According to the latest report by IMARC Group, titled "Synchrophasors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global synchrophasors market size reached US$ 271.0 Million in 2022. Synchrophasors are real-time monitoring devices used for the measurement of voltage, current, and frequency. They consist of a filter, oscillator, converter, global positioning system (GPS), and communication interface. They assist in managing transmission and congestion, automating controls, improving system modeling, and lowering operational costs. They also provide faster measurements, capture real-time dynamics, and facilitate wide-area monitoring and control as compared to supervisory control and data acquisition (SCADA). They help grid operators to identify real-time potential problems and take corrective action to maintain stability and reliability.
Global Synchrophasors Market Trends:
At present, synchrophasors are widely utilized for continuous monitoring, measurement, and protection of various elements of a power grid, such as generation, transmission, sub-transmission, and loads, which increases the observability of the system, enhance awareness, improve grid reliability, reduce energy losses, and ensure long-term stability. This, in confluence with the increasing automation of power grids, represents one of the key factors positively influencing the market across the globe. In addition, increasing incidences of power outages due to inclement weather, equipment failure, load-shedding, maintenance shutdown, and cyberattacks are catalyzing the demand for synchrophasors. Apart from this, governments of various countries are implementing favorable policies and regulations that support the deployment of synchrophasors. Moreover, the integration of machine learning (ML) and cloud computing technologies for improving power system situational awareness and reliability, detecting system-wide anomalies, validating models, and predicting equipment malfunction is stimulating the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 824.3 Million by 2028, exhibiting a CAGR of 19.8% during 2023-2028.
- On the basis of the component, the market has been bifurcated into hardware and software.
- Based on the application, the market has been segregated into fault analysis, state estimation, stability monitoring, power system control, operational monitoring, improve grid visualization, and others.
- Region-wise, the market has been segmented into 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 the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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, and Vizimax Inc.
|Base Year of the Analysis
| Historical Period
||Component, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
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