About Synchrophasors
Synchrophasors deliver a real-time measurement of electrical quantities from across the power system. These are time synchronized number that represents both the magnitude and phase angle of the sign waves found in the electricity and they are time synchronized for accuracy. Synchrophasors are measured by high-speed monitors called Phasor Measurement Units (PMUs) that are 100 times faster than SCADA. Synchrophasor technology is used for real-time operations and off-line engineering analysis to improve grid reliability and efficiency and lower operating costs. Synchrophasors collect the voltage, current and frequency data and provide it to the operators in identifying, locating and resolving potential threats in the grid.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
To entice more end users, market players are focusing on providing Synchrophasors of higher quality while adhering to all regulatory standards. In the global Synchrophasors market, there are numerous large and small-scale manufacturers. They are also concentrating on the implementation of numerous advanced technologies. Furthermore, the numerous industry profits have led to the entry of new players, raising the level of rivalry in an already competitive market. The Synchrophasors market is currently expanding due to the increasing number of technological advancements in the smart grids. Some of the key players in this market follow strategies, which include new product offerings, product approvals, partnerships and alliances, mergers and acquisitions, and business expansions. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Synchrophasors market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Schweitzer Engineering Laboratories (United States), Schneider Electric (France), Wasion Group Co. Ltd. (China), Toshiba Corporation (Japan), Siemens AG (Germany), General Electric Company (United States), Arbiter Systems (United States), Alstom (France), ABB (Switzerland) and XJ Electric Co. Ltd. (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Electric Power Group (United States), Green Mountain Power (United States), ERLPhase Power Technologies (Canada) and Quanta Technology (United States).
Segmentation Overview
AMA Research has segmented the market of Global Synchrophasors market by , Application (Operational Monitoring, Fault Analysis, Stability Monitoring, Improve Grid Visualization, State Estimation and Power System Control) and Region.
On the basis of geography, the market of Synchrophasors has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Chanel, the sub-segment i.e. Online will boost the Synchrophasors market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Changing Power Grid Structures and Rise in the demand for efficient monitoring and system awareness of the different power grids
Market Growth Drivers:
Increased Demand For Reduced Grid Outages. and Rising Population with Increase Demand for Electricity
Challenges:
Lack of Clear Roadmap of Technology Deployment
Restraints:
Requirement of High Initial Investment Cost
Opportunities:
Increasing the Investments in the Modernization of Power Grid and Growth of the Smart Grid Management
Market Leaders and their expansionary development strategies
In July 2020, The electric industry & North American Electric Reliability Corporation (NERC) has collaborated and formed North American Synchrophasor Initiative (NASPI) to enhance grid reliability and economics through high-speed, wide-area measurement, monitoring, and control.
In December 2021, Schneider Electric, the leader in the digital transformation of energy management and automation and The World's 2021 Most Sustainable Corporation, believes that electricity is the only energy that offers the fastest vector for decarbonization through a combination of renewables and digital software-led solutions.
Recovery Act Smart Grid Investments have supported the installation of many PMUs across North America, supported with high-speed communications networks, and advanced analytical applications to use the data. Twelve Smart Grid Investment Grant (SGIG) projects and two Smart Grid Demonstration Projects have installed PMUs at a total project cost of over millions (combined federal and private funding).
Key Target Audience
Synchrophasor Manufacturers, Synchrophasor Distributors/Traders/Wholesalers, Synchrophasor Subcomponent Manufacturers, Industry Association, Downstream Vendors and End-user
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.