Synchrophasor Market Forecast and CAGR
According to latest research by Persistence Market Research, Synchrophasor market is set to witness exceptional growth between 8% and 10% during 2021-2031. Advancements in communication technologies, alongside advancing automation and monitoring systems are anticipated to have a positive impact on the market.
What is Driving Demand for Synchrophasor?
Phasor measurement units (PMUs) collect data, which gives information regarding grid performance, and transmit it to phasor data concentrator (PDC) devices to identify anomalies, if any, in the grid system
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The aging grid framework, the rise in domestic and commercial energy consumption rates, industrialization and development of civic infrastructure and an increased demand on power resources have created strain on the framework causing power blackouts, owing to which government organizations and end users are extensively adopting smart grids and this factor is considered to have optimistic results on the market.
For instance according to US. Energy Department currently U.S has 9,200 electric generating units with more than 1 million megawatts of generating capacity connected to more than 300,000 miles of transmission lines, with such numbers smart grids are critical for the power systems.
Increasing custom electric powers systems have proved to be beneficial for the market. Increasing complexity and efficiency concerns has increased the demand for monitoring systems and therefore Synchrophasor has emerged as best option for the above application. Additionally its benefits over conventional methods will further uplift the market.
Renewable Energy Industry to boost Synchrophasor Sales
The rapid adoption of renewable energy has further complicated things for the power system and made power grids vulnerable than ever and demand for Synchrophasor have been consistently increasing for monitoring purposes in the power grid systems.
Although Covid-19 pandemic slightly affected the market due to closure of and shutdown of industrial sector, however the market is forecast to get on track in next few quarters.
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North America Market Outlook
Demand for Synchrophasor in US and Canada will be led by Energy sector.
Government is enrolling schemes and promoting inter industry collaboration to encourage use of Synchrophasor technology, like North American Synchrophasor Initiative (NASPI), which is a collaboration between electric industry, the North American Electric Reliability Corporation (NERC), and the U.S. Department of Energy (DOE) to advance the use of synchrophasor technology to enhance grid reliability and economics through high-speed, wide-area measurement, monitoring, and control.
Europe Demand Scenario Overview
European Commission is by far most active organization keen to reduce its carbon footprint, owing to which this organization is regulating and implementing norms to reduce carbon footprint across all industries.
As of March 1, 2021, the European Energy Label Regulation 2019/2018 came into force for professional equipment. The purpose of the European Union is to reduce the environmental impact in terms of energy consumption by encouraging and promoting the sale of more efficient and sustainable products, which expected to be optimistic factor for the market.
Also integration of renewable energy sources in smart grids is expected to drive the market in the region. This integration decrease the carbon footprint generated from electric power frameworks, thus improving the overall efficiency of smart grid platforms and decreasing the reliance on non-renewable control source.
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Who are the Key Manufacturers and Suppliers of Synchrophasor?
Some of the leading manufacturers and suppliers of Synchrophasor include
- Schneider Electric
- Siemens
- Toshiba Corporation
- General Electric
- ABB Ltd
- Schweitzer Engineering Laboratories Inc.
- Powerside
- Arbiter Systems
- Macrodyne
- Others
Many leading manufacturers are indeed a smart grid infrastructure and large scale power system manufactures and have agreements with governments, like Siemens.
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