The Asia-Pacific Substation Monitoring Market was estimated at USD 5.9 billion in 2022. The industry is expected to increase at a compound annual growth rate (CAGR) of 8.80% between 2024 and 2032, from USD 6.4 billion in 2023 to USD 12.6 billion by 2032.
Asia-Pacific Substation Monitoring systems are able to provide valuable insights on the functioning of transmission and distribution network in an electrical grid. It can support remote monitoring amid the rapid automation of processes and lower maintenance expenses. The global subsea monitoring market report by Market Research Future (MRFR) covers drivers and challenges to be faced by the industry for the period.
Competitive Outlook
- Siemens AG,
- ABB Ltd.
- Schneider Electric
- General Electric
- Cisco
- Emerson Electric
- Honeywell, Eaton
- Emerson Electric
- Crompton Greaves
- Schweitzer Engineering Laboratories
- Novatech
- Igrid T&D
- Sentient Energy
- Cadillac Automation
- Controls
- Tekvel
Market Scope
The Asia-Pacific Substation Monitoring market is expected to accrue huge revenues at 8.50% CAGR over the forecast period. Improvements in IoT architecture, replacement of legacy infrastructure, and development of interoperability standards are factors driving market demand during the forecast period.
Segmentation
The Asia-Pacific Substation Monitoring market has been segmented by component, communication technology, sector, and industry.
By component, it is segmented into hardware, distribution network feeders, and software.
By communication technology, it is divided into wired and wireless. The former is further segmented into Ethernet, fiber optic, and PROFIBUS, while the latter is segmented into cellular technology, ZigBee, and Wi-Fi.
By sector, it is divided into distribution and transmission.
Based on industries, the market has been classified into oil & gas, mining, utility, steel, transportation, and others. Utility segment is leading the market owing to the increasing implementation of Asia-Pacific Substation Monitoring system for reduction in transmission and distribution losses as well as ageing infrastructure of electric substations.
Asia-Pacific Substation Monitoring Market Trends:
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Digitalization and Automation: With the rise of the Internet of Things (IoT) and smart grid technologies, there is a growing trend towards the digitalization and automation of substations. Digital Asia-Pacific Substation Monitoring solutions enable real-time monitoring, analysis, and control of various parameters within the substation, leading to improved efficiency and reduced downtime.
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Integration of AI and Predictive Analytics: Integration of artificial intelligence (AI) and predictive analytics into Asia-Pacific Substation Monitoring systems is becoming more prevalent. AI algorithms help in analyzing large volumes of data generated by substations to predict potential faults or failures, enabling proactive maintenance and reducing the risk of unplanned outages.
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Remote Monitoring and Control: Remote monitoring and control capabilities are gaining traction in the Asia-Pacific Substation Monitoring market. This trend allows operators to monitor and control substations from a central location, improving operational efficiency and reducing the need for onsite personnel.
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