Robust Growth Expected in Synchrophasors Market with 20.5% CAGR Through 2034 ~ 24newsletter

The Global Synchrophasors Market (Marché des synchrophaseurs), valued at US$ 258.9 million in 2023, is poised for remarkable expansion. With a projected CAGR of 20.5% from 2024 to 2034, the market is expected to reach a valuation of US$ 2.0 billion by the end of 2034.

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The synchrophasors market is on the cusp of significant growth, driven by the rising complexities and challenges of modern power systems. Synchrophasors have emerged as a crucial technology that provides real-time visibility, control, and optimization capabilities, ensuring grid stability and reliability in an evolving energy landscape. The growing adoption of renewable energy sources, smart grid initiatives, and grid modernization programs aimed at sustainability are further propelling market development.

Expanding applications of synchrophasors across transmission networks and distribution systems, along with the integration of advanced data analytics and artificial intelligence, are key factors bolstering market growth. Leading players in the market are actively engaged in product development, strategic partnerships, and mergers & acquisitions to enhance their product portfolios and expand their global reach.

Market Overview: Synchrophasors, or time-synchronized electrical measurements, represent the magnitude and phase angle of electrical sinusoids. Phasor Measurement Units (PMUs) are the devices that measure synchrophasors, enabling real-time monitoring and control actions on the electric grid. The demand for synchrophasors is being driven by their superior situational awareness capabilities, making them essential for monitoring, state estimation, fault location, protective relaying, islanding detection, and more.

Utilities and governments prioritizing grid resilience and efficiency consider synchrophasors as vital tools for enhancing the intelligence and operational performance of power distribution systems. In North America, the North American Synchrophasor Initiative (NASPI) is utilizing synchrophasors to improve power system reliability and visibility through wide-area measurement and control.

Key Market Drivers

Surge in Demand for Real-time Monitoring and Control

The power sector's adoption of synchrophasor technology has surged due to the increasing demand for real-time monitoring and control. As modern power systems become more complex, utilities and grid operators are increasingly seeking accurate, real-time views of grid conditions. Synchrophasors, also known as Phasor Measurement Units (PMUs), provide synchronized measurements of voltage, current, and frequency at various points within the power grid. This technology allows for the monitoring of grid dynamics and the detection of disturbances, enabling prompt actions to ensure system stability and reliability.

The integration of synchrophasor technology with other technologies such as PMUs has become essential for the optimal integration of renewable energy resources. These technologies help manage the variability of renewable energy sources without compromising grid stability. Real-time data from synchrophasors is increasingly crucial for advanced grid analytics and control applications, supporting system-wide optimization and decision-making.

As the power industry continues to emphasize reliability, resiliency, and efficiency, synchrophasor technology is leading the way in providing the real-time monitoring and control capabilities required for smarter, adaptive grid operations.

Emphasis on Renewable Energy Integration and Energy Transition

The global energy transition and the increasing focus on renewable energy integration have accelerated the importance of synchrophasors. Many utilities and grid operators prioritize incorporating renewable energy sources such as solar and wind power to create a sustainable energy landscape. PMUs or synchrophasors play a critical role in monitoring and controlling the dynamic behavior of power grids influenced by renewable energy systems.

By providing synchronized measurements of voltage, current, and frequency, synchrophasors offer operators real-time insights into how renewables impact grid operations. This promotes efficient integration of renewables while ensuring grid stability. As the focus on renewable energy integration expands, synchrophasor technology is expected to become a vital tool in guiding the transition toward a cleaner, more sustainable energy future, propelling market growth.

For instance, according to Invest India, India has set ambitious targets to reduce carbon intensity by 45% by 2030 and achieve net-zero carbon emissions by 2070. The country aims to have renewables account for over 50% of cumulative electric power installed by 2030, with a renewable energy installed capacity target of 500 GW by the same year. These initiatives are expected to create lucrative opportunities in the synchrophasors market (동기 위상기 시장).

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Market Segmentation

Component

· Hardware

· Real-time Dynamic Monitoring System (RTDMS)

· Phasor Measurement Unit (PMU)

· Phasor Data Concentrator (PDCs)

· Communications Equipment

· Others (Data Units, Clocks, etc.)

· Software

· Services

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

End-use

· Power Transmission Systems

· Power Distribution Systems

· Distributed Energy Systems

· Power Generation

Regions Covered

· North America

· Central and South America

· Europe

· Asia Pacific

· Middle East & Africa

Key Players:

· 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

· Wasion Group Holdings Ltd.

· Other Key Players

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