Synchrophasors Market Size, Share, Industry Growth & Report 2032

IMARC Group’s report titled “Synchrophasors Market Report by Component (Hardware, Software), Application (Fault Analysis, State Estimation, Stability Monitoring, Power System Control, Operational Monitoring, Improve Grid Visualization, and Others), and Region 2024–2032”. The global synchrophasors market size reached US$ 324.7 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,422.5 Million by 2032, exhibiting a growth rate (CAGR) of 17.3% during 2024–2032.

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Factors Affecting the Growth of the Synchrophasors Industry:

• Increasing Demand for Grid Stability and Reliability:

The global drive towards renewable energy sources and decentralization of generation has created significant variability and instability in the power grid. Synchronous phasometers provide real-time monitoring and control capabilities essential to maintaining the stability and reliability of the power grid. These devices enable utilities to instantly detect and analyze the condition of the power grid, allowing them to dynamically balance supply and demand and mitigate outages and quality issues. As the energy sector evolves, the need for advanced power grid management solutions like synchronous phasometers is becoming increasingly critical. Governments and utilities around the world are investing in smart grid technologies to increase operational efficiencies and smoothly integrate renewable energy sources.

• Regulatory Support and Investments in Smart Grids:

The implementation of stringent regulations by governments across the world regarding energy efficiency and grid reliability is fueling the market growth. These regulatory frameworks often mandate the adoption of advanced technologies for grid monitoring and management, positioning synchrophasors as a key component of electrical infrastructure modernization. Moreover, significant investments in smart grid projects, partially funded by government initiatives, provide a robust platform for the deployment of synchrophasors. These investments are aimed at upgrading aging power infrastructure, enhancing grid management, and catering to the increasing share of renewable energy sources.

• Technological Advancements and Integration with IoT:

The integration of synchrophasor with the Internet of Things (IoT) and other advanced technologies is expanding its capabilities and applications. This integration allows for vast amounts of data to be collected, analyzed, and managed in real time, enhancing the decision-making process of grid operators. Technological advancements in synchrophasor enable more effective monitoring and control of the power grid with improved accuracy, speed, and reliability. Additionally, the ability to predict grid conditions and respond proactively minimizes the risk of outages and improves energy efficiency. Continuous innovation in synchrophasor technology and its convergence with IoT platforms are strengthening market growth.

Leading Companies Operating in the Global Synchrophasors Industry:

• ABB Ltd.
• Arbiter Systems Inc.
• Electric Power Group LLC
• General Electric Company
• NR Electric Co. Ltd.
• Qualitrol Company LLC (Fortive Corporation)
• Schweitzer Engineering Laboratories Inc.
• Siemens AG
• Toshiba Corporation
• Vizimax Inc.

Synchrophasors Market Report Segmentation:

By Component:

• Hardware
• Software

Based on the component, the market has been bifurcated into hardware and software.

By Application:

• Fault Analysis
• State Estimation
• Stability Monitoring
• Power System Control
• Operational Monitoring
• Improve Grid Visualization
• Others

On the basis of the application, the market has been divided into fault analysis, state estimation, stability monitoring, power system control, operational monitoring, improve grid visualization, and others.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America’s dominance in the synchrophasors market is attributed to the increasing automation of business operations and rising focus on renewable energy sources.

Global Synchrophasors Market Trends:

A global shift towards renewable energy driven by the need to reduce carbon emissions and address climate change is driving market growth. Renewable energy sources such as wind and solar power are intermittent in nature, creating challenges for grid stability and power quality. Synchrophasor offers a solution by providing accurate real-time data on the state of the grid, enabling operators to integrate renewable energy sources more efficiently and maintain grid reliability. As renewable energy is increasingly integrated into the energy mix, advanced grid management and monitoring technologies are required, where synchrophasor plays a key role. Additionally, synchrophasor enhances grid cybersecurity by enabling real-time detection of anomalies and potential threats, facilitating rapid response to mitigate risks. Data provided by synchrophasor helps identify unauthorized access and anomalies in grid operations, making it a key tool to ensure the integrity and security of the electrical infrastructure.

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