Substation monitoring system market is anticipated to grow at a CAGR of 9.2% during the forecast period (2024-2031). The growing adoption of a smooth and uninterrupted supply of power from generating locations to the load centers is the key factor supporting the growth of the market globally. To improve the reliability, efficiency, and financial sustainability of the electricity supply around the globe. Modernization of substations helps strengthen to power transmission network to meet current and future demands the market players are also focusing on introducing substation monitoring system solutions that further bolster the market growth. For instance, in February 2023, GE Renewable Energy’s Grid Solutions business announced it had been awarded a multi-million dollar contract from the Nepal Electricity Authority (NEA) to automate 39 substations of various ratings across Nepal, including the construction of six Master Control Centers (MCCs).
Get Free Sample link @ https://www.omrglobal.com/request-sample/substation-monitoring-system-market
Among the components, the software sub-segment is expected to hold a considerable share of the global substation monitoring system market. The segmental growth is attributed to the growing influence of the technology providers to co-develop an entirely new solution intended to revolutionize the energy transition and help achieve a climate-neutral economy. For instance, in November 2021, Capgemini joined the Edge for Smart Secondary Substations (E4S) Alliance, created to develop a standard, flexible, manageable and interoperable platform for next-generation Smart Grids. In combination with edge computing leads to lower total cost of ownership (TCO), faster time to market for new applications and more efficient management and delivery of electricity.
full report of Substation Monitoring System Market available @ https://www.omrglobal.com/industry-reports/substation-monitoring-system-market
- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Substation Monitoring System Market Report Segment
By Type
Hardware
- Distribution Network Feeders
- Smart Sensors
- Microcontrollers
- Cameras
- Intelligent Electronic Devices (IEDs)
Software
- Asset Management
- Production Management
- Performance Management
By Communication Technology
- Wired
- Wireless
By Industry
- Utility
- Oil and Gas
- Mining
- Steel
- Transportation
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
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global substation monitoring system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/substation-monitoring-system-market
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +91 780-304-0404