PUBLISHER: KBV Research | PRODUCT CODE: 1519625
PUBLISHER: KBV Research | PRODUCT CODE: 1519625
The Global Synchrophasor Market size is expected to reach $1.1 billion by 2031, rising at a market growth of 9.3% CAGR during the forecast period.
Synchrophasor technology enables utilities to detect and analyze faults in the electric grid in real-time. Thus, the fault analysis segment acquired 22% revenue share in the market 2023. Fault analysis capabilities provided by synchrophasors allow grid operators to quickly identify the location, type, and severity of faults such as short circuits, line faults, and equipment failures. This rapid detection facilitates faster response times for restoring grid stability and minimizing the impact of disruptions on electricity supply.
Many existing electrical grids are outdated, built decades ago without the capacity to handle modern demands. This leads to inefficiencies, higher maintenance costs, and increased risk of failures. As aging power grid infrastructures need upgrades, grid modernization efforts aim to improve efficiency, reliability, and sustainability.
Moreover, rapid service restoration is critical during power outages to minimize economic losses and customer inconvenience. Synchrophasors facilitate quicker identification of outage locations and assessment of grid stability post-outage. Thus, rising power outages and blackouts drive the market's growth.
However, Synchrophasors require substantial capital investment for deployment and installation. The costs involve not only purchasing the synchrophasor units themselves but also integrating them into existing grid infrastructure. Therefore, the high initial costs of synchrophasors hinder the market's growth.
Component Outlook
Based on component, the market is divided into hardware and software. The software segment attained 37% revenue share in the market in 2023. Hardware components such as synchrophasor measurement units (PMUs) and sensors are fundamental for collecting synchronized electrical quantities measurements across different grid points.
Application Outlook
By application, the market is segmented into fault analysis, state estimation, stability monitoring, power system control, operational monitoring, improving grid visualization, and others. In 2023, the stability monitoring segment procured 18% revenue share in the market. Stability monitoring provides utilities with enhanced situational awareness of dynamic grid conditions and disturbances.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 27% revenue share in the market. The region is undergoing rapid industrialization, urbanization, and population growth, driving electricity demand.
List of Key Companies Profiled
Global Synchrophasor Market Report Segmentation
By Component
By Application
By Geography