Global Substation Monitoring System Market, By Component (Hardware and Software), By Communication Technology (Wired Communication Technology and Wireless Technology), By Sector (Transmission and Distribution), By Industry (Oil and Gas, Steel, Mining, and Transportation), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
- Report code : CMI201466 |
- Industry :
Information and Communication Technology
- To Be Published : Jul 2018 |
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Substation monitoring system is designed to remotely monitor and control distributed power generation. Substations are essential for supplying power to consumers and act as the connection points between transmission networks and electric generators. Substations offer steady flow of voltage, and maintains the temperature of distribution transformers. Additionally, it helps in converting the Alternating Current (AC) to Direct Current (DC). Therefore, substations offer improved power quality management with increased reliability and operational advantages.
Rising demand for the reduction in distribution and transmission losses is the major factor driving the growth of market.
In the process of supplying electricity to the consumers, power loss is expected due to technical and commercial losses. Technical loss is due to dissipation of energy in transformers, conductors, and other equipment used in the distribution of power. Additionally, commercial losses are due to bypassing meters, defective meters, and errors in meter readings among others. For instance, according to the Coherent Market Insights’ analysis, the average transmission and distribution losses in 2014, accounted for around 23% of the total electricity generated globally. Therefore, the demand for substation monitoring systems high for use in energy distribution operations, to reduce distribution and transmission losses (T&D losses), which in turn, is expected to positively influence the growth of the market during the forecast period.
Wireless Technology segment is expected to hold the largest market share over the forecast period
Among communication technology, the wireless technology segment held the largest market share in 2016. The segment includes cellular, wireless LAN, and Zigbee among others. The wired communication technology are easily susceptible to corruption, as they are more difficult to maintain than wireless technology. Therefore, the demand for wireless technology is increasing and is thus expected to fuel growth of the market over the forecast period (2017-2025).
High capital expenditure for installation of equipment is the major factor hampering growth of the market
High installation cost of the IEDs (Intelligent Electronic Devices) in substation such as transformers, relay devices, switches, controllers, circuit breakers is the major factor hindering growth of the market. Additionally, high expenditure for installation of wireless sensor network in application grid, which contains multifunctional sensor nodes helps in power generation, power delivery, and power utilization is also a major factor hampering growth of the market.
Harsh environmental conditions is the major challenge faced by manufacturers in the substation monitoring system market
Harsh environmental conditions such as storm water drainage, noise, lighting, and road traffic are expected to hamper the proper functioning of substation monitoring systems. Factors such as substation landscaping and habitat loss, changes to local aesthetics and view sheds, noise, and lighting are considered to be long-lasting and permanent effects. For instance, the noise created by substations can be quite loud to adjacent property owners, as a constant buzzing and humming of noise can be audible several feet from the substation fence. Moreover, tall soil berms and barrier of mature trees between the substations and nearby residences can partially reduce the noise impacts. Therefore, considering the harsh environmental conditions for the production of substations is the major challenge faced by manufacturers.
Global Substation Monitoring System Market: Regional Insights
Asia Pacific is expected to witness highest growth in the substation monitoring system market over the forecast period. India, China, Japan, Australia, and South Korea are major growth engines in the substation monitoring system market in Asia Pacific. Owing to increase in the Transmission and Distribution (T&D) losses, governments in these countries are undertaking initiatives to introduce measures to reduce the T&D losses. For instance, Government of India is focusing on reducing the transmission and distribution losses of power from 21% in 2018 to 15% by 2019. The government is spending US$ 26.92 for improving the power infrastructure across the country.
Global Substation Monitoring System Market: Competitive Background
Key players operating in the substation monitoring system market include ABB, Honeywell International Inc., Siemens AG, Schneider Electric SE, Emerson Electric, General Electric, Eaton Corporation Plc, Schweitzer Engineering Laboratories, NovaTech Systems, and Crompton Greaves.
Global Substation Monitoring System Market: Taxonomy
On basis of component, the market is segmented into:
- Hardware
- Software
On basis of sector, the market is segmented into:
- Transmission
- Distribution
On basis of communication technology, the market is segmented into:
- Wired Communication Technology
- Wireless Technology
On basis of Industry, the market is segmented into:
- Oil and Gas
- Steel
- Mining
- Transportation
On basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
- Primary Research (Trade Surveys and Experts Interviews)
- Desk Research
- Proprietor Data Analytics Model
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
- National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
- Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
- Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
- Trade association, National and international media and trade press.
- Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
- Scientific journals, and other technical magazines and whitepapers.
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Data Standardization:
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
- Micro-economic indicators
- Macro-economic indicators
- Environmental indicators
- Socio-political indicators
- Technology indicators
Data Processing
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
Data Validation
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
- It provides first-hand information on the market dynamics, outlook, and growth parameters.
- Industry experts validates the estimates which helps the company to cement the on-going research study.
- Primary research includes online surveys, face-to face interviews, and telephonic interviews.
The primary research is conducted with the ecosystem players including, but not limited to:
- Raw Material Suppliers
- Manufacturers
- System Integrators
- Distributors
- End-users
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