Synchrophasor Market to grow at a CAGR of 11.9% during 2024-2028
The Synchrophasor Market is expected to grow at a CAGR of 11.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 546.72 million. In today's business environment, the adoption of smart grids is no longer an option but a necessity. The rising frequency of power outages and the associated costs have necessitated the shift towards more efficient and reliable energy systems. Furthermore, the increasing mandate for renewable energy integration and the sophistication of computing and communication devices in the grid necessitate additional supporting resources. The financial benefits derived from smart grids, including improved efficiency, enhanced grid visibility, and cost savings, far outweigh the initial investment. Consequently, numerous countries have recognized the value of smart grids and have initiated substantial investments in related projects and infrastructure.
Get more information on Synchrophasor Market by requesting a sample report
Technavio analysts predict that the Power station subsegment will lead the Application segment during 2024 and 2028 In the global synchrophasor market, the power station segment led with the largest application share in 2022. Power stations, also known as generating plants or facilities, are essential for producing electric power. Synchrophasors play a crucial role in these stations by measuring voltage, frequency, and phase angle of electrical signals with high-resolution and time synchronization. The importance of synchrophasors in power stations lies in their ability to detect potential disturbances and prevent power outages, ensuring a consistent power supply for industries and manufacturing plants that rely on uninterrupted operations. The demand for early issue detection using synchrophasors continues to escalate due to their precise measurement capabilities.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increasing need for reducing grid outages
Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report
The Synchrophasor market is experiencing significant growth due to the increasing demand for energy management applications in the electric grid. Synchrophasor technology, which utilizes high-precision clocks and time-stamped phasor measurement units (PMUs), enables frequency and voltage monitoring with unprecedented accuracy. This technology is essential for system operators to maintain grid stability and reliability. Industry organizations and winning imperatives are driving the adoption of synchrophasors in power system applications. Social scenarios, such as increasing energy consumption and the integration of renewable energy sources, necessitate the need for smart grid projects that rely on synchrophasors for real-time monitoring and control. Political factors, including regulations and incentives, also play a role in the Synchrophasor market's growth. Transforming stations and communication technologies are crucial components of synchrophasor systems, enabling the collection and transmission of data in real-time. Environment protection and climate change are significant factors driving the Synchrophasor market, as this technology enables the efficient management of energy resources and the integration of renewable energy sources into the grid. The Synchrophasor market is expected to continue growing as the energy sector transitions towards a more sustainable and efficient future.
The Synchrophasor market is a significant segment of the global electrical components and equipment market, which encompasses companies involved in the manufacturing of various electrical products. According to Technavio, this market falls under the broader electrical equipment market, which includes sectors such as water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. The global electrical components and equipment market size is determined by the combined revenue generated from these sectors.
The Synchrophasor Market is experiencing significant growth, fueled by the increasing need for reducing grid outages. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
