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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.
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
The Global Substation Monitoring System Market is segmented on the communication technology, component, sector, vertical, and region.
1. Communication Technology:
1.1.3 Wireless LAN
1.2.5 Fiber Optic
2. By Component:
2.1.1 Production Management
2.1.2 Performance Management
2.1.3 Asset Management
2.2.1 Intelligent Electronic Devices
126.96.36.199 Relay Devices
188.8.131.52 Circuit Breakers
2.2.2 Distribution Network Feeders
2.2.4 Smart Sensors
3. By Sector:
4. By Vertical:
4.3 Oil & Gas
184.108.40.206 Crude Oil
220.127.116.11 Natural Gas
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
The major players in the market are as follows:
2. Schneider Electric
4. Emerson Electric
6. Crompton Greaves
7. General Electric
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 METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
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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