LONDON--(BUSINESS WIRE)--The global synchrophasor market size is expected to grow by USD 177.94 million as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 11%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on "Synchrophasor Market Analysis Report by Technology (Hardware components and Software systems) and Geography (North America, APAC, Europe, South America, and MEA), and the Segment Forecasts, 2020-2024".
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The market is driven by the increasing need for reducing grid outages. In addition, the growth of the smart grid data management market is anticipated to boost the growth of the synchrophasor market.
The aging infrastructure, the rise in population, and increased demand for power resources have increased the strain on the infrastructure, causing power outages. Power outages not only cause inconvenience to the end-users, but they also lead to revenue loss for the utilities, impede emergency services, and jeopardize national security, as it may compromise the communication systems. This has resulted in utilities adopting advanced technologies such as synchrophasors to measure and monitor the grid. Synchrophasors collect data at a frequency of 60 times per second and timestamp it according to the GPS location of information retrieval point and send it across to the control center. Synchrophasors collect the voltage, current, and frequency data, thus providing the operators with an accurate and dynamic view of the grid that helps them in identifying, locating, and resolving potential threats in the grid. Therefore, the increasing number of power outages have resulted in the rising need for synchrophasors, which in turn, is driving the growth of the global synchrophasor market during the forecast period.
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Major Five Synchrophasor Companies:
ABB Ltd.
ABB Ltd. has business operations under various segments, such as electrification, industrial automation, motion, robotics and discrete automation, and corporate and other. The company offers Phasor Measurement, which is a vital component of Wide Area Monitoring Systems (WAMS) capable of measuring the voltage magnitude and phase angle at every system bus in the power system.
Arbiter Systems Inc.
Arbiter Systems Inc. manufactures GPS based precision time clocks, synchronized power measurement, and power calibration products, which are designed to support industries where precision timing is mission critical. The company offers synchrophasors which can be used to estimate stress and predict system stability.
Electric Power Group LLC
Electric Power Group LLC offers development and deployment of synchrophasor technologies. The company's key offerings include PhasorSmart, which is offered as a WAMS Package for substations, utilities, universities, and microgrids.
Esco Technologies Inc.
Esco Technologies Inc. operates its business through four segments: Filtration/Fluid Flow (Filtration), Utility Solutions Group (USG), RF Shielding and Test (Test), and Technical Packaging. The company offers Manta MTS-5000 through its subsidiary, Doble Engineering.
General Electric Co.
General Electric Co. has business operations under four segments: power, renewable energy, aviation, and healthcare. The company offers D60L90, which is offered as a synchrophasor that provides transmission line protection and synchrophasor measurement in one device.
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Synchrophasor Technology Outlook (Revenue, USD mn, 2020-2024)
- Hardware components
- Software systems
Synchrophasor Regional Outlook (Revenue, USD mn, 2020-2024)
- North America
- APAC
- Europe
- South America
- MEA
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