Global Synchrophasors Market Size Study, by Component, by Application, by End-use, and Regional Forecasts 2022-2032

Description

The global Synchrophasors Market is valued at approximately USD 258.9 million in 2023 and is anticipated to grow with a healthy growth rate of more than 20.5% over the forecast period 2024-2034. Time-synchronized electrical measurements, called synchrophasors, represent the magnitude and phase angle of the electrical sinusoids. Phasor measurement units (PMUs) measure synchrophasors for real-time monitoring and control actions on the electric grid. The growth in demand for synchrophasors is ascribed to their better situational awareness capability. Synchrophasors are widely used for monitoring, state estimation, fault location and protective relaying, islanding detection, etc. Utilities and governments that prioritize grid resilience and efficiency consider synchrophasors as vital tools to enhance both the intelligence and operational performance of power distribution systems. By using synchrophasors, the North American SynchroPhasor Initiative (NASPI) has the mission to improve power system reliability and visibility through wide area measurement and control.

The synchrophasors market is set for significant growth and transformation due to the increase in complexities and challenges of modern power systems. Synchrophasors are a core technology that bring real-time visibility, control, and optimization capabilities for grid stability and reliability in a changing energy environment. The surge in adoption of renewable energy sources, smart grid initiatives, and modernization programs aiming at making the grid more sustainable are further driving market development. Expanding applications of synchrophasors in transmission networks as well as distribution systems, and integration of advanced data analytics and artificial intelligence are bolstering the synchrophasors market growth.

Key regions considered for the global Synchrophasors Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. In 2023, Asia Pacific held a prominent share is anticipated to grow at a fastest rate throughout the forecast period. The synchrophasor market is booming in the Asia Pacific region due to several reasons. With the rapid increase in renewable energy capacity, there is a focus on integrating variable energy sources while keeping the grid stable. Synchrophasor technology provides real-time monitoring and control, aligning with the region's efforts to modernize and strengthen the grid.

Major market players included in this report are:

ABB
Alstom Grid
Arbiter Systems Inc.
Electric Power Group, LLC
Electro Industries
FUJI ELECTRIC FRANCE S.A.S
General Electric
Hitachi Energy
Macrodyne
NR Electric
Schneider Electric
Schweitzer Engineering Laboratories
Siemens Energy
Toshiba Corporation
Vizimax

The detailed segments and sub-segment of the market are explained below:

By Component:

Hardware
Software
Services

By Application:

Fault Location Identification and Protective Relaying
State Estimation
Stability Monitoring
Power System Control
Wide Area Situational Awareness and Monitoring
Islanding Detection
Load Characterization
Others

By End-use:

Power Transmission Systems
Power Distribution Systems
Distributed Energy Systems
Power Generation

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Synchrophasors Market Executive Summary

1.1. Global Synchrophasors Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Component
- 1.3.2. By Application
- 1.3.3. By End-use
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Synchrophasors Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Synchrophasors Market Dynamics

3.1. Market Drivers
- 3.1.1. Surge in Demand for Real-time Monitoring and Control
- 3.1.2. Increase in Emphasis on Renewable Energy Integration and Energy Transition
3.2. Market Challenges
- 3.2.1. Economic Uncertainty and Cost Concerns
3.3. Market Opportunities
- 3.3.1. Integration of Advanced Data Analytics and Artificial Intelligence
- 3.3.2. Expansion of Applications in Transmission and Distribution Networks

Chapter 4. Global Synchrophasors Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Synchrophasors Market Size & Forecasts by Component 2022-2032

5.1. Segment Dashboard
5.2. Global Synchrophasors Market: Component Revenue Trend Analysis, 2022 & 2032(USD Million)
- 5.2.1. Hardware
- 5.2.2. Software
- 5.2.3. Services

Chapter 6. Global Synchrophasors Market Size & Forecasts by Application 2022-2032

6.1. Segment Dashboard
6.2. Global Synchrophasors Market: Application Revenue Trend Analysis, 2022 & 2032(USD Million)
- 6.2.1. Fault Location Identification and Protective Relaying
- 6.2.2. State Estimation
- 6.2.3. Stability Monitoring
- 6.2.4. Power System Control
- 6.2.5. Wide Area Situational Awareness and Monitoring
- 6.2.6. Islanding Detection
- 6.2.7. Load Characterization
- 6.2.8. Others

Chapter 7. Global Synchrophasors Market Size & Forecasts by End-use 2022-2032

7.1. Segment Dashboard
7.2. Global Synchrophasors Market: End-use Revenue Trend Analysis, 2022 & 2032(USD Million)
- 7.2.1. Power Transmission Systems
- 7.2.2. Power Distribution Systems
- 7.2.3. Distributed Energy Systems
- 7.2.4. Power Generation

Chapter 8. Global Synchrophasors Market Size & Forecasts by Region 2022-2032

8.1. North America Synchrophasors Market
- 8.1.1. U.S. Synchrophasors Market
  - 8.1.1.1. Component breakdown size & forecasts, 2022-2032
  - 8.1.1.2. Application breakdown size & forecasts, 2022-2032
  - 8.1.1.3. End-use breakdown size & forecasts, 2022-2032
- 8.1.2. Canada Synchrophasors Market
8.2. Europe Synchrophasors Market
- 8.2.1. UK Synchrophasors Market
- 8.2.2. Germany Synchrophasors Market
- 8.2.3. France Synchrophasors Market
- 8.2.4. Spain Synchrophasors Market
- 8.2.5. Italy Synchrophasors Market
- 8.2.6. Rest of Europe Synchrophasors Market
8.3. Asia-Pacific Synchrophasors Market
- 8.3.1. China Synchrophasors Market
- 8.3.2. India Synchrophasors Market
- 8.3.3. Japan Synchrophasors Market
- 8.3.4. Australia Synchrophasors Market
- 8.3.5. South Korea Synchrophasors Market
- 8.3.6. Rest of Asia Pacific Synchrophasors Market
8.4. Latin America Synchrophasors Market
- 8.4.1. Brazil Synchrophasors Market
- 8.4.2. Mexico Synchrophasors Market
- 8.4.3. Rest of Latin America Synchrophasors Market
8.5. Middle East & Africa Synchrophasors Market
- 8.5.1. Saudi Arabia Synchrophasors Market
- 8.5.2. South Africa Synchrophasors Market
- 8.5.3. Rest of Middle East & Africa Synchrophasors Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. ABB
  - 9.3.1.1. Key Information
  - 9.3.1.2. Overview
  - 9.3.1.3. Financial (Subject to Data Availability)
  - 9.3.1.4. Product Summary
  - 9.3.1.5. Market Strategies
- 9.3.2. Alstom Grid
- 9.3.3. Arbiter Systems Inc.
- 9.3.4. Electric Power Group, LLC
- 9.3.5. Electro Industries
- 9.3.6. FUJI ELECTRIC FRANCE S.A.S
- 9.3.7. General Electric
- 9.3.8. Hitachi Energy
- 9.3.9. Macrodyne
- 9.3.10. NR Electric
- 9.3.11. Schneider Electric
- 9.3.12. Schweitzer Engineering Laboratories
- 9.3.13. Siemens Energy
- 9.3.14. Toshiba Corporation
- 9.3.15. Vizimax

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes