The global Synchrophasors Market is valued at approximately USD 258.9 million in 2023 and is anticipated to grow with a healthy growth rate of more than 20.5% over the forecast period 2024-2034. Time-synchronized electrical measurements, called synchrophasors, represent the magnitude and phase angle of the electrical sinusoids. Phasor measurement units (PMUs) measure synchrophasors for real-time monitoring and control actions on the electric grid. The growth in demand for synchrophasors is ascribed to their better situational awareness capability. Synchrophasors are widely used for monitoring, state estimation, fault location and protective relaying, islanding detection, etc. Utilities and governments that prioritize grid resilience and efficiency consider synchrophasors as vital tools to enhance both the intelligence and operational performance of power distribution systems. By using synchrophasors, the North American SynchroPhasor Initiative (NASPI) has the mission to improve power system reliability and visibility through wide area measurement and control.
The synchrophasors market is set for significant growth and transformation due to the increase in complexities and challenges of modern power systems. Synchrophasors are a core technology that bring real-time visibility, control, and optimization capabilities for grid stability and reliability in a changing energy environment. The surge in adoption of renewable energy sources, smart grid initiatives, and modernization programs aiming at making the grid more sustainable are further driving market development. Expanding applications of synchrophasors in transmission networks as well as distribution systems, and integration of advanced data analytics and artificial intelligence are bolstering the synchrophasors market growth.
Key regions considered for the global Synchrophasors Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. In 2023, Asia Pacific held a prominent share is anticipated to grow at a fastest rate throughout the forecast period. The synchrophasor market is booming in the Asia Pacific region due to several reasons. With the rapid increase in renewable energy capacity, there is a focus on integrating variable energy sources while keeping the grid stable. Synchrophasor technology provides real-time monitoring and control, aligning with the region's efforts to modernize and strengthen the grid.
Major market players included in this report are:
ABB
Alstom Grid
Arbiter Systems Inc.
Electric Power Group, LLC
Electro Industries
FUJI ELECTRIC FRANCE S.A.S
General Electric
Hitachi Energy
Macrodyne
NR Electric
Schneider Electric
Schweitzer Engineering Laboratories
Siemens Energy
Toshiba Corporation
Vizimax
The detailed segments and sub-segment of the market are explained below:
By Component:
Hardware
Software
Services
By Application:
Fault Location Identification and Protective Relaying
State Estimation
Stability Monitoring
Power System Control
Wide Area Situational Awareness and Monitoring
Islanding Detection
Load Characterization
Others
By End-use:
Power Transmission Systems
Power Distribution Systems
Distributed Energy Systems
Power Generation
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
