Synchrophasors Market

Global Synchrophasors Market Size (2024 to 2032):

The size of the global synchrophasors market was worth USD 0.35 billion in 2023. The global market is anticipated to grow at a CAGR of 15% from 2024 to 2032 and be worth USD 1.23 billion by 2032 from USD 0.40 billion in 2024. 

Current Scenario of the Global Synchrophasors Market

The energy sector around the world has evolved at a constant pace in line with developing technologies and the rapidly changing regulatory environment. Growing concerns related to climate change, worldwide warming, environmental protection, and sustainability have played an important role in driving innovations in the energy sector over the past two decades. In the recent past, notable advances have been made to improve the accuracy of phasor measurement units (PMUs) in power system applications. Synchrophasor market expansion is predicted to be driven by a number of factors, including increased investments in smart grid project development. The measurements obtained by the synchrophasors are employed for fault analysis, health estimation, stability monitoring, power system control, operational monitoring and to improve network visualization. The availability of high-precision, low-cost timing sources, such as the Worldwide Positioning System (GPS) and IEEE 1588-compliant network clock sources, and the networking capability of relay systems and devices. Protection is fundamentally changing the way many current and future protection relay applications are or will be implemented. Synchrophasor measurements, that is, highly accurate time-stamped phasor measurements, have been employed in a number of protection relay applications and are also being considered for many future protection relay applications. 

MARKET TRENDS

Considerable improvements in communication technologies, along with evolving cybersecurity requirements, are also predicted to have a strong influence on the overall synchrophasor market expansion during the foreseen period. Research and development activities are anticipated to play an imperative role in the introduction of innovative concepts and technologies that are predicted to drive synchrophasor adoption in the coming years, a factor likely to drive the expansion of the worldwide synchrophasor market during the assessment period.

MARKET DRIVERS

During the last two decades, governments around the world, particularly in underdeveloped and developing regions, have attached considerable importance to urban infrastructure, as a result of which the call for power grids has increased considerably. This factor is predicted to have a direct impact on the expansion of the worldwide synchrophasor market.

The escalating focus on the installation of advanced electrical networks has led to a notable increase in the call for technologies that guarantee the efficiency, stability, and long-term performance of electrical networks. Therefore, synchrophasor uptake has increased in recent years. During the last two decades, synchrophasor technology has proven to be very beneficial primarily for bulk power system measurements. The escalating complexity of today's electric power systems due to evolving load characteristics, limited transmission paths, and efficiency concerns have led to a considerable increase in calls for efficient monitoring and system awareness. of the different electrical networks. Since synchrophasors allow the measurement of phase angles with time references, they have become one of the strongest candidates for improving system monitoring and awareness. Furthermore, the numerous benefits of synchrophasors compared to conventional measurement alternatives are predicted to have a strong impact on the overall expansion of the worldwide synchrophasor market during the evaluation period.

MARKET RESTRAINTS

The need to increase upfront costs and the absence of a clear technology fix plan can hinder the development of the synchrophasor market.

MARKET OPPORTUNITIES

The escalating focus on adopting renewable energy sources has made today's grid systems more vulnerable to power outages that greatly expose public safety and the environment. The call for synchrophasors to control and monitor the network and detect problems within the network at an early stage has grown steadily in recent years, due to their exceptional high-resolution time-synchronized measurements. The escalating call for synchrophasor technology to improve network reliability is anticipated to have a strong impact on the overall expansion of the worldwide synchrophasor market during the evaluation period. The expansion of the smart grid data management market is one of the key trends driving the expansion of this market. The escalating need to improve network efficiency, manage assets, and improve power supply reliability resulted in the generation of a large amount of data. This data helps provide a complete view of how the network works. With the increase in smart grid deployment, the volume of data that is generated will also increase exponentially and this, in turn, will drive the call for efficient smart grid data management systems.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Synchrophasors Market Analysis By Application

Fossil fuels continue to be the source of energy creation worldwide; Furthermore, the use of sustainable energy sources is predicted to increase rapidly. The insecurities of power have led governments to focus on the source of energy for the future. Concern about increased carbon emissions from power plants has led companies to use natural gas and sustainable sources for power generation. Utilities are living to run smart grid technologies to reduce disruption and replace power quickly to stop loss of data and revenue.

REGIONAL ANALYSIS

The Asia Pacific area is estimated to be an opportunity for the synchrophasor market in describing the growing smart grid projects.

China is estimated to be the largest contributor to the development of the synchrophasor market. Under the advantages of synchrophasors in India, pilot activities are employed throughout the country. The pilot activities will make it possible to detect problems that may affect the earlier use of phasor calculation units in the nation. It is estimated that North America will be operating the need for synchrophasors worldwide in the near future. The need in this area is driven by the captivating rules and spending on innovation and development of new synchrophasor data research equipment, and awards from the government under North American synchrophasor advantages. Europe is predicted to register average expansion in the next year. The need in this area is driven by the call to transfer networks both in terms of capacity and firmness. The use of synchrophasors is likely to increase the visibility of energy function and gain an understanding of strength and capacity. APAC was the largest synchrophasor market in 2019, and the region will offer several expansion opportunities to market providers during the foreseen period. Factors such as increased funding from the governments of the countries of this region for the development of smart grids will significantly drive the expansion of the synchrophasor market during the foreseen period. 43% of the market expansion will come from APAC during the foreseen period. China and Japan are the key markets for synchrophasors in APAC.

KEY PLAYERS IN THE GLOBAL SYNCHROPHASORS MARKET

Companies playing a prominent role in the global synchrophasors market include XJ Electric Co. Ltd, Wasion Group Holdings Ltd., Toshiba Corporation, Siemens AG, Schweitzer Engineering Laboratories, Schneider Electric, General Electric Company, Arbiter Systems, Alstom, ABB (Switzerland), Vizimax, Macrodyne and NR Electric, and Others.

RECENT HAPPENINGS IN THE GLOBAL SYNCHROPHASORS MARKET

• Dell and OSIsoft launched an integrated hardware and software platform aimed at bringing the challenge of PMU data from labs to commercial markets.

DETAILED SEGMENTATION OF THE GLOBAL SYNCHROPHASORS MARKET INCLUDED IN THIS REPORT

This research report on the global synchrophasors market has been segmented and sub-segmented based on grade, product, and region.

By Type

• Hardware Component
• software System

By Application

• Synchrophasors Breakdown
• Data By Application
• Fault Analysis
• State Estimation
• Stability Monitoring
• Operational Monitoring
• Improve Grid Visualization

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa