Substation Monitoring System Market – How the Business will Grow up to 2024?

Global Market Insights, Inc. provides a detailed overview of substation monitoring system market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

On the basis of technology, the substation monitoring system market is segmented into wired and wireless systems. The performance of wired solutions can get degraded due to the changing environmental conditions and the maintenance of these systems is comparatively difficult as compared to wireless; hence, wireless solutions are majorly implemented in remote areas for online monitoring purposes. In addition, wireless data communications are offering various advantages such as easy user access, low-cost installation, and rapid deployment.

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Substation Monitoring System Market is witnessing a growing penetration of the monitoring solutions to efficiently analyze and automate the facility data. The communication network plays an essential part in power houses as the monitoring devices & Intelligent Electronic Devices (IEDs) located at the substation need to be passed through utility data centers that are located remotely. Advancements in technology, such as innovative communication and SCADA technologies, will drive the substation monitoring systems market. Rising investments from the government for improving IoT-based communication network and modernizing the power stations are propelling the industry growth.

The Asia Pacific substation monitoring system market is witnessing a high demand for the technology owing to the growing demand for monitoring services and power management solutions. The industry in countries including South Korea, India, China, Japan, and Australia is expected to grow rapidly in the coming years. The government organizations from these countries are heavily investing in implementing automated services for examination of devices in electrical facilities.

The benefits of developing IEC 61850 standard to allow interoperability amongst IEDs and advancements in the power ecosystem through several growth strategies, such as mergers & acquisitions, contracts & agreements, partnerships, expansions, and product developments, will provide an impetus to the substation monitoring system market growth. The surge in CAPEX associated with the installation of sensor networks is anticipated to hinder the substation monitoring systems market growth. The threats of malicious attacks and increasing installation costs of IEDs in substations are among the other challenges that might limit the industry demand.

Based on the component, the substation monitoring system market is segmented into hardware and software. The hardware market accounted for the majority of the industry share and will gain a considerable share owing to its implementation in mining, steel, oil & gas, and transportation industries. Hardware components, such as microcontrollers, smart sensors, IEDs, cameras, distribution network feeders, and smart sensors, are being built in the electrical substations and they help in the collection of real-time data, thereby providing an uninterrupted power supply in several industries owing to which, the hardware substation monitoring systems market will witness a considerable growth.

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