The global substation monitoring system market is anticipated to grow at a CAGR of 9.2% during the forecast period (2024-2031). An increasing demand for reliable and uninterrupted power supply, rapid urbanization, and the modernization of power grids drive the growth of the market. The increased spending by power system operators on automation, monitoring, and control systems for substation applications and high demand for substation monitoring systems. The increasing adoption of hardware devices such as distribution network feeders, microcontrollers, cameras, smart sensors, and intelligent electronic devices (IEDs) installed in electrical substations for online monitoring drives the growth of the market.
Browse the full report description of “Substation Monitoring System Market Size, Share & Trends Analysis Report by Component (Hardware (Distribution Network Feeders, Smart Sensors, Microcontrollers, Cameras, Intelligent Electronic Devices (IEDs) and Software (Asset Management, Production Management, Performance Management), by Communication Technology (Wired and Wireless), and by Industry (Utility, Oil and Gas, Mining, Steel and Transportation), Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/substation-monitoring-system-market
The market player provides the industry’s accurate AI and predictive analytics software to power utilities globally for T&D (transmission and distribution) infrastructure inspections. For instance, in June 2023, Buzz Solutions, an AI company that enables a smart, stable and resilient energy infrastructure launched ongoing momentum for its substation surveillance and monitoring solution. Buzz Solution’s AI-powered solution deployed on fixed camera systems provides 24/7, real-time alerts on substation surveillance, monitoring, equipment damage, condition assessments, and fire or smoke-related events.
The smart digital substation forms part of a new wave of innovation that began with the integration of Digital Enterprise software into the substation ecosystem. For instance, in February 2021, Hitachi Energy Ltd. launched its smart digital substation offering which brings together the latest in digital substation technology with the unique predictive, prescriptive and prognostic capabilities of Hitachi’s industry Lumada Asset Performance Management (APM) solution.
The increasing adoption of grid-connected renewables and EV charging systems raises the demand for power distribution analysis software. For instance, in December 2023, ABB launched a performance monitoring product called “CogniEN” for low- and medium-voltage electrical equipment. CogniEN can be used with substation automation equipment, power plants and microgrids, EV chargers and switchgear, and battery energy storage systems.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Component
o By Communication Technology
o By Industry
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes ABB Ltd., Eaton, General Electric, Mitsubishi Electric Corp., Siemens AG and others.
Key questions addressed by the report
Global Substation Monitoring System Market Report Segment
By Type
Hardware
Software
By Communication Technology
By Industry
Global Substation Monitoring System Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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