Growing Role of PMUs in Grid Stability Pushes Synchrophasors Market Growth

 

The global synchrophasors market is entering a phase of rapid transformation, propelled by the growing complexity of modern power systems and the accelerating adoption of renewable energy. Valued at US$ 258.9 million in 2023, the market is projected to expand at a remarkable CAGR of 20.5% from 2024 to 2034, ultimately reaching US$ 2.0 billion by 2034.

Synchrophasors: Enhancing Grid Visibility and Control

Synchrophasors, or phasor measurement units (PMUs), measure time-synchronized electrical waveforms—specifically voltage, current, and frequency—across different points of a power grid. By providing real-time situational awareness, they enable operators to detect disturbances, monitor system stability, and take corrective actions to prevent large-scale outages.

In an era of rising energy demand, electrification, and renewable integration, synchrophasors are increasingly seen as critical enablers of intelligent grid operations. They improve state estimation, fault detection, protective relaying, and load management—functions that are essential for ensuring reliability and efficiency.

Market Drivers

1. Surge in Demand for Real-time Monitoring and Control
As electricity systems grow more complex, utilities require advanced monitoring tools to maintain grid stability. Synchrophasors provide synchronized data streams that allow immediate visibility into grid dynamics. This capability ensures operators can take swift, informed decisions during disturbances, making PMUs indispensable for smarter and more resilient grids.

2. Growing Focus on Renewable Energy Integration
The global shift toward cleaner energy sources is another powerful driver. Renewables like solar and wind introduce variability into power networks, requiring advanced monitoring to maintain stability. Synchrophasors help track these fluctuations in real-time, enabling seamless integration of green energy without compromising grid reliability.

For example, India’s target of 500 GW renewable energy capacity by 2030 underscores the opportunities for synchrophasor deployment in emerging economies, where renewable integration and grid modernization are top priorities.

Expanding Applications

Among the various use cases, state estimation is gaining significant traction. This segment accounted for 29% of the market in 2023 and is expected to maintain its dominance through 2034. State estimation enables utilities to accurately determine operating conditions across the grid, optimize performance, and preempt disruptions.

Meanwhile, power generation applications represented 31.3% of market share in 2023, highlighting the role of synchrophasors in stabilizing generation facilities and integrating distributed energy resources.

Regional Outlook

Asia Pacific leads the global market, holding a 47.5% share in 2023. The region’s rapid renewable adoption, smart grid initiatives, and surging electricity demand are driving large-scale PMU deployment. Government investment in infrastructure modernization across China, India, and Southeast Asia further supports market expansion. The region is anticipated to grow at a CAGR of 22.6% through 2034.

Competitive Landscape

The industry is fragmented, with key players investing heavily in R&D, product innovation, and partnerships. Major companies include ABB, Siemens Energy, Schneider Electric, General Electric, Hitachi Energy, Schweitzer Engineering Laboratories, Toshiba Corporation, and NR Electric. Strategies such as superior product development, mergers & acquisitions, and portfolio diversification are shaping competition.

For instance, in June 2023, the U.S. National Electric Vehicle Infrastructure (NEVI) program announced a US$ 5 billion investment to integrate synchrophasors into EV charging stations and energy storage systems, reinforcing the technology’s expanding role in future energy ecosystems.

Outlook

With the convergence of renewable integration, smart grid modernization, and increasing emphasis on reliability, the synchrophasors market is poised for exponential growth. As utilities embrace real-time monitoring and analytics, PMUs will remain at the core of adaptive, intelligent power systems—making them a cornerstone of the energy transition toward a more resilient and sustainable future.