Substation Monitoring Market Research Report ‚Äď Global Forecast till 2030

Substation Monitoring Market Information By Component (Hardware, Software), By Communication Technology (Wired, Wireless), By Sector (Transmission, Distribution), By Industry (Utility, Mining, Steel, Oil & Gas, Transportation), and Region (North America, Europe, Asia-Pacific, and Rest of the World)‚ÄĒForecast till 2030

ID: MRFR/E&P/5872-HCR | 185 Pages | Published By Priya Nagrale on March 2023         

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The substation monitoring market expected to reach approximately USD 9674.13 Million, projected to register a CAGR of 8.8% from 2022 to 2030.


Global Substation Monitoring Market Research Overview (MRFR Insights)


Remote monitoring and control of distributed power generation are features of substation monitoring systems. Substations link transmission networks and electric generators and are crucial for supplying electricity to consumers. Substations manage the temperature of distribution transformers and provide a constant voltage flow. Due to the rising population and per capita power usage, there is an increasing demand for electricity. All nations must have a consistent and reliable supply of power to develop. Electricity is distributed in a number of locations, including commercial buildings and power-producing facilities. The need for a substation monitoring system will increase with the modernization of the current electrical infrastructure. The demand for substation monitoring systems will increase as developing nations electrify more infrastructures and urbanize more quickly. Thus, all these factors are anticipated to drive the growth of the market for substation monitoring technology over the forecast period.


COVID-19 Impact Analysis on Substation Monitoring System Market


The industry that monitors substations benefited from the COVID-19 outbreak. Access to locations was restricted during the pandemic, which encouraged the installation of substation monitoring devices. The COVID-19 outbreak was advantageous for the sector that monitors substations. During the pandemic, access to certain areas was restricted, which prompted the installation of substation monitoring equipment. Thus, affecting the growth market for substation monitoring.


Substation Monitoring Market Dynamics


Due to the rising population and per capita power usage, there is an increasing demand for electricity. All nations must have a consistent and reliable supply of power to develop. Electricity is distributed in a number of locations, including commercial buildings and power-producing facilities. For the consistent and reliable distribution of energy, switch gears are essential. The fact that the substation monitoring system guarantees both human and machine safety has made it necessary. Growing government spending on modernizing power plants and improving IoT-based communication networks is driving the market for substation monitoring technology.


Key Insights by Market Drivers



  • The need to reduce distribution and transmission losses is growing


Power loss during the delivery of energy to consumers is to be expected due to commercial and technical losses. Energy loss in transformers, conductors, and other power distribution equipment results in a technical loss. In addition, commercial losses are brought on by, among other things, meter bypassing, broken meters, and reading errors. The market for substation monitoring technology is anticipated to increase favorably during the projected period as a result of the high demand for substation monitoring systems used in energy distribution operations to reduce distribution and transmission losses (T&D losses).


Key Insights by Market Restraints



  • High capital costs for equipment installation


The primary factor restraining the market for substation monitoring expansion is the high installation cost of IEDs (Intelligent Electronic Devices), such as transformers, relay devices, switches, controllers, and circuit breakers. Another significant factor restraining market expansion is the high cost of installing wireless sensor networks in application grids, which feature multifunctional sensor nodes that aid in power generation, power distribution, and power use.


Key Insights by Opportunities



  • Increase in investments from the government


The transmission and distribution network operators, power producers, and the growing demand for electricity brought on by the expansion of new cities have all boosted their investments in systems that lessen outages, cut operating costs, and offer efficient real-time control. As a result, the government's increased investments have primarily provided the industry with a variety of growth chances.


Substation Monitoring Market Segmentation


Component Overview


Based on component, the substation monitoring market segmentation has been divided into hardware and software. The market for substation monitoring was prominently high under the hardware segment held a major share in 2021 due to its use in the steel, oil & gas, transportation, and mining industries. The market for hardware substation monitoring systems will grow significantly as a result of the installation of hardware components such as microcontrollers, smart sensors, IEDs, cameras, distribution network feeders, and smart sensors in electrical substation management. These devices assist in the collection of real-time data and provide an uninterrupted power supply in numerous industries.


Communication Technology Overview


Based on communication technology, the substation monitoring market segmentation has been divided into wired and wireless. The substation monitoring market growth was prominently high under the wireless segment held a major share in 2021. Due to the fluctuating climatic conditions, wired solutions' performance can suffer, and maintaining these systems is more challenging than maintaining wireless ones. Additionally, wireless data communications come with a number of benefits like simple user access, affordable installation, and quick deployment.


Sector Overview


Based on sector, the market has been divided into transmission and distribution. The highest share in the market for substation monitoring was under the distribution segment held a major share in 2021 owing to the growing need for a steady and dependable distribution of power. The demand for substation monitoring systems will increase as developing nations electrify more infrastructure and urbanize more quickly.


End-Use Industry Overview


Based on end-use industry, the market is divided into utility, mining, steel, oil & gas, and transportation. The utility category dominated the market in 2021 as a result of the extensive need for energy supply in many industrial sectors. There is a demand for monitoring solutions in the industry as a result of the installation of smart grids and grid modernization. The utility substation monitoring system market is expanding owing to the increasing number of projects being launched, such as solar farm projects that are being subsidized in the Asia Pacific and MEA nations.


Global Substation Monitoring Market, by Region, 2021 (%)


Substation Monitoring Market, by Region, 2021


Substation Monitoring Market Overview, by Region


By region, the substation monitoring market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific accounted for the most extensive market share. North America will exhibit the highest CAGR during the forecast period.


Asia Pacific Analysis


Asia Pacific dominated the market for substation monitoring share in 2021. The expansion of the market is fueled by elements such as the region's shifting electricity consumption patterns, which have caused T&D losses, and government measures to increase the energy efficiency of T&D networks. The population growth in China and India contributes significantly to the size of the market, which raises the demand for electricity.


North America Analysis


North America accounted for the second-largest market share in the market for substation monitoring in 2021 because more money is being invested in updating and replacing deteriorating grid infrastructure. The market in the region is also anticipated to be driven by technological advancements in substation-wide-area monitoring system design to improve operational efficiency.


Substation Monitoring Market Competitive Landscape


The market includes tier-1, tier-2, and local players. The key market participants generally pursue the new market for substation monitoring categories. In manufacturing, specialized robots programmed for a particular work environment are generally preferable to the market for substation monitoring. Investment is anticipated to strengthen the company's leadership in market because more money is being invested in updating and replacing deteriorating grid infrastructure. The market in the region is also anticipated to be driven by technological advancements in substation-wide-area monitoring system design to improve operational efficiency.


Key players in the substation monitoring market research include Siemens AG, ABB Ltd., Schneider Electric, General Electric, Cisco, Emerson Electric, Honeywell, Eaton, Emerson Electric, Crompton Greaves, Schweitzer Engineering Laboratories, Novatech, Igrid T&D, Sentient Energy, Cadillac Automation and Controls, Tekvel, among others.


Scope of the Substation Monitoring Market Report


Component Outlook



  • Hardware

  • Software


Communication Technology Outlook



  • Wired

  • Wireless


Sector Outlook



  • Transmission

  • Distribution


Industry Outlook



  • Utility

  • Mining

  • Steel

  • Oil & Gas

  • Transportation


Regional Outlook



  • North America


    • US

    • Canada

    • Mexico


  • Europe


    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe


  • Asia-Pacific


    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific


  • Rest of the World


    • South America

    • Middle East

    • Africa



Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Substation Monitoring Market Forecast & Size:


To identify and estimate the market size for the substation monitoring market report segmented by component, communication technology, sector, and industry by value (in US dollars). Also, to understand the consumption/ demand created by consumers of substation monitoring market forecast between 2022 and 2030


Market Landscape and Trends:


To identify the substation monitoring market growth and infer the drivers, restraints, opportunities, and challenges.


Market Influencing Factors:


To find out the factors which are affecting the substation monitoring market size


Impact of COVID-19:


To identify and understand the various factors involved in the market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Latex gloves producers

  • Raw material suppliers

  • Retailers, wholesalers, and distributors

  • Governments, associations, and industrial bodies

  • Investors and Trade Experts



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 9674.13 Million
  CAGR   8.8% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, Communication Technology, Sector, and Industry
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   Siemens AG, ABB Ltd., Schneider Electric, General Electric, Cisco, Emerson Electric, Honeywell, Eaton, Emerson Electric, Crompton Greaves, Schweitzer Engineering Laboratories, Novatech, Igrid T&D, Sentient Energy, Cadillac Automation and Controls, Tekvel
  Key Market Opportunities   Increase in investments from the government
  Key Market Drivers   The need to reduce distribution and transmission losses is growing


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Frequently Asked Questions (FAQ) :

The substation monitoring market forecast period is 2022 - 2030

The market is expected to register a CAGR of 8.8% over the next 10 years, according to the substation monitoring market research.

North America is expected to register the highest CAGR during 2022 - 2030

Asia Pacific held the largest share in 2021

The market size is expected to be USD 9674.13 Million by 2030.

Siemens AG, ABB Ltd., Schneider Electric, General Electric, Cisco, Emerson Electric, Honeywell, Eaton, Emerson Electric, Crompton Greaves, Schweitzer Engineering Laboratories, Novatech, Igrid T&D, Sentient Energy, Cadillac Automation and Controls, and Tekvel are the major companies operating in the market.