Industry Overview of Synchrophasors Market

Synchrophasors refer to monitoring devices that take high-speed measurements of current, voltage, and frequency. They consist of several components, including a converter, filter, oscillator, global positioning system (GPS) clock, communication interface, etc. Synchrophasors aid in fault analysis, stability monitoring, state estimation, power system control, operational monitoring, etc. They offer faster measurements, enhanced insight into grid stability, capture real-time dynamics, and facilitate extensive area monitoring and control as compared to supervisory control and data acquisition (SCADA) based monitoring solutions. Synchrophasors even assist in integrating renewable and intermittent resources, automating controls, managing transmission congestion, providing excellent system modeling, and lowering operational costs. Consequently, they find widespread applications across the globe.

How Big Is the Synchrophasors Market?

The global synchrophasors market size reached US$ 271.0 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 824.3 Million by 2028, exhibiting a growth rate (CAGR) of 19.8% during 2023-2028.

Synchrophasors Market Trends and Drivers:

The rising product usage for continuous measurement, monitoring, and protection of various elements of a power grid, such as generation, loads, transmission, and sub-transmission for enhancing observability of the system, awareness, and grid reliability and reducing energy losses is primarily driving the synchrophasors market. Additionally, the growing utilization of the product in smart grid technology to collect, distribute, and analyze critical data and convert them into information and insights for improving grid automation and operations is acting as another significant growth-inducing factor. Apart from this, the escalating integration of machine learning (ML) and cloud computing technologies to analyze and process data collected by synchrophasors to enhance situational awareness, validate models, detect system-wide anomalies, and predict equipment malfunction is also positively influencing the market growth. Moreover, the development of central power management systems is anticipated to catalyze the synchrophasors market over the forecasted period.

Global Synchrophasors Market 2023-2028 Analysis and Segmentation:

ABB Ltd., Arbiter Systems Inc., Electric Power Group LLC, General Electric Company, NR Electric Co. Ltd., Qualitrol Company LLC (Fortive Corporation), Schweitzer Engineering Laboratories Inc., Siemens AG, Toshiba Corporation, Vizimax Inc.

The report segmented the market based on region, product and application.

Component Insights:

  • Hardware
  • Software

Application Insights:

  • Fault Analysis 
  • State Estimation 
  • Stability Monitoring
  • Power System Control
  • Operational Monitoring
  • Improve Grid Visualization
  • Others

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa