Synchrophasor Market to Reach $1.5 Billion, Globally, by 2033 at 9.6% CAGR: Allied Market Research
The global synchrophasor market is witnessing significant growth, driven by the increasing demand for enhanced grid monitoring and control systems. Synchrophasors, which provide real-time data on the electrical state of the power grid, are becoming essential tools for utilities and grid operators. Their ability to measure and record electrical parameters, such as voltage and current, with precise timing accuracy makes them crucial for effective grid management.
/EIN News/ -- Wilmington, Delaware, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Synchrophasor Market by Component (Hardware, and Software) and Application (Fault Analysis, State Estimation, Stability Monitoring, Power System Control, Operational Monitoring, Improve Grid Visualization, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the synchrophasor market was valued at $0.6 billion in 2023, and is estimated to reach $1.5 billion by 2033, growing at a CAGR of 9.6% from 2024 to 2033.
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Prime determinants of growth
The global synchrophasor market is experiencing growth due to several factors such as increase in renewable energy integration where synchrophasors can provide real-time monitoring and control capabilities to help manage the integration of renewable energy resources more effectively, optimizing grid stability and reliability. However, complex hardware and software systems of synchrophasor hinder market growth to some extent. Moreover, integration with IoT and AI offers remunerative opportunities for the expansion of the global synchrophasor market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $0.6 billion |
| Market Size in 2033 | $1.5 billion |
| CAGR | 9.6% |
| No. of Pages in Report | 300 |
| Segments Covered | Components, Applications, and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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The synchrophasor market is segmented into components, applications, and region. By components, the market is bifurcated into hardware and software. As per application, the market is divided into fault analysis, state estimation, stability monitoring, power system control, operational monitoring, improve grid visualization, and others. Region-wise the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The software segment is expected to grow faster throughout the forecast period.
Phasor Measurement Units (PMUs) are the primary hardware devices used to capture synchrophasor data. These units sample voltage and current waveforms at high speeds (typically 30 to 60 samples per second) and timestamp them precisely. PMUs are installed at substations, power plants, and other critical points in the grid. Phasor Data Concentrators (PDCs) are software applications that receive synchrophasor data from multiple PMUs and consolidate it into a unified dataset. These applications perform data validation, synchronization, and aggregation to ensure that the data is accurate and consistent.
The power system control segment is expected to lead throughout the forecast period.
Synchrophasors enable wide-area monitoring of the power system, allowing operators to observe the state of the grid over large geographic areas in real-time. This helps in detecting and diagnosing disturbances and anomalies quickly. Synchrophasor data is invaluable for post-event analysis. It allows engineers to investigate the causes of disturbances, such as faults or equipment failures, and to assess the effectiveness of protection and control systems. Synchrophasor data is often integrated with Supervisory Control and Data Acquisition (SCADA) systems, providing operators with a comprehensive view of the grid's status and enabling better decision-making in real-time.
Asia-Pacific to maintain its dominance by 2033.
Synchrophasors offer wide-area monitoring capabilities, allowing operators to assess the state of the grid over large geographical areas. This is particularly important in regions with extensive transmission networks, such as the Asia-Pacific, where disturbances in one part of the grid can propagate across wide areas.
China has been actively deploying synchrophasor technology in its power grid to enhance grid stability, monitor system dynamics, and facilitate better integration of renewable energy sources. India has also been investing in synchrophasor technology to improve grid reliability and manage the integration of renewable energy. Synchrophasors help in real-time monitoring of grid conditions and enable quicker response to disturbances.
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Players: -
- Schweitzer Engineering Laboratories Inc.
- ABB
- Schneider Electric
- Toshiba Corporation
- Siemens AG
- NR Electric Co. Ltd.
- General Electric
- Vizimax
- Wasion Group Holdings Ltd.
- Arbiter Systems Inc.
The report provides a detailed analysis of these key players in the global synchrophasors market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Report Review:
Synchrophasors, also known as synchronized phasor measurements, are real-time measurements of voltage, current, and frequency taken at specific locations on an electric power grid. Unlike traditional SCADA (Supervisory Control and Data Acquisition) systems, which typically sample grid data at slower rates, synchrophasors sample data at much higher rates, often up to 30 samples per second. This high-speed data collection enables a more detailed and accurate view of grid dynamics, making synchrophasors invaluable for grid monitoring, analysis, and control.
One of the key advantages of synchrophasors is their ability to provide a synchronized view of grid conditions across multiple locations. By synchronizing measurements to a common time reference, typically obtained from GPS satellites, synchrophasors enable precise comparison of grid data from different locations. This synchronized view is crucial for wide-area monitoring and control applications, where coordinated actions are needed to address grid-wide disturbances and maintain system stability.
The application segment of the synchrophasor market covers a wide range of functionalities. Fault analysis is one of the primary applications, where synchrophasor data is used to quickly identify and locate faults in power grids, enabling utilities to take proactive measures to minimize downtime and enhance grid reliability. State estimation involves using synchrophasor measurements to accurately estimate the operating conditions of power systems, including voltage levels and power flows. Stability monitoring utilizes synchrophasor data to assess the stability of the grid and detect potential instability issues that could lead to cascading failures or blackouts.
Power system control is another critical application area, where synchrophasor data is leveraged to optimize grid operations, manage grid congestion, and facilitate real-time control actions such as load shedding or generation adjustments. Operational monitoring involves continuous monitoring of grid parameters using synchrophasor data to ensure compliance with regulatory standards and operational performance targets. Additionally, synchrophasors contribute to improving grid visualization by providing real-time graphical representations of grid conditions, enabling operators to make informed decisions more effectively.
Furthermore, the market includes other applications such as wide-area monitoring and control (WAMC) , which involves using synchrophasor data from multiple locations to implement coordinated control actions across large geographical areas. This helps enhance grid resilience and reliability by enabling faster response to disturbances and contingencies.
Geographically, the synchrophasor market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa) . North America currently dominates the market, driven by the widespread adoption of synchrophasor technology in the region's advanced power grids. The United States, in particular, has been at the forefront of deploying synchrophasor systems for grid monitoring and control, supported by initiatives such as the North American Synchrophasor Initiative (NASPI) .
Europe is also a significant market for synchrophasors, with countries like Germany, the UK, and France investing in smart grid technologies to enhance grid efficiency and reliability. The Asia-Pacific region is witnessing rapid growth in the synchrophasor market, fueled by increasing power demand, grid modernization efforts, and government initiatives to promote renewable energy integration.
LAMEA is emerging as a promising market for synchrophasors, driven by investments in infrastructure development and efforts to strengthen power grids in the region. Countries like Brazil, South Africa, and Saudi Arabia are investing in synchrophasor technology to address grid stability challenges and improve energy management.
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