories


• Novatech


• Igrid T&D


• Sentient Energy


• Cadillac Automation


• Controls


• Tekvel

Substation Monitoring Industry Developments

In August 2019, Energy Efficiency Services Limited, a joint venture of four public sector enterprises under the union ministry of power, announced that India planned to invest USD 379.35 million for the smart meter project in Uttar Pradesh, allowing major players to pump huge investments into smart grid projects in the global market.

In June 2018, In conjunction with Tata Power Delhi Distribution (Tata Power - DDL), GE Power's Grid Solutions company announced a new sophisticated Distribution Management Solution (ADMS) with sophisticated capabilities such as monitoring, planning, security, and analysis.

Substation Monitoring Market Segmentation:

Substation Monitoring Market By Component Outlook

• Hardware


• Software

Substation Monitoring Market By Communication Technology Outlook

• Wired


• Wireless

Substation Monitoring Market By Sector Outlook

• Transmission


• Distribution

Substation Monitoring Market By Industry Outlook

• Utility


• Mining


• Steel


• Oil & Gas


• Transportation

Substation Monitoring Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America