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Synchrophasor Market Size, Share & Trends Analysis Report By Component (Hardware, and Software), By Application, By Regional Outlook and Forecast, 2024 - 2031

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    Report

  • 183 Pages
  • July 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5988725
Description Jump to:
The Global Synchrophasor Market size is expected to reach $1.1 billion by 2031, rising at a market growth of 9.3% CAGR during the forecast period.

Synchrophasor technology enables utilities to detect and analyze faults in the electric grid in real-time. Thus, the fault analysis segment acquired 22% revenue share in the market 2023. Fault analysis capabilities provided by synchrophasors allow grid operators to quickly identify the location, type, and severity of faults such as short circuits, line faults, and equipment failures. This rapid detection facilitates faster response times for restoring grid stability and minimizing the impact of disruptions on electricity supply.



Many existing electrical grids are outdated, built decades ago without the capacity to handle modern demands. This leads to inefficiencies, higher maintenance costs, and increased risk of failures. As aging power grid infrastructures need upgrades, grid modernization efforts aim to improve efficiency, reliability, and sustainability.

Moreover, rapid service restoration is critical during power outages to minimize economic losses and customer inconvenience. Synchrophasors facilitate quicker identification of outage locations and assessment of grid stability post-outage. Thus, rising power outages and blackouts drive the market's growth.

However, Synchrophasors require substantial capital investment for deployment and installation. The costs involve not only purchasing the synchrophasor units themselves but also integrating them into existing grid infrastructure. Therefore, the high initial costs of synchrophasors hinder the market’s growth.

Driving and Restraining Factors

Drivers
  • Grid modernization and rise of smart grids
  • Rising incidences of power outages and blackouts
  • Increasing demand for electricity worldwide
Restraints
  • High initial costs synchrophasors
  • Data management challenges
Opportunities
  • Growing integration of renewable energy
  • Regulatory support and compliance
Challenges
  • Limited awareness and lack of expertise
  • Increasing competition from alternative technologies

Application Outlook

By application, the market is segmented into fault analysis, state estimation, stability monitoring, power system control, operational monitoring, improving grid visualization, and others. In 2023, the stability monitoring segment procured 18% revenue share in the market. Stability monitoring provides utilities with enhanced situational awareness of dynamic grid conditions and disturbances.



Component Outlook

Based on component, the market is divided into hardware and software. The software segment attained 37% revenue share in the market in 2023. Hardware components such as synchrophasor measurement units (PMUs) and sensors are fundamental for collecting synchronized electrical quantities measurements across different grid points.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 27% revenue share in the market. The region is undergoing rapid industrialization, urbanization, and population growth, driving electricity demand.

List of Key Companies Profiled

  • Schweitzer Engineering Laboratories, Inc. (SEL)
  • Arbiter Systems, Inc.
  • Vizimax Inc.
  • Powerside
  • ERLPhase Power Technologies Ltd.
  • ABB Ltd.
  • Siemens AG
  • General Electric Company
  • NR Electric Co., Ltd. (NARI Technology Development Limited Co.)

Market Report Segmentation

By Component
  • Hardware
  • Software
By Application
  • Fault Analysis
  • Stability Monitoring
  • State Estimation
  • Improve Grid Visualization
  • Operational Monitoring
  • Power System Control
  • Others
By Geography
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Synchrophasor Market, by Component
1.4.2 Global Synchrophasor Market, by Application
1.4.3 Global Synchrophasor Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
3.3 Porter Five Forces Analysis
Chapter 4. Global Synchrophasor Market by Component
4.1 Global Hardware Market by Region
4.2 Global Software Market by Region
Chapter 5. Global Synchrophasor Market by Application
5.1 Global Fault Analysis Market by Region
5.2 Global Stability Monitoring Market by Region
5.3 Global State Estimation Market by Region
5.4 Global Improve Grid Visualization Market by Region
5.5 Global Operational Monitoring Market by Region
5.6 Global Power System Control Market by Region
5.7 Global Others Market by Region
Chapter 6. Global Synchrophasor Market by Region
6.1 North America Synchrophasor Market
6.1.1 North America Synchrophasor Market by Component
6.1.1.1 North America Hardware Market by Country
6.1.1.2 North America Software Market by Country
6.1.2 North America Synchrophasor Market by Application
6.1.2.1 North America Fault Analysis Market by Country
6.1.2.2 North America Stability Monitoring Market by Country
6.1.2.3 North America State Estimation Market by Country
6.1.2.4 North America Improve Grid Visualization Market by Country
6.1.2.5 North America Operational Monitoring Market by Country
6.1.2.6 North America Power System Control Market by Country
6.1.2.7 North America Others Market by Country
6.1.3 North America Synchrophasor Market by Country
6.1.3.1 US Synchrophasor Market
6.1.3.1.1 US Synchrophasor Market by Component
6.1.3.1.2 US Synchrophasor Market by Application
6.1.3.2 Canada Synchrophasor Market
6.1.3.2.1 Canada Synchrophasor Market by Component
6.1.3.2.2 Canada Synchrophasor Market by Application
6.1.3.3 Mexico Synchrophasor Market
6.1.3.3.1 Mexico Synchrophasor Market by Component
6.1.3.3.2 Mexico Synchrophasor Market by Application
6.1.3.4 Rest of North America Synchrophasor Market
6.1.3.4.1 Rest of North America Synchrophasor Market by Component
6.1.3.4.2 Rest of North America Synchrophasor Market by Application
6.2 Europe Synchrophasor Market
6.2.1 Europe Synchrophasor Market by Component
6.2.1.1 Europe Hardware Market by Country
6.2.1.2 Europe Software Market by Country
6.2.2 Europe Synchrophasor Market by Application
6.2.2.1 Europe Fault Analysis Market by Country
6.2.2.2 Europe Stability Monitoring Market by Country
6.2.2.3 Europe State Estimation Market by Country
6.2.2.4 Europe Improve Grid Visualization Market by Country
6.2.2.5 Europe Operational Monitoring Market by Country
6.2.2.6 Europe Power System Control Market by Country
6.2.2.7 Europe Others Market by Country
6.2.3 Europe Synchrophasor Market by Country
6.2.3.1 Germany Synchrophasor Market
6.2.3.1.1 Germany Synchrophasor Market by Component
6.2.3.1.2 Germany Synchrophasor Market by Application
6.2.3.2 UK Synchrophasor Market
6.2.3.2.1 UK Synchrophasor Market by Component
6.2.3.2.2 UK Synchrophasor Market by Application
6.2.3.3 France Synchrophasor Market
6.2.3.3.1 France Synchrophasor Market by Component
6.2.3.3.2 France Synchrophasor Market by Application
6.2.3.4 Russia Synchrophasor Market
6.2.3.4.1 Russia Synchrophasor Market by Component
6.2.3.4.2 Russia Synchrophasor Market by Application
6.2.3.5 Spain Synchrophasor Market
6.2.3.5.1 Spain Synchrophasor Market by Component
6.2.3.5.2 Spain Synchrophasor Market by Application
6.2.3.6 Italy Synchrophasor Market
6.2.3.6.1 Italy Synchrophasor Market by Component
6.2.3.6.2 Italy Synchrophasor Market by Application
6.2.3.7 Rest of Europe Synchrophasor Market
6.2.3.7.1 Rest of Europe Synchrophasor Market by Component
6.2.3.7.2 Rest of Europe Synchrophasor Market by Application
6.3 Asia Pacific Synchrophasor Market
6.3.1 Asia Pacific Synchrophasor Market by Component
6.3.1.1 Asia Pacific Hardware Market by Country
6.3.1.2 Asia Pacific Software Market by Country
6.3.2 Asia Pacific Synchrophasor Market by Application
6.3.2.1 Asia Pacific Fault Analysis Market by Country
6.3.2.2 Asia Pacific Stability Monitoring Market by Country
6.3.2.3 Asia Pacific State Estimation Market by Country
6.3.2.4 Asia Pacific Improve Grid Visualization Market by Country
6.3.2.5 Asia Pacific Operational Monitoring Market by Country
6.3.2.6 Asia Pacific Power System Control Market by Country
6.3.2.7 Asia Pacific Others Market by Country
6.3.3 Asia Pacific Synchrophasor Market by Country
6.3.3.1 China Synchrophasor Market
6.3.3.1.1 China Synchrophasor Market by Component
6.3.3.1.2 China Synchrophasor Market by Application
6.3.3.2 Japan Synchrophasor Market
6.3.3.2.1 Japan Synchrophasor Market by Component
6.3.3.2.2 Japan Synchrophasor Market by Application
6.3.3.3 India Synchrophasor Market
6.3.3.3.1 India Synchrophasor Market by Component
6.3.3.3.2 India Synchrophasor Market by Application
6.3.3.4 South Korea Synchrophasor Market
6.3.3.4.1 South Korea Synchrophasor Market by Component
6.3.3.4.2 South Korea Synchrophasor Market by Application
6.3.3.5 Singapore Synchrophasor Market
6.3.3.5.1 Singapore Synchrophasor Market by Component
6.3.3.5.2 Singapore Synchrophasor Market by Application
6.3.3.6 Malaysia Synchrophasor Market
6.3.3.6.1 Malaysia Synchrophasor Market by Component
6.3.3.6.2 Malaysia Synchrophasor Market by Application
6.3.3.7 Rest of Asia Pacific Synchrophasor Market
6.3.3.7.1 Rest of Asia Pacific Synchrophasor Market by Component
6.3.3.7.2 Rest of Asia Pacific Synchrophasor Market by Application
6.4 LAMEA Synchrophasor Market
6.4.1 LAMEA Synchrophasor Market by Component
6.4.1.1 LAMEA Hardware Market by Country
6.4.1.2 LAMEA Software Market by Country
6.4.2 LAMEA Synchrophasor Market by Application
6.4.2.1 LAMEA Fault Analysis Market by Country
6.4.2.2 LAMEA Stability Monitoring Market by Country
6.4.2.3 LAMEA State Estimation Market by Country
6.4.2.4 LAMEA Improve Grid Visualization Market by Country
6.4.2.5 LAMEA Operational Monitoring Market by Country
6.4.2.6 LAMEA Power System Control Market by Country
6.4.2.7 LAMEA Others Market by Country
6.4.3 LAMEA Synchrophasor Market by Country
6.4.3.1 Brazil Synchrophasor Market
6.4.3.1.1 Brazil Synchrophasor Market by Component
6.4.3.1.2 Brazil Synchrophasor Market by Application
6.4.3.2 Argentina Synchrophasor Market
6.4.3.2.1 Argentina Synchrophasor Market by Component
6.4.3.2.2 Argentina Synchrophasor Market by Application
6.4.3.3 UAE Synchrophasor Market
6.4.3.3.1 UAE Synchrophasor Market by Component
6.4.3.3.2 UAE Synchrophasor Market by Application
6.4.3.4 Saudi Arabia Synchrophasor Market
6.4.3.4.1 Saudi Arabia Synchrophasor Market by Component
6.4.3.4.2 Saudi Arabia Synchrophasor Market by Application
6.4.3.5 South Africa Synchrophasor Market
6.4.3.5.1 South Africa Synchrophasor Market by Component
6.4.3.5.2 South Africa Synchrophasor Market by Application
6.4.3.6 Nigeria Synchrophasor Market
6.4.3.6.1 Nigeria Synchrophasor Market by Component
6.4.3.6.2 Nigeria Synchrophasor Market by Application
6.4.3.7 Rest of LAMEA Synchrophasor Market
6.4.3.7.1 Rest of LAMEA Synchrophasor Market by Component
6.4.3.7.2 Rest of LAMEA Synchrophasor Market by Application
Chapter 7. Company Profiles
7.1 ABB Ltd.
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expense
7.1.5 SWOT Analysis
7.2 Siemens AG
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expense
7.2.5 SWOT Analysis
7.3 General Electric Company
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expense
7.3.5 SWOT Analysis
7.4 NR Electric Co., Ltd. (NARI Technology Development Limited Co.)
7.4.1 Company Overview
7.5 Schweitzer Engineering Laboratories, Inc. (SEL)
7.5.1 Company Overview
7.5.2 SWOT Analysis
7.6 Arbiter Systems, Inc.
7.6.1 Company Overview
7.6.2 SWOT Analysis
7.7 Vizimax Inc.
7.7.1 Company Overview
7.7.2 SWOT Analysis
7.8 Powerside
7.8.1 Company Overview
7.8.2 SWOT Analysis
7.9 ERLPhase Power Technologies Ltd.
7.9.1 Company Overview
7.9.2 SWOT Analysis
Chapter 8. Winning Imperatives of Synchrophasor Market

Companies Mentioned

  • Schweitzer Engineering Laboratories, Inc. (SEL)
  • Arbiter Systems, Inc.
  • Vizimax Inc.
  • Powerside
  • ERLPhase Power Technologies Ltd.
  • ABB Ltd.
  • Siemens AG
  • General Electric Company
  • NR Electric Co., Ltd. (NARI Technology Development Limited Co.)

Methodology

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