Global Substation Monitoring System Market Size, Share, Opportunities, And Trends By Connection Type (Remotely Via Modem or Wireless, Locally or Wired), By Component (Hardware, Software), By Network (Transmission, Distribution), By End-User Industry (Energy and Power, Manufacturing, Mining, Transportation), And By Geography - Forecasts From 2023 To 2028
- Published : Feb 2023
- Report Code : KSI061611351
- Pages : 114
The global substation monitoring system market will witness robust growth over the forecast period. The substation monitoring market is driven by an increasing number of substations owing to the increasing capacity addition in renewable power generation. This market is also driven by the increasing aggregate technical and commercial losses (AT&C). With the introduction of a substation monitoring system, AT&C losses have been successfully reduced in transmission and distribution networks across geographical regions. Moreover, increasing government initiatives and appropriate funding for the advancement and strengthening of transmission and distribution networks are pushing the overall market growth for substation monitoring systems. Furthermore, increasing penetration of the Internet of Things (IoT) into the power sector will augment the growth of the substation monitoring system market across all geographical regions during the forecast period.
However, the market for substation monitoring systems will be restrained in developing countries owing to the high initial cost of the installation of substation monitoring systems which may be PLC, SCADA, or FGPA operated, having bulky models. Moreover, the lack of skilled workforce for the successful operation of substation monitoring systems will impede its market growth during the forecast period. Furthermore, increasing cyber-attacks and other illegal cyber practices will hamper the growth of this market. Despite these market growth restraints, various opportunities lie in this market. Modernization of transmission and distribution networks includes the implementation of substation monitoring systems which will provide ample opportunities to the public as well as private service providers and equipment manufacturers.
On the basis of components, the global substation monitoring system market can be bifurcated into hardware and software. Hardware components include various sensors, intelligent electronic devices, transmission and distribution feeders, and microcontrollers among others. On the other hand, software components include production, asset, and performance management. On the basis of the end-user industry, the global substation monitoring system market is segmented into energy and power, manufacturing, mining, and transportation.
On the basis of geography, the substation monitoring system market is segmented into North America, Europe, the Middle East & Africa, Asia-Pacific, and South America. North America and Europe hold a significant share of the global substation monitoring system market owing to the developed economy and transportation services. The early and rapid adoption of advanced technologies and high investment made in research and development will boost the market growth for substation monitoring systems in Europe and North America. Increasing demand for reducing aggregate technical and commercial losses will remarkably heighten the market for a substation monitoring system in the Asia Pacific. Moreover, the modernization of traditional transmission and distribution networks will boost its market growth in Asia Pacific.
Competitive Landscape
The substation monitoring system market is highly competitive due to the presence of well-diversified international, and regional. However, some big international players dominate the market share owing to their brand image and market reach. With a high market growth rate and increase in demand, this sector is attracting more players to enter into the market resulting in a more competitive substation monitoring system market. The competitive landscape provides the strategy and investment details in order to boost their presence.
Some of the key players in the Substation monitoring system market included in the report are ABB Limited, Siemens AG, CG Power and Industrial Solutions Limited, Cisco Systems Inc, Honeywell International Inc, Schweitzer Engineering Laboratories, Inc, and Schneider Electric SE among others.
Segmentation
The Substation monitoring system market has been segmented on the basis of type, components, technology, and geography.
- By Connection Type
- Remotely via Modem or Wireless
- Locally or Wired
- By Component
- Hardware
- Software
- By Network
- Transmission
- Distribution
- By End-User Industry
- Energy and Power
- Manufacturing
- Mining
- Transportation
- By Geography
- North America
- South America
- Europe
- Middle East and Africa
- Asia Pacific
1.1. Market Definition
1.2. Scope of the study
1.3. Currency
1.4. Assumptions
1.5. Base, and forecast year timeline
2. Research Methodology
2.1. Research Design
2.2. Secondary Sources
2.3. Validation
3. Key findings of the study
4. Market Dynamics
4.1. Drivers
4.2. Restraints
4.3. Opportunities and Market Trends
4.4. Market Segmentation
4.5. Porter’s Five Forces Analysis
4.5.1. Bargaining Power of Suppliers
4.5.2. Bargaining Power of Buyers
4.5.3. Threat of New Entrants
4.5.4. Threat of Substitutes
4.5.5. Competitive Rivalry in the Industry
4.6. Industry Value Chain Analysis
4.7. Industry Regulations
4.8. Scenario Analysis
5. Global Substation monitoring system Market Forecast By Connection (US$ billion)
5.1. Introduction
5.2. Remotely via Modem or Wireless
5.3. Locally or Wired
6. Global Substation monitoring system Market Forecast By Component (US$ billion)
6.1. Introduction
6.2. Hardware
6.3. Software
7. Global Substation monitoring system Market Forecast By Network (US$ billion)
7.1. Introduction
7.2. Transmission
7.3. Distribution
8. Global Substation monitoring system Market Forecast By End-User Industry (US$ billion)
8.1. Introduction
8.2. Energy and Power
8.3. Manufacturing
8.4. Mining
8.5. Transportation
9. Global Substation monitoring system Market Forecast By Geography (US$ billion)
9.1. Introduction
9.2. North America
9.3. South America
9.4. Europe
9.5. Middle East and Africa
9.6. Asia Pacific
10. Competitive Intelligence
10.1. Market Share Analysis
10.2. Strategies of Key Players
10.3. Recent Investment and Deals
11. Company Profiles
11.1. Siemens AG
11.1.1. Overview
11.1.2. Financials
11.1.3. Product and Services
11.1.4. Key Developments
11.2. ABB Limited
11.2.1. Overview
11.2.2. Financials
11.2.3. Products and Services
11.2.4. Key Developments
11.3. Schneider Electric SE
11.3.1. Overview
11.3.2. Financials
11.3.3. Products and Services
11.3.4. Key Developments
11.4. CG Power and Industrial Solutions Limited
11.4.1. Overview
11.4.2. Financials
11.4.3. Products and Services
11.4.4. Key Developments
11.5. Cisco Systems, Inc
11.5.1. Overview
11.5.2. Financials
11.5.3. Products and Services
11.5.4. Key Developments
11.6. Honeywell International Inc
11.6.1. Overview
11.6.2. Financials
11.6.3. Products and Services
11.6.4. Key Developments
11.7. Emerson Electric Co.
11.7.1. Overview
11.7.2. Financials
11.7.3. Products and Services
11.7.4. Key Developments
11.8. General Electric Company
11.8.1. Overview
11.8.2. Financials
11.8.3. Products and Services
11.8.4. Key Developments
11.9. NovaTech, LLC
11.9.1. Overview
11.9.2. Financials
11.9.3. Products and Services
11.9.4. Key Developments
11.10. Schweitzer Engineering Laboratories, Inc.
11.10.1. Overview
11.10.2. Financials
11.10.3. Products and Services
11.10.4. Key Developments
Siemens AG
ABB Limited
Schneider Electric SE
CG Power and Industrial Solutions Limited
Cisco Systems, Inc
Honeywell International Inc
Emerson Electric Co.
General Electric Company
NovaTech, LLC
Schweitzer Engineering Laboratories, Inc.
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