Latest News- Synchrophasor Market: Power station is expected to lead the Application segment during 2025-2029

The Synchrophasor Market is being driven by Increasing need for reducing grid outages

The Synchrophasor Market is expected to grow at a CAGR of 18.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1514.6 million. In today's business landscape, the adoption of smart grids has become a necessity rather than an option. Factors such as increasing power outages and their associated costs, the mandatory shift towards renewable energy sources, and the need for energy efficiency have driven this trend. Moreover, the integration of advanced computing and communication technologies into the grid necessitates additional resources to support their overlay. The financial benefits derived from smart grids, including improved grid operation insights and efficiency, far outweigh the costs of transitioning from traditional grids. Consequently, numerous countries have invested significantly in smart grid projects and infrastructure to reap these advantages. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Power station
  • Transforming station
  • Others
• Component
  • Hardware
  • Software
• End-user
  • Utilities
  • Industrial
  • Commercial
• Geography
  • North America
    • Canada
    • Mexico
    • US
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing need for reducing grid outages
• Rise in installed capacity of renewable energy
• Government support to enhance grid reliability

However, the market also witnesses some limitations, which are as follows:

• High cost of communication system installation
• Lack of data management in synchrophasor market
• Interoperability issues associated with synchrophasor

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Market Scope in Synchrophasor Market Research Report

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Research Analysis Overview

The Synchrophasor market encompasses technologies and solutions for protection, automation, and optimization of power grids. Key components include synchrophasor hardware and software for real-time grid monitoring, planning, simulation, and grid analytics. Applications span from grid stability analysis and energy management systems to microgrid control and grid cybersecurity. Synchrophasor solutions enable grid modernization, energy efficiency optimization, and integration of distributed energy resources and energy storage. Challenges include grid interconnection, infrastructure development, and grid management software for reliability assessment, control systems, and grid dynamics. Education, research, and smart grid deployment are essential for grid infrastructure resilience and energy transition.

Market Research Overview

The Synchrophasor market is a significant segment within the expansive electrical components and equipment industry. This market focuses on control, stability monitoring, and grid modernization solutions, encompassing energy storage systems, phase angle measurement, fault analysis, noise susceptibility mitigation, and improved grid visualization through current synchronization technology. Companies engaged in this sector provide synchrophasor hardware, software, and services to enhance power system performance and reliability. The parent market, the global electrical components and equipment industry, includes manufacturers of various electrical products, such as motors, automation solutions, electrical distribution and protection equipment, and HVAC systems, among others. Technavio's market analysis covers the combined revenue generated from these sectors, as well as rental and leasing services to industrial, commercial, and residential clients.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/