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Synchrophasors Market by Component, Application, and Region 2023-2028

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    Report

  • 142 Pages
  • January 2023
  • Region: Global
  • IMARC Group
  • ID: 5732679

Quick Summary:

In the ever-evolving landscape of global power systems, the distinct benefits offered by synchrophasors have become integral to solving an array of challenges faced by power systems. With their ability to take high-speed measurements of voltage, current, and frequency, coupled with an accurate time-stamp synchronized from GPS satellites, these devices offer a comprehensive and detailed view of the entire system. They lead the front line in fault analysis, state estimation, stability monitoring, power system control, and operational monitoring, offering speedier measurements and better insight into grid stability than traditional monitoring systems.

By acquiring our global synchrophasors market research report, you gain an in-depth understanding of this promising market. It analyzes key trends, offers forecasts at the global, regional, and country level, and includes a categorized market analysis based on component and application. Widespread use of synchrophasors in power grid monitoring, threat identification and resolution, smart grid technology, renewable energy integration, as well as application of machine learning and cloud computing underscore the growth of this market. With this report, navigate the global synchrophasors market with confidence, equipped with knowledge on competitive landscape, market segmentation, regional insights and more.

The global synchrophasors market size reached US$ 271.0 Million in 2022. Looking forward, the publisher expects the market to reach US$ 824.3 Million by 2028, exhibiting a CAGR of 20.37% during 2022-2028. The rising product utilization in power grids, increasing incidences of power outages, and adoption of smart grid technology represent some of the key factors driving the market.

Synchrophasors are monitoring devices that take high-speed measurements of voltage, current, and frequency. They consist of various components, such as a filter, converter, oscillator, global positioning system (GPS) clock, and communication interface. The measurements taken by synchrophasors are time-stamped with signals from GPS satellites, enabling data from various utilities and locations to be time-synchronized to create a detailed and comprehensive view of the entire system. They are widely used for fault analysis, state estimation, stability monitoring, power system control, and operational monitoring. As compared to supervisory control and data acquisition (SCADA) based monitoring, synchrophasors provide faster measurements, better insight into grid stability, capture real-time dynamics, and provide wide area monitoring and control. They aid in integrating renewable and intermittent resources, managing transmission congestion, automating controls, improving system modeling, and lowering operational costs.

Synchrophasors Market Trends:

The rising product utilization in power grids is one of the key factors driving the market growth. Synchrophasors are widely used for continuous monitoring, measurement, and protection of various elements of a power grid, such as generation, transmission, sub-transmission, and loads, which, in turn, increase the observability of the system, enhance awareness, improve grid reliability, reduce energy losses, and ensure long-term stability. In addition, the widespread product adoption to identify, locate, and resolve potential threats in a grid by providing an accurate and dynamic view of the system to operators due to the increasing incidences of power outages due to inclement weather, equipment failure, load-shedding, maintenance shutdown, and cyberattacks are favoring the market growth. Furthermore, the growing utilization of synchrophasors in smart grid technology to collect, distribute, and analyze critical data and convert it into information and insights that improve grid automation and operations is providing an impetus to the market growth. In line with this, the rising product adoption to facilitate the integration of renewable energy sources in smart grids to improve overall efficiency, reduce carbon emission, and decrease reliance on non-renewable sources, is propelling the market growth. Additionally, the integration of machine learning (ML) and cloud computing technologies for analyzing and processing data collected by synchrophasors to enhance situational awareness, detect system-wide anomalies, validate models, and predict equipment malfunction is positively influencing the market growth. Apart from this, the implementation of various government initiatives to promote the sale of efficient and sustainable products, such as synchrophasors that reduce the environmental impact of energy consumption and improve grid reliability, is creating a positive outlook for the market growth. Other factors, including rapid advancements in smart city infrastructures, rising investment in research and development (R&D) activities, and the recent development of central power management systems, are anticipated to drive the market growth.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each segment of the global synchrophasors market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on component and application.

Component Insights:

  • Hardware
  • Software
The report has also provided a detailed breakup and analysis of the synchrophasors market based on the component. This includes hardware and software.

Application Insights:

  • Fault Analysis
  • State Estimation
  • Stability Monitoring
  • Power System Control
  • Operational Monitoring
  • Improve Grid Visualization
  • Others
A detailed breakup and analysis of the synchrophasors market based on the application has been provided in the report. This includes fault analysis, state estimation, stability monitoring, power system control, operational monitoring, improve grid visualization, and others.

Regional Insights:

  • North America
  • United States
  • Canada
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, North America was the largest market for synchrophasors. Some of the factors driving the North America synchrophasors market include the presence of a large number of prominent players, extensive research and development (R&D) activities, adoption of smart grid, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global synchrophasors market. Detailed profiles of all major companies have also been provided. Some of the companies covered include ABB Ltd., Arbiter Systems Inc., Electric Power Group LLC, General Electric Company, NR Electric Co. Ltd., Qualitrol Company LLC (Fortive Corporation), Schweitzer Engineering Laboratories Inc., Siemens AG, Toshiba Corporation, Vizimax Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report:

  • How has the global synchrophasors market performed so far and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global synchrophasors market?
  • What are the key regional markets?
  • Which countries represent the most attractive synchrophasors markets?
  • What is the breakup of the market based on the component?
  • What is the breakup of the market based on the application?
  • What is the competitive structure of the global synchrophasors market?
  • Who are the key players/companies in the global synchrophasors market?

Table of Contents

1 Preface

2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Synchrophasors Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 Market Breakup by Component
6.1 Hardware
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Software
6.2.1 Market Trends
6.2.2 Market Forecast

7 Market Breakup by Application
7.1 Fault Analysis
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 State Estimation
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Stability Monitoring
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Power System Control
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Operational Monitoring
7.5.1 Market Trends
7.5.2 Market Forecast
7.6 Improve Grid Visualization
7.6.1 Market Trends
7.6.2 Market Forecast
7.7 Others
7.7.1 Market Trends
7.7.2 Market Forecast

8 Market Breakup by Region
8.1 North America
8.1.1 United States
8.1.1.1 Market Trends
8.1.1.2 Market Forecast
8.1.2 Canada
8.1.2.1 Market Trends
8.1.2.2 Market Forecast
8.2 Asia-Pacific
8.2.1 China
8.2.1.1 Market Trends
8.2.1.2 Market Forecast
8.2.2 Japan
8.2.2.1 Market Trends
8.2.2.2 Market Forecast
8.2.3 India
8.2.3.1 Market Trends
8.2.3.2 Market Forecast
8.2.4 South Korea
8.2.4.1 Market Trends
8.2.4.2 Market Forecast
8.2.5 Australia
8.2.5.1 Market Trends
8.2.5.2 Market Forecast
8.2.6 Indonesia
8.2.6.1 Market Trends
8.2.6.2 Market Forecast
8.2.7 Others
8.2.7.1 Market Trends
8.2.7.2 Market Forecast
8.3 Europe
8.3.1 Germany
8.3.1.1 Market Trends
8.3.1.2 Market Forecast
8.3.2 France
8.3.2.1 Market Trends
8.3.2.2 Market Forecast
8.3.3 United Kingdom
8.3.3.1 Market Trends
8.3.3.2 Market Forecast
8.3.4 Italy
8.3.4.1 Market Trends
8.3.4.2 Market Forecast
8.3.5 Spain
8.3.5.1 Market Trends
8.3.5.2 Market Forecast
8.3.6 Russia
8.3.6.1 Market Trends
8.3.6.2 Market Forecast
8.3.7 Others
8.3.7.1 Market Trends
8.3.7.2 Market Forecast
8.4 Latin America
8.4.1 Brazil
8.4.1.1 Market Trends
8.4.1.2 Market Forecast
8.4.2 Mexico
8.4.2.1 Market Trends
8.4.2.2 Market Forecast
8.4.3 Others
8.4.3.1 Market Trends
8.4.3.2 Market Forecast
8.5 Middle East and Africa
8.5.1 Market Trends
8.5.2 Market Breakup by Country
8.5.3 Market Forecast

9 Drivers, Restraints, and Opportunities
9.1 Overview
9.2 Drivers
9.3 Restraints
9.4 Opportunities

10 Value Chain Analysis

11 Porters Five Forces Analysis
11.1 Overview
11.2 Bargaining Power of Buyers
11.3 Bargaining Power of Suppliers
11.4 Degree of Competition
11.5 Threat of New Entrants
11.6 Threat of Substitutes

12 Price Analysis

13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
13.3.1 ABB Ltd.
13.3.1.1 Company Overview
13.3.1.2 Product Portfolio
13.3.1.3 Financials
13.3.1.4 SWOT Analysis
13.3.2 Arbiter Systems Inc.
13.3.2.1 Company Overview
13.3.2.2 Product Portfolio
13.3.3 Electric Power Group LLC
13.3.3.1 Company Overview
13.3.3.2 Product Portfolio
13.3.4 General Electric Company
13.3.4.1 Company Overview
13.3.4.2 Product Portfolio
13.3.4.3 Financials
13.3.4.4 SWOT Analysis
13.3.5 NR Electric Co. Ltd.
13.3.5.1 Company Overview
13.3.5.2 Product Portfolio
13.3.6 Qualitrol Company LLC (Fortive Corporation)
13.3.6.1 Company Overview
13.3.6.2 Product Portfolio
13.3.7 Schweitzer Engineering Laboratories Inc.
13.3.7.1 Company Overview
13.3.7.2 Product Portfolio
13.3.7.3 SWOT Analysis
13.3.8 Siemens AG
13.3.8.1 Company Overview
13.3.8.2 Product Portfolio
13.3.8.3 Financials
13.3.8.4 SWOT Analysis
13.3.9 Toshiba Corporation
13.3.9.1 Company Overview
13.3.9.2 Product Portfolio
13.3.9.3 Financials
13.3.9.4 SWOT Analysis
13.3.10 Vizimax Inc.
13.3.10.1 Company Overview
13.3.10.2 Product Portfolio
Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.

List of Figures
Figure 1: Global: Synchrophasors Market: Major Drivers and Challenges
Figure 2: Global: Synchrophasors Market: Sales Value (in Million US$), 2017-2022
Figure 3: Global: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 4: Global: Synchrophasors Market: Breakup by Component (in %), 2022
Figure 5: Global: Synchrophasors Market: Breakup by Application (in %), 2022
Figure 6: Global: Synchrophasors Market: Breakup by Region (in %), 2022
Figure 7: Global: Synchrophasors (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 8: Global: Synchrophasors (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 9: Global: Synchrophasors (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: Synchrophasors (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: Synchrophasors (Fault Analysis) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: Synchrophasors (Fault Analysis) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: Synchrophasors (State Estimation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: Synchrophasors (State Estimation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: Synchrophasors (Stability Monitoring) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: Synchrophasors (Stability Monitoring) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: Synchrophasors (Power System Control) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: Synchrophasors (Power System Control) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: Synchrophasors (Operational Monitoring) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: Synchrophasors (Operational Monitoring) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: Synchrophasors (Improve Grid Visualization) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: Synchrophasors (Improve Grid Visualization) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: Synchrophasors (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: Synchrophasors (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: North America: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: North America: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: United States: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: United States: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Canada: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Canada: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: Asia-Pacific: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: Asia-Pacific: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: China: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: China: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: Japan: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: Japan: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: India: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: India: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: South Korea: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: South Korea: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Australia: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Australia: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: Indonesia: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: Indonesia: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: Others: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: Others: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: Europe: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: Europe: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Germany: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Germany: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: France: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: France: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: United Kingdom: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: United Kingdom: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Italy: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Italy: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: Spain: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: Spain: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: Russia: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: Russia: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: Others: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: Others: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Latin America: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Latin America: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Brazil: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Brazil: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Mexico: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Mexico: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Others: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Others: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Middle East and Africa: Synchrophasors Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Middle East and Africa: Synchrophasors Market: Breakup by Country (in %), 2022
Figure 73: Middle East and Africa: Synchrophasors Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Global: Synchrophasors Industry: Drivers, Restraints, and Opportunities
Figure 75: Global: Synchrophasors Industry: Value Chain Analysis
Figure 76: Global: Synchrophasors Industry: Porter's Five Forces Analysis

List of Tables
Table 1: Global: Synchrophasors Market: Key Industry Highlights, 2022 & 2028
Table 2: Global: Synchrophasors Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 3: Global: Synchrophasors Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 4: Global: Synchrophasors Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Global: Synchrophasors Market: Competitive Structure
Table 6: Global: Synchrophasors Market: Key Players

Companies Mentioned

  • ABB Ltd.
  • Arbiter Systems Inc.
  • Electric Power Group LLC
  • General Electric Company
  • NR Electric Co. Ltd.
  • Qualitrol Company LLC (Fortive Corporation)
  • Schweitzer Engineering Laboratories Inc.
  • Siemens AG
  • Toshiba Corporation
  • Vizimax Inc.

Methodology

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