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The synchrophasor market size is forecast to increase by USD 546.72 million, at a CAGR of 11.9% between 2023 and 2028.
Ageing infrastructure, population growth, and increased power demand strain infrastructure, leading to power outages. Common causes include weather, equipment failure, maintenance, load-shedding, vandalism, and cyber-attacks. Synchrophasors collect data every 60 seconds, timestamped with GPS location, and transmit to control centres. Climate policies and technological advancements drive electricity generation from low-carbon sources like solar, wind, and hydropower, aiding the global shift away from fossil fuels.
Synchrophasor Market Forecast 2024-2028
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Driver- Increasing need for reducing grid outages
The aging infrastructure, the rise in population, and raised demand for power resources have increased the strain on the infrastructure, causing power-outages. Factors such as inclement weather, equipment failure, maintenance shutdown, load-shedding, vandalism, and cyber-attacks are the prior reasons for power-outages. Furthermore, synchrophasors collect data at a frequency of 60 times per second, timestamp it according to the GPS location of the information retrieval point, and send it across to the control center.
Moreover, synchrophasors collect the voltage, current, and frequency data, thus providing the operators with an accurate and dynamic view of the grid that helps them identify, locate, and resolve potential threats in the grid. Thus, the growing number of power outages has resulted in the increasing need for synchrophasors, which, in turn, is propelling the growth of the global synchrophasor market during the forecast period. The market analysis and report, along with market forecasting and trends, offer valuable insights into the synchrophasor market growth and forecasting, enabling stakeholders to make informed decisions and capitalize on emerging opportunities.
Trends- Changing power grid structure
Climate change policies and improvements in technology have resulted in electricity generation from low-carbon or carbon-free renewable sources such as solar, wind, and hydropower. As more countries across the globe are becoming aware of the depleting fossil fuel resources as well as the associated carbon emission regulations, they are gradually shifting towards renewable energy harnessed from wind and solar-power to meet their carbon emission goals and reduce their dependence on fossil fuels.
Furthermore, the traditional power grid had a partial connection with its customers and had one-way communication, but the energy and utility companies are improving each part of the value chain by integrating new technology. Therefore, the changing power grid technology is expected to drive the growth of the global synchrophasor market during the forecast period. The market trends and analysis, coupled with market growth analysis, market research and growth, and market growth and trends, provide comprehensive insights into the synchrophasor market landscape, enabling stakeholders to make informed decisions and capitalize on emerging opportunities. Grid monitoring devices and electrical grid optimization, along with real-time monitoring and synchrophasor applications, play crucial roles in enhancing the efficiency and reliability of modern power grids.
Challenge- High cost of communication system installation
Synchrophasor technology provides real-time situational awareness and control of the grid system. The data collected by PMUs is timestamped using the GPS signal, and the data is then sent to the PDC devices. The PDC devices receive a massive amount of data generated over a wide geographical area. However, utilities do not have the communication network bandwidth, that can handle the transfer of such a massive amount of data at high speeds, and the cost of installing the necessary telecommunication infrastructure is high.
Moreover, in such cases, when the PMU hardware must be installed along with the communication network, the project costs increase by 6-7 times, which is more than the cost of the PMU hardware. Therefore, the high cost of communication system installation is a major drawback, which is likely to hamper the growth of the global synchrophasor market during the forecast period.
The power station segment will account for a major share of the market's growth during the forecast period.?The power stations are also referred to as generating plants or stations, as they are accountable for the generation of electric power. The synchrophasor is utilized in power-stations to measure the voltage, frequency of current, and phase angle of electrical signals. It is essential in power stations to avoid large disturbances or blackouts.
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The power station segment was valued at USD 187.88 million in 2018. End-users, such as manufacturing plants and business industries, require power to operate their activities smoothly, as these power stations must supply a regular supply of power. The demand for synchrophasors to catch problems at an early stage has consistently increased due to their extremely high-resolution time-synchronized measurements. Thus, the rising demand for power station stability is anticipated to drive the growth of synchrophasors in the power station segment during the forecast period.
Based on components, the market has been segmented into hardware and software. The hardware segment will account for the largest share of this segment.?The synchrophasors constitute power management units (PMUs) and phasor data concentrator (PDC) devices, which are installed in the power grid. The data collected by the PMUs are time-stamped using a global positioning system (GPS) as a time reference, and this allows the data to be synchronized with an accuracy level of one microsecond. Therefore, the increasing adoption of synchrophasors in various hardware components is anticipated to boost the growth of this segment, thereby driving the global Synchrophasors market during the forecast period.
The Synchrophasor Market plays a pivotal role in enhancing power grid monitoring and ensuring grid stability through advanced phasor measurement units. As a cornerstone of smart grid technology, synchrophasors facilitate grid synchronization and enable precise electrical grid control. They empower energy management systems by providing real-time data on grid operations and power system stability, thereby improving grid reliability and grid resilience. Synchrophasors enable power quality monitoring and support the optimization of electrical grid infrastructure through grid data analysis. With their applications in transmission grid technology and beyond, synchrophasors are integral to the modernization of the electrical grid, ensuring efficient and effective management of energy resources.
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North America is estimated to contribute 39% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The North American region is one of the largest regions for smart grid deployments, with large-scale smart grid adoption in the US and Canada. The US is a key market for smart grid deployments with stimulus funding from the government.
Additionally, the demand for synchrophasors in this region is mainly driven by the need for transmission networks both in terms of capacity and stability. Also, the deployment of synchrophasors is likely to increase the observability of the power system and gain an awareness of the stability situation throughout the whole power network. Thus, such factors drive the growth of the regional synchrophasor market during the forecast period
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ABB Ltd., ALSTOM SA, Arbiter Systems Inc., ElectraNet Pty Ltd., ERLPhase Power-Technologies Ltd., Fortive Corp., General Electric Co., Hitachi Ltd., Quanta Technology LLC, Schneider Electric SE, Schweitzer Engineering Laboratories Inc., SHENZHEN GUOWANG NARI TECHNOLOGY CO. LTD., Siemens AG, Toshiba Corp., and Vizimax Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The synchrophasor market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Synchrophasor Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.9% |
Market growth 2024-2028 |
USD 546.72 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.38 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., ALSTOM SA, Arbiter Systems Inc., ElectraNet Pty Ltd., Electric Power-Group LLC, ERLPhase Power-Technologies Ltd., Fortive Corp., General Electric Co., Hitachi Ltd., Quanta Technology LLC, Schneider Electric SE, Schweitzer Engineering Laboratories Inc., SHENZHEN GUOWANG NARI TECHNOLOGY CO. LTD., Siemens AG, Toshiba Corp., and Vizimax Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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