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Synchrophasor Market By Application ( Hardware components, Software systems ) Industry Latest Growth Report, SWOT Analysis, Forecast to 2024

Market Definition and Scope:

Several phasor measurement unit (PMU) and Phasor Data Concentrator (PDC) constitute a synchrophasor network. PMU collect data (represents grid health) and transmit it to PDC which analyses the same. The data collected is time stamped thus allowing operators to quickly identify anomalies in the grid. Data such as phase angle, power flow, frequency changes are measured across several points of the power system and transmitted in real time, allowing to significantly improve the overall system operation. Some of its application include wide area system monitoring, islanding detection system-wide disturbance recording, oscillation detection, frequency stabilization, resource integration, and state estimation.

The power system is dynamic in nature; traditional systems send the functioning data of the grid every once in every 4-5 seconds to the control centre. Since the power system functions at a faster rate, the data required to analyse any disturbances, the information should be available in near real time to make necessary changes immediately and prevent outages. A synchrophasor is a system that measures the frequency, voltage and current at a specific location of the transmission system. The measurements represents the health of the grid system, voltage and current shows the power load transferred from the power plants to the end users, whereas the frequency shows the balance between the power load and generation. Therefore, the frequency is continuously monitored to capture any disturbances that could affect the operation of the system and the reliability of grid. The synchrophasor enhances the grid operations by displaying highly detailed measurements in dash boards and provides visualization of the grid so that any stress can be detached or anticipate any situations which would lead to a power outage.

Synchrophasor industry is competitive and includes various market players such as,
•    ABB Ltd.
•    General Electric
•    Arbiter Systems Inc.
•    Schneider Electric SE
•    Siemens AG
•    Schweitzer Engineering Laboratories Inc.

Synchrophasor industry is segmented based on the By Application And Region.

By Application
•    Hardware components
•    Software systems

By Geography
•    North America
•    APAC
•    Europe
•    South America
•    MEA

The ageing infrastructure, the rise in population and the additional power sources have increased the strain on the infrastructure causing power outages. Below is the year on year number of outages in the US caused by weather, equipment failure, maintenance shutdown, load shedding, vandalism, and cyberattacks. Between the year 2010 and 2014 the number of power outages has increased more than 50% compared to the year 2010.

With the slowdown in world economic growth, the Synchrophasor industry has also suffered a certain impact, but still it will maintain a relatively optimistic growth, during the forecast period. Despite the presence of competition problems and the high entry, due to the global recovery trend is slightly, investor are still optimistic about this area; the future will still have more new investment enter the field. 

The requirement of high initial investment and a lack of clear roadmap of technology deployment can hamper the growth of synchrophasors market. The Asia Pacific region is expected to be an opportunity area for synchrophasors on account of increasing smart grid activity. China is expected to contribute the most to the growth of synchrophasors market. Under synchrophasor initiatives in India, the pilot projects are deployed across the country. The pilot projects shall allow identifying the challenges that may result prior to the deployment of phasor measurement units in the country. North America is expected to drive the demand for synchrophasors worldwide in the foreseeable future. The demand in this region is driven by the lucrative policies and investment in research and development of new synchrophasor data analysis tools, and grants by the government under the North American SynchroPhasor Initiative (NASPI). Europe is expected to register moderate growth in the foreseeable future. The demand in this region is driven by the need to transmission networks both in terms of capacity and stability. The deployment of synchrophasors is likely to increase the observability of the power system and gain an awareness of the stability situation throughout the whole power network.

Due to the coronavirus outbreak, like any other market Synchrophasor Market is also facing a slowdown. However, it is expected to hit back in the market due to its vital role in power grid industries. Thus, due to all aforementioned factors the market will grow at a 11.02% CAGR during the forecast period.

The research provides answers to the following key questions:
• What is the estimated growth rate and market share and size of the Synchrophasor market for the forecast period 2021 - 2024?
• What are the driving forces in the Synchrophasor market for the forecast period 2021 - 2024?
• Who are the prominent market players and how have they gained a competitive edge over other competitors? 
• What are the market trends influencing the progress of the Synchrophasor industry worldwide? 
• What are the major challenges and threats restricting the progress of the industry?
• What opportunities does the market hold for the prominent market players? 

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Synchrophasor Market By Application ( Hardware com...