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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. The strain on infrastructure due to aging infrastructure, population growth, and escalating power demand often leads to power outages, attributed to various factors such as adverse weather conditions, equipment failure, maintenance activities, load-shedding, vandalism, and cyber-attacks. They play a crucial role by collecting data at one-minute intervals, which is then timestamped with GPS location and transmitted to control centers for analysis and decision-making. With climate policies and technological advancements promoting electricity generation from low-carbon sources like solar, wind, and hydropower, there's a global shift away from fossil fuels. The growth is fueled by the increasing imperative to reduce grid outages, the expansion of renewable energy installed capacity, and government initiatives aimed at enhancing grid reliability. However, challenges persist, including the high installation costs of communication systems, inadequate data management, and interoperability issues associated with synchrophasors. Overcoming these challenges is essential for ensuring the continued advancement of the electricity infrastructure sector.
Market Forecast 2024-2028
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The Market in the Energy sector is experiencing significant growth due to the increasing focus on Climate change mitigation and Environment protection. Synchrophasor technology, which includes Phasor Measurement Units (PMUs) and Synchrophasors, plays a crucial role in Power system applications by providing high-precision, time-stamped measurements of voltage, frequency, and other electrical parameters. Communication technologies are essential for the successful implementation of Synchrophasor systems in Smart grid projects. Transforming Stations and system operators rely on Synchrophasor technology to monitor and manage the electric grid's performance. Political factors and Social scenarios are influencing the winning imperatives for Synchrophasor technology in the industry. The need for energy management applications and the integration of renewable energy sources into the power grid are driving the demand for Synchrophasor technology. Industry organizations are promoting the adoption of Synchrophasor technology by providing guidelines, standards, and certification programs. The industry is expected to continue its growth trajectory due to the increasing importance of high-precision clocks and the need for real-time monitoring and control of the power grid. The current focus and strategies for the electric grid include implementing time stamped data to improve efficiency and reliability.
Key Driver- Increasing need for reducing grid outages
The aging infrastructure, the rise in population, and the raised demand for power resources have increased the strain on the infrastructure, causing power-outages. In the energy sector, climate change and population growth put pressure on power grids, leading to outages caused by various factors including inclement weather, equipment failure, maintenance, load-shedding, vandalism, and cyber-attacks. These disruptions result in revenue loss, impeded emergency services, and potential national security risks. To enhance grid reliability, synchrophasors and phasor measurement units are employed in power system applications. Smart grid projects utilize communication technologies and cybersecurity requirements to monitor phase angles, system awareness, and transmission protocols. Modernization efforts include multi-function recorders, protective relays, digital utility systems, and grid management systems. However, shortcomings in physical security, cybersecurity, wireless technology, and data quality issues pose challenges. Renewable energy sources and transportation systems also require accurate and efficient synchrophasor measurement. Power stations and transforming stations must address communication networks, data loss events, transmission protocols, and cybersecurity threats such as spoofing attacks. In the energy sector, climate change and population growth put pressure on power grids, leading to outages caused by various factors including inclement weather, equipment failure, maintenance, load-shedding, vandalism, and cyber-attacks. These disruptions result in revenue loss, impeded emergency services, and potential national security risks.
To enhance grid reliability, synchrophasors and phasor measurement units are employed in power system applications. Smart grid projects utilize communication technologies and cybersecurity requirements to monitor phase angles, system awareness, and transmission protocols. Modernization efforts include multi-function recorders, protective relays, digital utility systems, and grid management systems. However, shortcomings in physical security, cybersecurity, wireless technology, and data quality issues pose challenges. Renewable energy sources and transportation systems also require accurate and efficient synchrophasor measurement. Power stations and transforming stations must address communication networks, data loss events, transmission protocols, and cybersecurity threats such as spoofing attacks. The analysis and report, along with forecasting and trends, offer valuable insights into growth and forecasting, enabling stakeholders to make informed decisions and capitalize on emerging opportunities.
Significant Trends- Changing power grid structure
In the Energy sector, climate change and environment protection have driven the need for advanced technologies in Power grids. Synchrophasors, which utilize Phasor Measurement Units (PMUs), have emerged as crucial concepts and technologies for enhancing grid reliability and efficiency. Smart grid projects are increasingly adopting synchrophasors for power system applications, including system monitoring, phase angles measurement, and system awareness. Communication technologies play a pivotal role in the implementation of synchrophasors. Modernization of power grids requires the overlay of sophisticated and complex computing and communication devices. This necessitates additional supporting resources, such as cybersecurity requirements, to ensure physical and digital utility security. Renewable energy sources and the integration of transportation systems are significant challenges for power grids. Synchrophasors provide unparalleled insight into grid operation, enabling accurate and efficient power grid performances.
However, data quality issues, communication constraints, and data loss events pose challenges. To address these challenges, various solutions have emerged, including multi-function recorders, protective relays, and digital grid management systems. These systems enable real-time monitoring, analysis, and control of power grids, enhancing grid management and ensuring power system stability. Despite the benefits, smart grids face cybersecurity risks, including spoofing attacks and transmission protocol vulnerabilities. Ensuring physical and cybersecurity is essential for the successful implementation of synchrophasors in power grids.In the Energy sector, climate change and environment protection have driven the need for advanced technologies in Power grids. Synchrophasors, which utilize Phasor Measurement Units (PMUs), have emerged as crucial concepts and technologies for enhancing grid reliability and efficiency. Smart grid projects are increasingly adopting synchrophasors for power system applications, including system monitoring, phase angles measurement, and system awareness. Communication technologies play a pivotal role in the implementation of synchrophasors. Modernization of power grids requires the overlay of sophisticated and complex computing and communication devices. This necessitates additional supporting resources, such as cybersecurity requirements, to ensure physical and digital utility security.
Renewable energy sources and the integration of transportation systems are significant challenges for power grids. Synchrophasors provide unparalleled insight into grid operation, enabling accurate and efficient power grid performances. However, data quality issues, communication constraints, and data loss events pose challenges. To address these challenges, various solutions have emerged, including multi-function recorders, protective relays, and digital grid management systems. These systems enable real-time monitoring, analysis, and control of power grids, enhancing grid management and ensuring power system stability. Despite the benefits, smart grids face cybersecurity risks, including spoofing attacks and transmission protocol vulnerabilities. Ensuring physical and cybersecurity is essential for the successful implementation of synchrophasors in power grids.
Major Challenge- High cost of communication system installation
In the energy sector, Synchrophasors and Phasor Measurement Units (PMUs) play a crucial role in enhancing grid reliability and resilience, particularly in the context of climate change and environment protection. These concepts and technologies enable real-time system monitoring, phase angle measurement, and accurate and efficient power system applications. Synchrophasors are integral to smart grid projects, providing system awareness, transportation system coordination, and public safety. Communication technologies, such as fiber optics and satellites, facilitate the transfer of data from PMUs to Power Distribution Centers (PDCs). However, the massive amount of data generated over wide geographical areas poses challenges. Utilities face communication network bandwidth limitations and high costs for installing necessary infrastructure. Synchrophasor measurement is essential for modernizing power grids, integrating renewable energy sources, and addressing shortcomings in power grid performances. Multi-function recorders, protective relays, digital utility, and grid management systems all benefit from Synchrophasor data. Despite these advantages, cybersecurity requirements and communication constraints pose challenges. Data quality issues, power grid performance degradation, data loss events, transmission protocol vulnerabilities, and spoofing attacks are potential risks. Physical security and cybersecurity are essential considerations for implementing Synchrophasors in power stations and substation automation. Wireless technology can help mitigate communication constraints, but it also introduces new security challenges.
In the energy sector, Synchrophasors and Phasor Measurement Units (PMUs) play a crucial role in enhancing grid reliability and resilience, particularly in the context of climate change and environment protection. These concepts and technologies enable real-time system monitoring, phase angle measurement, and accurate and efficient power system applications. Synchrophasors are integral to smart grid projects, providing system awareness, transportation system coordination, and public safety. Communication technologies, such as fiber optics and satellites, facilitate the transfer of data from PMUs to Power Distribution Centers (PDCs).
However, the massive amount of data generated over wide geographical areas poses challenges. Utilities face communication network bandwidth limitations and high costs for installing necessary infrastructure. Synchrophasor measurement is essential for modernizing power grids, integrating renewable energy sources, and addressing shortcomings in power grid performances. Multi-function recorders, protective relays, digital utility, and grid management systems all benefit from Synchrophasor data. Despite these advantages, cybersecurity requirements and communication constraints pose challenges. Data quality issues, power grid performance degradation, data loss events, transmission protocol vulnerabilities, and spoofing attacks are potential risks. Physical security and cybersecurity are essential considerations for implementing Synchrophasors in power stations and substation automation. Wireless technology can help mitigate communication constraints, but it also introduces new security challenges. Therefore, the high cost of communication system installation is a major drawback, which is likely to hamper market growth during the forecast period.
The power station segment will account for a major share of the growth during the forecast period.?The industry plays a significant role in the energy sector, particularly in power system applications. Phasor measurement units (PMUs), also known as synchrophasors, are essential for measuring phase angles and ensuring grid reliability in power stations and transforming stations. With the increasing focus on climate change and environment protection, the demand for advanced Synchrophasor technologies has grown. Synchrophasors are employed in smart grid projects to enhance communication technologies, cybersecurity requirements, and system monitoring. They provide accurate and efficient measurements, enabling system awareness and addressing shortcomings in power grids.
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The power station segment was valued at USD 187.88 million in 2018. Renewable energy sources and transportation systems also benefit from Synchrophasor measurement. Modernization of power grids necessitates the implementation of Synchrophasors for management systems, physical security, and cybersecurity. Wireless technology and substation automation are crucial communication networks for Synchrophasors. Data quality issues and performances can be improved through Synchrophasor measurement. Communication constraints and data loss events pose challenges in Synchrophasor applications. Transmission protocols and cybersecurity measures, such as protection against spoofing attacks, are essential for maintaining the integrity of Synchrophasor data. Overall, Synchrophasors contribute to enhancing power system performance, ensuring public safety, and promoting the digital utility of the future. 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 growth during the forecast period.
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North America is estimated to contribute 39% to the growth by 2028. Technavio’s analysts have elaborately explained the regional market growth and trends, drivers, and challenges that are expected to shape the market during the forecast period. The Market in North America is significantly influenced by political factors, with the US and Canada leading the way in smart grid deployments. The US, in particular, has seen extensive adoption of Phasor Measurement Units (PMUs) due to government stimulus funding. This initiative, driven by NASPI in collaboration with NERC and the DoE, has resulted in thousands of PMU installations.
In Canada, the power grid is undergoing a transformation to incorporate these technologies and new monitoring activities. Synchrophasor technology, which includes high-precision clocks and time-stamped voltage, frequency, and phasor data, is a cutting-edge innovation in the industry footprint. System operators utilize this technology for energy management applications, electric model validation, and regular operations. Industry organizations and members, including Transmission and Generation Owners, are actively implementing this technology to improve reliability and scalability. The Synchrophasor Market's business strategy focuses on product strategy and industry coverage. The technology's ability to provide accurate, real-time data to neighboring grid operators enhances the electric ones overall performance and efficiency. Synchrophasor technology's winning imperatives include its role in improving power system stability, enhancing security, and enabling advanced applications.
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 market research report provides comprehensive data (region wise segment analysis), with market forecasting and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.
The market is a significant segment in the power system industry, focusing on the implementation of Synchrophasor technology for enhancing grid stability and efficiency. This technology enables real-time monitoring and control of power systems, facilitating the integration of renewable energy sources and improving power system security. The market is witnessing substantial growth due to the increasing demand for reliable and efficient power systems. The integration of renewable energy sources, such as solar and wind, into the power grid is a major driver for the market. Additionally, the need for grid modernization and the implementation of smart grids are also fueling the market growth.
Moreover, the market is characterized by the presence of several key players, including Siemens, ABB, and General Electric. These companies are investing heavily in research and development to innovate and improve Synchrophasor technology. Furthermore, collaborations and partnerships among these players are also common in the market to expand their product offerings and enhance their market presence. In conclusion, the market is a dynamic and growing segment in the power system industry, driven by the need for reliable and efficient power systems and the integration of renewable energy sources. The market is expected to continue its growth trajectory in the coming years, with several key players leading the way in innovation and development.
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 market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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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