Global Substation Monitoring System Market, By Component (Hardware, Software), Voltage (Low, Medium), Communication Technology (Wired, Wireless), Sector (Transmission, Distribution), Industry (Utility, Oil and Gas, Mining, Steel, Transportation) – Industry Trends and Forecast to 2029

Market Analysis and Size

In recent years, substation monitoring system has shown a considerable increase in demand across the globe and is predicted to continue to do so over the forecast period. The increased spending by power system operators on automation, monitoring, and control systems for substation applications and high demand for substation monitoring systems. The monitoring system for substations is an important component of global and national infrastructure. Furthermore, when these systems fail, it significantly impacts national security and the economy. Therefore, owing to the increased consciousness regarding its advantages, the market is estimated to have an accelerated growth over the forecasted period.

The substation monitoring system market was valued at USD 4709.61 million in 2021 and is expected to reach USD 8275.28 million by 2029, registering a CAGR of 7.30% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production and sales, and pestle analysis.

Report Scope and Market Segmentation

Market Definition

A substation monitoring system is basically a sophisticated power distribution network that allows remote and local control, monitoring, automation, protection, and communication of all substation equipment. It is a critical power grid component that allows for efficient electricity distribution and transmission. It supervises and controls various protection and automation functions using intelligent electronic devices (IEDs) data. As a result, these factors aid in the expansion of the substation monitoring system.

Substation Monitoring System Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Demand of Substation Monitoring System 

The industries such as oil and gas and mining are increasingly favoring substation monitoring systems because they can generate custom substation monitoring operations based on the required modifications. While performing substation monitoring actions, the substation monitoring system generates data by measuring, recording, and calculating that drives the market demand. Moreover, the surge in demand for reliable power supply and overall power network and grid stability are driving the demand for substation monitoring systems. As a result, these factors boost the market demand over the forecasted period.

• Increased Requirement of Hardware Devices

The hardware devices such as distribution network feeders, microcontrollers, cameras, smart sensors, and intelligent electronic devices (IEDs) are installed in electrical substations for online monitoring. As a result of this, real-time data is collected with the help of such devices, allowing for an increase in the likelihood of having an uninterrupted power supply in industries. The hardware component drives the overall substation monitoring system market growth because it is used in the utility, steel, mining, oil and gas, and transportation industries to build the monitoring platform. Hardware components also aid in controlling, transmitting, measuring, and analyzing data in the process and non-process industries.

Furthermore, the increase in disposable income, rapid industrialization, and the increase in the purchasing power among the consumers further increases the demand for the market. The need for increasing the government support for optimum electricity utilization has also increased the market growth.

Opportunities

• Development and Advancements

The development of IEC 61850 standards to enable interoperability between IEDs combined with the advancement in communication technology regarding the development of the Internet of Things (IoT) are projected to generate numerous opportunities within the market.

• Investments Within the Market

The high demand for power due to the growth of new cities, the transmission and distribution network operators and power producers have further increased their investments in systems that reduce outages, lower operating costs and provide effective real-time control. As a result, the increase in investments from the government have largely offered various growth opportunities for the market.

Restraints/Challenges

• High Capital Expenditure

The installation of wireless sensor networks is very expensive and requires high costs, which further somehow hampers the affordability of the substation monitoring system. Therefore, the high initial capital expenditure for sensor (wireless) network installations combined with the ever-increasing cost of installing IEDs in substations are estimated to restrict the market growth.

• Lower Adoption

Also, one of the major challenges facing the substation monitoring systems market in the forecast period is a lack of awareness about the benefits of substation monitoring systems and a slower adoption rate in developing countries.

This substation monitoring system market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the substation monitoring system market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Covid-19 Impact on Substation Monitoring System Market

The substation monitoring system market was immensely impacted by the outbreak of COVID-19 as it largely affected the supply chain. The COVID-19 crisis has created uncertainty in the stock market, slowed the supply chain significantly, lowered business confidence, and heightened panic among customer segments. The pandemic's overall impact also affected the manufacturing processes of several industries, including semiconductors, electronics, and many others. Trade barriers are further hampering the outlook for demand and supply. The overall production process has been harmed because various governments have already declared total lockdown and temporary shutdown of industries. As a result, the global market for substation monitoring systems was hampered largely during the pandemic period.

Global Substation Monitoring System Market Scope

The substation monitoring system market is segmented on the basis of component, voltage, communication technology, sector and industry. The growth amongst these segments will help you analyze meagre growth segments in the Industry and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
  • Distribution Network Feeders
  • Smart Sensors
  • Microcontrollers
  • Cameras
  • Intelligent Electronic Devices (IEDs)
  • Transformers
  • Relay Devices
  • Controllers
  • Circuit Breakers
  • Switches

• Software
  • Asset Management
  • Production Management
  • Performance Management

Voltage

• Low
• Medium

Communication Technology

• Wired
• Fiber Optic
• Ethernet
• PROFIBUS
• Others
• Fieldbus
• HART
• Modbus
• Wireless
• Wireless LAN
• Cellular
• ZigBee
• Sector
• Transmission
• Distribution

Industry

• Utility

Non-Renewable

• Coal
• Crude Oil
• Natural Gas
• Nuclear

Renewable

• Solar
• Wind
• Water
• Others
• Biofuels
• Geothermal
• Oil and Gas
• Mining
• Steel
• Transportation

Substation Monitoring System Market Regional Analysis/Insights

The substation monitoring system market is analyzed and market size insights and trends are provided by country, component, voltage, communication technology, sector and industry as referenced above.

The countries covered in the substation monitoring system market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the substation monitoring system market because of the growing need for equipment and system upgrades to replace ageing infrastructure within the region during 2022 to 2029.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rapidly increasing industrialization and surge in oil and gas and the mining industry in developing countries within the region. Furthermore, the growing demand for lower distribution and transmission losses in developing countries like India is propelling the market for substation monitoring systems.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Substation Monitoring System Market Share Analysis

The substation monitoring system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to substation monitoring system market.

Some of the major players operating in the substation monitoring system market are

• Crompton Greaves (India)
• ABB (Switzerland)
• Honeywell International Inc., (U.S.)
• Hubbell (U.S.)
• Siemens (Germany)
• Cadillac Automation & Controls (India)
• Schneider Electric (France)
• Novatech LLC (U.S.)
• Cisco Systems, Inc., (U.S.)
• Emerson Electric Co (U.S.)
• Zumtobel Group (Austria)
• Igrid T&D (Spain), General Electric (U.S.)
• Eaton (Ireland)
• Schweitzer Engineering Laboratories, Inc., (U.S.)
• Echelon LLC (U.S.)
• ACUITY BRANDS LIGHTING, INC.  (U.S.)
• NovaTech LLC (UK)