Substation Monitoring System Market Size 2022 | Growing Opportunities, Challenges, Emerging-Demands, Trends, Explosive Factors of Revenue by Progression Status, Futuristic Growth, Share and Forecast 2022 – 2031

Kenneth Research, in its repository of market research reports, has recently added a report on Substation Monitoring System Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Substation Monitoring System Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Substation Monitoring System Market products.

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The Global Substation Monitoring System Market was valued at USD 3.25 billion in 2016 and is projected to reach USD 6.46 billion by 2025, growing at a CAGR of 7.93% from 2017 to 2025.

Substation Monitoring is defined as a station or network management technique, which exploits the regular evaluation of the actual operating condition, in order to minimize the combined costs of power transmission or distribution and maintenance. Substation automation helps to enable an electric utility to remotely monitor, control and coordinate the distribution component installed in the substation.

Sample Infographics:

Market Dynamics:
1. Market Drivers
1.1 Increasing demand for renewable energy power
1.2 Increasing need for reduction in transmission and distribution losses
1.3 Rising investments from the government
1.4 Increasing interoperability between IEDs
1.5 Enhanced IoT-based communication network

2. Market Restraints
2.1 Rising power risk in the power industry
2.2 Tough environmental conditions
2.3 High installation costs of IEDs in substation
2.4 High installation costs of wireless sensor networks

Market Segmentation:
The Global Substation Monitoring System Market is segmented on the communication technology, component, sector, vertical, and region.

1. Communication Technology:
1.1 Wireless
1.1.1 ZigBee
1.1.2 Cellular
1.1.3 Wireless LAN
1.2 Wired
1.2.2 Fieldbus
1.2.3 Modbus
1.2.4 Ethernet
1.2.5 Fiber Optic

2. By Component:
2.1 Software
2.1.1 Production Management
2.1.2 Performance Management
2.1.3 Asset Management
2.2 Hardware
2.2.1 Intelligent Electronic Devices Switches Relay Devices Circuit Breakers Transformers Controllers
2.2.2 Distribution Network Feeders
2.2.3 Microcontrollers
2.2.4 Smart Sensors
2.2.5 Cameras

3. By Sector:
3.1 Distribution
3.2 Transmission

4. By Vertical:
4.1 Utility
4.2 Mining
4.3 Oil & Gas
4.4 Transportation
4.5 Steel
4.5.1 Non-Renewable Coal Crude Oil Natural Gas Nuclear
4.5.2 Renewable Wind Solar Water Others

5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa

Competitive Landscape:
The major players in the market are as follows:
1. Siemens
2. Schneider Electric
3. Honeywell
4. Emerson Electric
5. Novatech
6. Crompton Greaves
7. General Electric
8. Eaton
9. Cisco
10. ABB
11. Schweitzer Engineering Laboratories

These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

Research study on the Global Substation Monitoring System Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

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