Substation Monitoring Market Analysis - Forecasts To 2025 By Application (Utility, Steel, Mining, Oil & Gas, Transportation, and Others), Module (IEDS, Communication Network, SCADA System), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), End-use Landscape, Vendor Landscape, and Competitive Landscape - Global Market Estimates
Substation Monitoring Market Insights:
The substation monitoring market is anticipated to register a significant growth over the forecast period. The growth is attributed to increasing penetration in the industry to automate and efficiently analyze the substation data. Growing focus on distribution and transmission investments to address the distressed and maturing infrastructure are few of the factors which boost the industry growth. The power generation industries are looking for cost-efficient substation monitoring solutions, so as to replace costly conventional substations by digital substations.
The communication channel plays an integral role in substation automation as all the IEDs & monitoring devices located at the substation has to be passed on to the utility data center, which is remotely located. Increase in advancements, such as advanced SCADA and communication technologies, are anticipated to drive the substation monitoring market. However, the absence of interoperability and global norms are anticipated to limit the industry growth. Producers in the industry are increasingly concentrating on building common standards to eliminate such issues.
Substation Monitoring Application Insights:
On the basis of application, the market has been segmented into utility, steel, mining, oil and gas, and transportation. The market for utility is anticipated to grow at a high rate over the forecast period. The utility segment is one of the most important areas pertaining to substation monitoring market due to its high demand-supply energy gap in the majority of developing and developed industries. The other factors which are anticipated to drive the growth of the market for the utility industry include the modernization of grids and installation of smart grids.
The SCADA segment is anticipated to register a high CAGR over the forecast period. Technological progressions in the sensor technology, MCUs, and alarm management
systems are likely to enhance overall communication system, thereby increasing the demand globally. Moreover, increasing adoption of SCADA systems is likely to drive the demand for this segment. These systems direct and control the power generation & transmission along with improving the overall efficiency. IEDs segment accounted for significant revenue share of more than 75 % in 2016 on account of upcoming deployment across the power sector. The rising demand for high voltages across commercial buildings and industries to operate machines is anticipated to boost the requirement for IEDs, thus contributing to the overall growth of the segment.
Substation Monitoring Market - Regional Insights:
The Asia Pacific market accounted for a significant industry share in 2016. It is further likely to grow moderately over the coming years. Increasing investments primarily focusing on manufacturing activities across the emerging countries are anticipated to positively impactthe industry growth. In addition, favorable government initiatives in countries such as China, Japan, and India have resulted in an increased demand across the entire region.
The end-use landscape includes a list of current and prospective consumers existing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase from global substation monitoring market. The major consumers of the product are Glencore, China Shenhua Energy, and Fortescue Metals Group
Substation Monitoring Market - Competitive Landscape:
The key companies of this market concentrate on acquisitions, agreements, strategic partnerships, new product releases, new technology launches, and expansions to increase their revenue. General Electric (U.S.), ABB Ltd. (Switzerland), Siemens AG (Germany), Cisco Systems, Inc. (U.S.), and Schneider Electric (France), among others, are some of the significant players of the substation monitoring market.
Please note: This is not an exhaustive list of companies profiled in the report.
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The global substation monitoring market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary survey research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the industry analysis; industry trends; market analysis; market trends; market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the substation monitoring market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, VPs, CEOs, COOs, financial consultants, business consultants, strategy consultants, project management consultants, business management consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, demand forecasting, SWOT analysis of the companies, and customer analytics.
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