Substation Monitoring System Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032

Substation Monitoring System Market Size

Substation Monitoring System Market is projected to experience a healthy growth during 2024 to 2032, owing to the growing focus on the reduction of distribution and transmission losses along with enhancing the reliability of power systems. The power generation sector is focused on addressing the maturing and distressed infrastructure as well as improving the IoT-based communication networks by employing cost-efficient solutions.
 

Rising government investments for improving IoT-based communication networks and modernizing the power stations are also propelling the industry growth. In addition, there has been a growing penetration of monitoring solutions to efficiently analyze and automate the facility data. Communication networks are also playing an essential part in powerhouses as the monitoring devices & Intelligent Electronic Devices (IEDs) located at the substation need to be passed through utility data centers that are located remotely. Rising advancements, such as innovative communication and SCADA technologies will also drive the product uptake.
 

However, the surge in CAPEX associated with the installation of sensor networks is anticipated to hinder the market growth to some extent. Factors, such as threats of malicious attacks and the increasing installation costs of IEDs are also among the other challenges that might slow down the industry expansion.
 

Substation Monitoring System Market Trends

The rising benefits of developing the IEC 61850 standard to allow interoperability amongst IEDs coupled with the advancements in the power ecosystem through several growth strategies, such as mergers & acquisitions, contracts & agreements, partnerships, expansions, and product developments, will provide an impetus for the industry demand. 
 

Substation Monitoring System Market Analysis

Based on component, the market share is segmented into hardware and software. The hardware segment held a significant revenue share in 2023 and will record considerable growth through 2032 driven by its implementation in mining, steel, oil & gas, and transportation industries. Hardware components, such as microcontrollers, smart sensors, IEDs, cameras, and distribution network feeders, are being built into the electrical substations to help collect real-time data. These substations also provide an uninterrupted power supply in several industries, further contributing to their increasing adoption.
 

In terms of application, the substation monitoring system market is segmented into transportation, mining, utility, steel, and oil & gas industries. The utility segment is predicted to account for a sizable revenue share by the end of 2032 led by the high demand for energy supply in several industrial sectors. The installation of smart grids and modernization of grids has created a demand for monitoring solutions in the utility sector. Furthermore, the growing number of project launches, such as subsidizing solar farm projects in several APAC and MEA countries is also fostering the segment growth.
 

Given the regional landscape, the Asia Pacific substation monitoring system market is set to exhibit robust growth from 2024 and 2032 propelled by the rising technology demand and the growing need for monitoring services and power management solutions. Several government organizations across South Korea, India, China, Japan, and Australia are heavily investing in implementing automated services for examining devices in electrical facilities. Additionally, the strong focus on enhancing grid reliability, reducing downtime, and ensuring optimal asset performance will propel the regional market forward.
 

Substation Monitoring System Market Share

Key substation monitoring system companies are focusing on expanding their business through M&As to improve their service offerings in the untapped regions. The competition amongst major participants to offer technologically advanced solutions is also prompting them to invest increasingly in R&D activities.
 

Leading players operating in the substation monitoring system industry include-

• Siemens AG
• Emerson Electric
• Sentient Energy
• Eaton Corporation
• General Electric
• Honeywell
• Schneider Electric SA
• ABB Ltd.
• Tekvel
• Novatech
• Cadillac Automation and Controls
• Crompton Greaves
• Cisco
   

Substation Monitoring System Industry News

• In August 2023, Siemens introduced SIRIUS 3UG5, a new generation of line monitoring relays that combines established technology with new capabilities and applications to guarantee that grid and voltage problems are identified and reported early before they cause significant harm.

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