Substation Monitoring System Market Size, Share & Industry Analysis, By Voltage Class (Low, Medium), By Component (Software, Hardware), By Communication Technology (Wireless, Wired), By Sector (Transmission, Distribution), By Industry (Utility, Mining, Steel, Transportation, Others) and Regional Forecast, 2024-2032

Demand for electricity is multiplying on account of the increasing population and increasing power consumption per capita. A stable and reliable supply of electricity is key to the development of all countries. Distribution of electricity is carried out in a variety of places, right from power generation units to commercial establishments. Switchgears are mandatory for the continuous and stable distribution of electricity. The substation monitoring system has become necessary because it ensures the safety of both man and machine.

Based on voltage class, the substation monitoring system is divided into low voltage and medium voltage. Based on components, the substation monitoring system is segmented in software and hardware. By communication technology, substation monitoring system market is segmented wireless and wired. Based on sector, substation monitoring system is segmented in transmission and distribution. Based on industry, a substation monitoring system is segmented in utility, mining, steel, transportation, etc. 

The primary market driver for the global substation monitoring system market is the increasing demand for a stable and reliable supply of power distribution. Modernization of existing electrical infrastructure will boost demand for a substation monitoring system. The rising electrification and rapid urbanization of developing countries will spur the demand for substation monitoring system.

The critical market restraint for the global substation monitoring system market is the high prices of the substation monitoring system. Tariffs and trade restriction play also play a significant role in increasing costs substation monitoring system.      

Key Players Covered:

Some of the major companies that are present in the substation monitoring system market are ABB, Sentient Energy, Schweitzer Engineering Laboratories, Viper Imaging, LLC, Allis Electric Co., Ltd., Allis Electric Co., Ltd., FLIR Systems, MoviTHERM, CAS, Pyrumas Software Pvt. Ltd., CAHORS, Advanced Energy, and Nortech Management Ltd.   

Regional Analysis:

Based on the region, the substation monitoring system market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The government of the USA has taken the initiative to modernize, upgrade, and refurbish aging electrical infrastructure. Similar efforts are made in Europe, China, Australia, and Canada. Such actions are expected to boost demand for the substation monitoring system market.

The need for uninterrupted power supply all over the world has spurred the need for the substation monitoring system. Electrification in developing countries of Latin America, Asia-Pacific, Middle-East, and Africa will raise the market of the substation monitoring system shortly. The emergence of power generation projects in Asia-Pacific, Middle-East, and Latin-America has increased the need for substation monitoring system.

Segmentation

Key Industry Developments

• In October 2019, Transmission Corporation of Andhra Pradesh Ltd (APTRANSCO) is considering upgrading the infrastructure by introducing Substation Automation System (SAS) at the substations. The power company is planning to fully automate 400 KC substations initially with the help of central power transmission utility, Power Grid Corporation of India Ltd (PGCIL).


• In September 2019, Norwegian distribution system operator Glitre Energi Nett and Siemens will build a digital substation to pilot Internet of things (IoT) analytics and applications for power grids.