Global Synchrophasors Industry: Key Statistics and Insights in 2024-2032

Summary:

• The global synchrophasors market size reached USD 324.7 Million in 2023.
• The market is expected to reach USD 1,422.5 Million by 2032, exhibiting a growth rate (CAGR) of 17.3% during 2024-2032.
• North America's leads the market, accounting for the largest synchrophasors market share.
• Based on components, the market is divided into groups for software and hardware.
• It has been further subdivided into a number of applications, such as improvements in grid visualization, fault analysis, state estimation, stability monitoring, power system control, and operational monitoring.
• Electrical networks are becoming far more uncertain and unstable as a result of the global transition to renewable energy sources and the decentralization of power generation.
• The industry is expanding as a result of governments around the world enforcing strict laws pertaining to grid resilience and energy efficiency.

Industry Trends and Drivers:

• Growth of Renewable Energy and Grid Modernization:

The need for improved grid monitoring and control is growing as solar and wind power become more prevalent.Real-time data is provided by synchrophasors. They support utilities' utilization of renewable energy sources and system stability. As the globe transitions to greener energy, synchrophasors will continue to gain value.

• Enhanced Grid Security and Resilience:

The electricity grid is at risk from physical assaults and cybersecurity threats. Real-time grid vision provided by synchrophasors aids in identifying and mitigating these risks. By identifying irregularities, they stop physical harm and cyberattacks. This guarantees the grid's continued dependability and resilience.

• Advanced Grid Analytics and Decision-Making:

Synchrophasors generate large amounts of data that can be examined via advanced analytics. In addition to identifying issues, this research provides insights about grid performance. AI and machine learning can help utilities increase customer happiness, operational effectiveness, and efficiency. Predictive maintenance and data-driven decision-making are also supported by synchrophasors, which lower costs and increase consistency.

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Synchrophasors Market Report Segmentation:

By Component: