LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global substation wide area monitoring system market predicts a CAGR of close to 21% during the period 2018-2022.
The report segments the global substation wide area monitoring system market by solution, including communication network, services, and hardware and software and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global substation wide area monitoring system market, according to Technavio industrial automation researchers:
- Rising investments in smart grid projects: a major market driver
- Substation upgrading projects in the US: emerging market trend
- The Americas dominated the global substation wide area monitoring system market with 47% share in 2017
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Rising investments in smart grid projects: a major market driver
Smart grid projects have created opportunities for the adoption of substation wide area monitoring systems in both brownfield and greenfield projects for power transmission and distribution. The wide area monitoring technology deployed along smart grid projects have an indirect positive impact on utility consumers in terms of uninterrupted power. The advantages of smart grids over traditional grids play a key role in investments made in smart grid projects.
Electricity supplied through the grid with smart technology is driving the growth of the power transmission and distribution businesses. In vertically integrated utilities, smart grid deployment is expected to increase during the forecast period. In remote areas, operators of transmission systems and distribution systems need to adopt strategic cooperation.
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Substation upgrading projects in the US: emerging market trend
The aging infrastructure in power transmission applications is aiding in the increase in adoption of advanced solutions to enhance efficiency in power transmission. Developed economies such as the US have established plans to rebuild or upgrade the aging infrastructure in substations. This is being done to avoid an extended power outage in the country.
According to a senior analyst at Technavio for research on automation, “A significant opportunity for the deployment of wide area monitoring systems will come up, owing to the upgradation of transmission grids and substations. Countries such as the US will boost the growth of the global market as they are the leading end-user of substation wide area monitoring systems. Advanced products such as PMUs and PDCs will also be employed to monitor power fluctuations. Additionally, upgrading projects for substations will drive the market growth during the forecast period.”
Global market opportunities
In terms of regional dominance, the Americas led the global substation wide area monitoring system market, followed by APAC and EMEA in 2017. APAC is the fastest growing market, registering a growth of more than 2% during the forecast period.
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