PUBLISHER: IMARC | PRODUCT CODE: 1451735
PUBLISHER: IMARC | PRODUCT CODE: 1451735
Synchrophasors Market Report by Component (Hardware, Software), Application (Fault Analysis, State Estimation, Stability Monitoring, Power System Control, Operational Monitoring, Improve Grid Visualization, and Others), and Region 2024-2032
The global synchrophasors market size reached US$ 324.7 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,422.5 Million by 2032, exhibiting a growth rate (CAGR) of 17.3% during 2024-2032. The rising product utilization in power grids, increasing incidences of power outages, and adoption of smart grid technology represent some of the key factors driving the market.
Synchrophasors are monitoring devices that take high-speed measurements of voltage, current, and frequency. They consist of various components, such as a filter, converter, oscillator, global positioning system (GPS) clock, and communication interface. The measurements taken by synchrophasors are time-stamped with signals from GPS satellites, enabling data from various utilities and locations to be time-synchronized to create a detailed and comprehensive view of the entire system. They are widely used for fault analysis, state estimation, stability monitoring, power system control, and operational monitoring. As compared to supervisory control and data acquisition (SCADA) based monitoring, synchrophasors provide faster measurements, better insight into grid stability, capture real-time dynamics, and provide wide area monitoring and control. They aid in integrating renewable and intermittent resources, managing transmission congestion, automating controls, improving system modeling, and lowering operational costs.
Synchrophasors Market Trends:
The rising product utilization in power grids is one of the key factors driving the market growth. Synchrophasors are widely used for continuous monitoring, measurement, and protection of various elements of a power grid, such as generation, transmission, sub-transmission, and loads, which, in turn, increase the observability of the system, enhance awareness, improve grid reliability, reduce energy losses, and ensure long-term stability. In addition, the widespread product adoption to identify, locate, and resolve potential threats in a grid by providing an accurate and dynamic view of the system to operators due to the increasing incidences of power outages due to inclement weather, equipment failure, load-shedding, maintenance shutdown, and cyberattacks are favoring the market growth. Furthermore, the growing utilization of synchrophasors in smart grid technology to collect, distribute, and analyze critical data and convert it into information and insights that improve grid automation and operations is providing an impetus to the market growth. In line with this, the rising product adoption to facilitate the integration of renewable energy sources in smart grids to improve overall efficiency, reduce carbon emission, and decrease reliance on non-renewable sources, is propelling the market growth. Additionally, the integration of machine learning (ML) and cloud computing technologies for analyzing and processing data collected by synchrophasors to enhance situational awareness, detect system-wide anomalies, validate models, and predict equipment malfunction is positively influencing the market growth. Apart from this, the implementation of various government initiatives to promote the sale of efficient and sustainable products, such as synchrophasors that reduce the environmental impact of energy consumption and improve grid reliability, is creating a positive outlook for the market growth. Other factors, including rapid advancements in smart city infrastructures, rising investment in research and development (R&D) activities, and the recent development of central power management systems, are anticipated to drive the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global synchrophasors market, along with forecasts at the global, regional, and country level from 2024-2032. Our report has categorized the market based on component and application.
Component Insights:
Hardware
Software
The report has also provided a detailed breakup and analysis of the synchrophasors market based on the component. This includes hardware and software.
Application Insights:
Fault Analysis
State Estimation
Stability Monitoring
Power System Control
Operational Monitoring
Improve Grid Visualization
Others
A detailed breakup and analysis of the synchrophasors market based on the application has been provided in the report. This includes fault analysis, state estimation, stability monitoring, power system control, operational monitoring, improve grid visualization, and others.
Regional Insights:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, North America was the largest market for synchrophasors. Some of the factors driving the North America synchrophasors market include the presence of a large number of prominent players, extensive research and development (R&D) activities, adoption of smart grid, etc.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global synchrophasors market. Detailed profiles of all major companies have also been provided. Some of the companies covered include ABB Ltd., Arbiter Systems Inc., Electric Power Group LLC, General Electric Company, NR Electric Co. Ltd., Qualitrol Company LLC (Fortive Corporation), Schweitzer Engineering Laboratories Inc., Siemens AG, Toshiba Corporation, Vizimax Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report
- 1. How big is the global synchrophasors market?
- 2. What is the expected growth rate of the global synchrophasors market during 2024-2032?
- 3. What are the key factors driving the global synchrophasors market?
- 4. What has been the impact of COVID-19 on the global synchrophasors market?
- 5. What are the key regions in the global synchrophasors market?
- 6. Who are the key players/companies in the global synchrophasors market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Synchrophasors Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Component
- 6.1 Hardware
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Software
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
7 Market Breakup by Application
- 7.1 Fault Analysis
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 State Estimation
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Stability Monitoring
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Power System Control
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Operational Monitoring
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
- 7.6 Improve Grid Visualization
- 7.6.1 Market Trends
- 7.6.2 Market Forecast
- 7.7 Others
- 7.7.1 Market Trends
- 7.7.2 Market Forecast
8 Market Breakup by Region
- 8.1 North America
- 8.1.1 United States
- 8.1.1.1 Market Trends
- 8.1.1.2 Market Forecast
- 8.1.2 Canada
- 8.1.2.1 Market Trends
- 8.1.2.2 Market Forecast
- 8.1.1 United States
- 8.2 Asia-Pacific
- 8.2.1 China
- 8.2.1.1 Market Trends
- 8.2.1.2 Market Forecast
- 8.2.2 Japan
- 8.2.2.1 Market Trends
- 8.2.2.2 Market Forecast
- 8.2.3 India
- 8.2.3.1 Market Trends
- 8.2.3.2 Market Forecast
- 8.2.4 South Korea
- 8.2.4.1 Market Trends
- 8.2.4.2 Market Forecast
- 8.2.5 Australia
- 8.2.5.1 Market Trends
- 8.2.5.2 Market Forecast
- 8.2.6 Indonesia
- 8.2.6.1 Market Trends
- 8.2.6.2 Market Forecast
- 8.2.7 Others
- 8.2.7.1 Market Trends
- 8.2.7.2 Market Forecast
- 8.2.1 China
- 8.3 Europe
- 8.3.1 Germany
- 8.3.1.1 Market Trends
- 8.3.1.2 Market Forecast
- 8.3.2 France
- 8.3.2.1 Market Trends
- 8.3.2.2 Market Forecast
- 8.3.3 United Kingdom
- 8.3.3.1 Market Trends
- 8.3.3.2 Market Forecast
- 8.3.4 Italy
- 8.3.4.1 Market Trends
- 8.3.4.2 Market Forecast
- 8.3.5 Spain
- 8.3.5.1 Market Trends
- 8.3.5.2 Market Forecast
- 8.3.6 Russia
- 8.3.6.1 Market Trends
- 8.3.6.2 Market Forecast
- 8.3.7 Others
- 8.3.7.1 Market Trends
- 8.3.7.2 Market Forecast
- 8.3.1 Germany
- 8.4 Latin America
- 8.4.1 Brazil
- 8.4.1.1 Market Trends
- 8.4.1.2 Market Forecast
- 8.4.2 Mexico
- 8.4.2.1 Market Trends
- 8.4.2.2 Market Forecast
- 8.4.3 Others
- 8.4.3.1 Market Trends
- 8.4.3.2 Market Forecast
- 8.4.1 Brazil
- 8.5 Middle East and Africa
- 8.5.1 Market Trends
- 8.5.2 Market Breakup by Country
- 8.5.3 Market Forecast
9 Drivers, Restraints, and Opportunities
- 9.1 Overview
- 9.2 Drivers
- 9.3 Restraints
- 9.4 Opportunities
10 Value Chain Analysis
11 Porters Five Forces Analysis
- 11.1 Overview
- 11.2 Bargaining Power of Buyers
- 11.3 Bargaining Power of Suppliers
- 11.4 Degree of Competition
- 11.5 Threat of New Entrants
- 11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
- 13.1 Market Structure
- 13.2 Key Players
- 13.3 Profiles of Key Players
- 13.3.1 ABB Ltd.
- 13.3.1.1 Company Overview
- 13.3.1.2 Product Portfolio
- 13.3.1.3 Financials
- 13.3.1.4 SWOT Analysis
- 13.3.2 Arbiter Systems Inc.
- 13.3.2.1 Company Overview
- 13.3.2.2 Product Portfolio
- 13.3.3 Electric Power Group LLC
- 13.3.3.1 Company Overview
- 13.3.3.2 Product Portfolio
- 13.3.4 General Electric Company
- 13.3.4.1 Company Overview
- 13.3.4.2 Product Portfolio
- 13.3.4.3 Financials
- 13.3.4.4 SWOT Analysis
- 13.3.5 NR Electric Co. Ltd.
- 13.3.5.1 Company Overview
- 13.3.5.2 Product Portfolio
- 13.3.6 Qualitrol Company LLC (Fortive Corporation)
- 13.3.6.1 Company Overview
- 13.3.6.2 Product Portfolio
- 13.3.7 Schweitzer Engineering Laboratories Inc.
- 13.3.7.1 Company Overview
- 13.3.7.2 Product Portfolio
- 13.3.7.3 SWOT Analysis
- 13.3.8 Siemens AG
- 13.3.8.1 Company Overview
- 13.3.8.2 Product Portfolio
- 13.3.8.3 Financials
- 13.3.8.4 SWOT Analysis
- 13.3.9 Toshiba Corporation
- 13.3.9.1 Company Overview
- 13.3.9.2 Product Portfolio
- 13.3.9.3 Financials
- 13.3.9.4 SWOT Analysis
- 13.3.10 Vizimax Inc.
- 13.3.10.1 Company Overview
- 13.3.10.2 Product Portfolio
- 13.3.1 ABB Ltd.
Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.
List of Figures
- Figure 1: Global: Synchrophasors Market: Major Drivers and Challenges
- Figure 2: Global: Synchrophasors Market: Sales Value (in Million US$), 2018-2023
- Figure 3: Global: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 4: Global: Synchrophasors Market: Breakup by Component (in %), 2023
- Figure 5: Global: Synchrophasors Market: Breakup by Application (in %), 2023
- Figure 6: Global: Synchrophasors Market: Breakup by Region (in %), 2023
- Figure 7: Global: Synchrophasors (Hardware) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 8: Global: Synchrophasors (Hardware) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 9: Global: Synchrophasors (Software) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 10: Global: Synchrophasors (Software) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 11: Global: Synchrophasors (Fault Analysis) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 12: Global: Synchrophasors (Fault Analysis) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 13: Global: Synchrophasors (State Estimation) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 14: Global: Synchrophasors (State Estimation) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 15: Global: Synchrophasors (Stability Monitoring) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 16: Global: Synchrophasors (Stability Monitoring) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 17: Global: Synchrophasors (Power System Control) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 18: Global: Synchrophasors (Power System Control) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 19: Global: Synchrophasors (Operational Monitoring) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 20: Global: Synchrophasors (Operational Monitoring) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 21: Global: Synchrophasors (Improve Grid Visualization) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 22: Global: Synchrophasors (Improve Grid Visualization) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 23: Global: Synchrophasors (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 24: Global: Synchrophasors (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 25: North America: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 26: North America: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 27: United States: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 28: United States: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 29: Canada: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 30: Canada: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 31: Asia-Pacific: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 32: Asia-Pacific: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 33: China: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 34: China: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 35: Japan: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 36: Japan: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 37: India: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 38: India: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 39: South Korea: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 40: South Korea: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 41: Australia: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 42: Australia: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 43: Indonesia: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 44: Indonesia: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 45: Others: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 46: Others: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 47: Europe: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 48: Europe: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 49: Germany: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 50: Germany: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 51: France: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 52: France: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 53: United Kingdom: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 54: United Kingdom: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 55: Italy: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 56: Italy: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 57: Spain: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 58: Spain: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 59: Russia: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 60: Russia: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 61: Others: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 62: Others: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 63: Latin America: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 64: Latin America: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 65: Brazil: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 66: Brazil: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 67: Mexico: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 68: Mexico: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 69: Others: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 70: Others: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 71: Middle East and Africa: Synchrophasors Market: Sales Value (in Million US$), 2018 & 2023
- Figure 72: Middle East and Africa: Synchrophasors Market: Breakup by Country (in %), 2023
- Figure 73: Middle East and Africa: Synchrophasors Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 74: Global: Synchrophasors Industry: Drivers, Restraints, and Opportunities
- Figure 75: Global: Synchrophasors Industry: Value Chain Analysis
- Figure 76: Global: Synchrophasors Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Synchrophasors Market: Key Industry Highlights, 2023 & 2032
- Table 2: Global: Synchrophasors Market Forecast: Breakup by Component (in Million US$), 2024-2032
- Table 3: Global: Synchrophasors Market Forecast: Breakup by Application (in Million US$), 2024-2032
- Table 4: Global: Synchrophasors Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 5: Global: Synchrophasors Market: Competitive Structure
- Table 6: Global: Synchrophasors Market: Key Players
