Albany NY, United States, May 12, 2022 (GLOBE NEWSWIRE) -- Sales opportunities in the synchrophasors market have grown from rise in use of the technology wide area monitoring and situational awareness applications. Proliferating protective relaying applications in various power systems have driven continuous advancements in synchrophasors measurements. The global synchrophasors market is projected to reach US$ 930 Mn mark by 2030.
Rise in use of bulk power system measurements over the past few decades have propelled revenue generation in the synchrophasors market. The need for high-resolution time synchronized measurements has grown remarkably in smart power grid projects in several countries, find the authors of the TMR study on the synchrophasors market. The measurements have become a critical part of stability of power grids.
R&D into low cost and high precision timing sources are supporting the development of advanced synchrophasors, especially for next-gen protective relaying applications. Modern electric power systems are reaping the benefits of accurate time stamping in fault analysis and power system control, and operational monitoring.
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Key Findings of Synchrophasors Market Study
- Growing Use in System Monitoring and Awareness to Propel Profitable Opportunities: Synchrophasors are widely used in bulk power system measurements, and are a key trend in driving the revenue growth of the market. The demand for advanced equipment for phasor measurement units is growing in power systems monitoring and control. This has been catalyzing abundant opportunities, note the authors of a TMR study on the synchrophasors market.
- Expanding Infrastructure of Smart Grids Generating Abundant Opportunities: Smart grids are becoming promising candidates for enormous application of synchrophasors. The authors of the study note that the use of the technology in improving grid reliability has spurred lucrative opportunities. Synchrophasors are attracting attention in smart grid projects for ensuring controls and operations for power systems. The application enables better situational awareness, which is crucial given the pace of integration of renewables into the modern energy grids. The shift toward smart grid technology has caught on momentum in emerging and developed nations in recent years, opening up new frontiers in the synchrophasors market.
- Integration with Multi-function Recorders and Protective Relays Drives Revenue Gain: Synchrophasors are gathering traction in multi-function recorders and protective relays. The proliferating usage of the technology in modern power systems is fueling the growth prospects. Over the years, practical applications of synchrophasors have increased considerable in protection applications, extending the horizon in the synchrophasors market.
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Synchrophasors Market: Key Drivers
- Growing need for bulk power system reliability performance assessment over the years is a key driver for lucrative opportunities in the synchrophasors market
- The complexity of electric power systems, notably with integration of renewable energy sources, is a key driver, finds the TMR study on the synchrophasors market. Modernization initiatives pertaining to power grids on account of growing global focus on adoption of renewable power are extending the horizon.
Synchrophasors Market: Regional Growth Dynamics
- North America is projected to account for a major share of the global synchrophasors market. The presence of a large number of prominent players especially in the U.S. and Canada have spurred R&D in synchrophasors in various power system applications.
- Asia Pacific is another lucrative regional market. The Asia Pacific synchrophasors market is projected to rise at promising pace owing to the rise in application in smart grids especially in emerging economies.
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Synchrophasors Market: Key Players
Some of the prominent players in the synchrophasors market are:
- General Electric
- Toshiba Corporation
- FUJI ELECTRIC FRANCE S.A.S.
- Siemens AG
- Schneider Electric
- Arbiter Systems Inc.
- Schweitzer Engineering Laboratories, Inc.
- Wasion Group Holdings Ltd.
- ABB Ltd.
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Global Synchrophasors Market: Segmentation
Synchrophasors Market, by Component
- Hardware
- Software
Synchrophasors Market, by Application
- Fault Analysis
- State Estimation
- Stability Monitoring
- Power System Control
- Operational Monitoring
- Improve Grid Visualization
- Others
Synchrophasors Market, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- The U.K.
- Germany
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Japan
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC
- South Africa
- North Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
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