Substation Monitoring System Market Latest Trends, Future Strategies And Growth Forecast Till 2030

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Substation Monitoring System Market
Substation Monitoring System Market

Transformators, switching devices, and circuit breakers are just a few examples of the equipment that is monitored by a substation monitoring system, which is an ecosystem made up of both hardware and software components. Transmission and distribution substations use substation monitoring systems to gather real-time information on specific pieces of equipment as well as the overall operating status of the substation. The Substation Monitoring System Market uses data monitoring to identify faults, tripping, or equipment breaks in the substation, enabling prompt response to any such incident.

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 technical loss. In addition, commercial losses are brought on by, among other things, metre bypassing, broken metres, and reading errors. The average transmission and distribution losses in 2014, for instance, were estimated by Coherent Market Insights to have cost almost 23% of the total electricity produced worldwide. To reduce distribution and transmission losses (T&D losses), there is a high Need for Substation Monitoring System Market, which is anticipated to favourably impact the market's growth throughout the course of the projected period.

Over the projection period, the wireless technology category is anticipated to hold the biggest market share. The wireless technology sector accounted for the greatest market share in communication technology in 2016. Cellular, wireless LAN, and Zigbee are some of the technologies in this area. Since wired communication technologies are more challenging to maintain than wireless ones, they are more prone to corruption. Due to the rising need for wireless technology, the market is anticipated to rise over the forecast period (2017-2025).

High capital costs for equipment installation are the primary constraint on market expansion. The primary issue impeding Substation Monitoring System Market expansion is the high installation cost of IEDs (Intelligent Electronic Devices), such as transformers, relay devices, switches, controllers, and circuit breakers. Additionally, a significant factor impeding market expansion is the high cost of installing a wireless sensor network in an application grid, which has multifunctional sensor nodes that aid in power generation, power distribution, and power use.

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