The Asia Pacific Synchrophasor Market would witness market growth of 9.9% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Synchrophasor Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $88.8 million by 2031. The Japan market is showcasing a CAGR of 9.3% during (2024 - 2031). Additionally, The India market would register a CAGR of 10.8% during (2024 - 2031).
Synchrophasors form a key component of smart grid deployments, enabling utilities to transition from traditional grid management practices to data-driven, adaptive control systems. Advanced analytics and machine learning algorithms leverage.
Moreover, these technologies enable real-time analysis of synchrophasor data to predict grid behavior, identify anomalies, and optimize grid operations. AI-driven insights enhance decision-making processes, improve grid stability, and support proactive maintenance strategies.
According to the National Investment Promotion & Facilitation Agency, renewable energy sources now boast a collective installed capacity exceeding 150 GW. As of May 2024, this capacity, including large hydropower, has expanded to 193.57 GW in India. By 2030, India aims to produce 5 million tonnes of green hydrogen, supported by 125 GW of renewable energy capacity. India recorded the highest year-on-year growth in renewable energy additions at 9.83% in 2022.
Free Valuable Insights: The Global Synchrophasor Market is Predict to reach USD 1.1 Billion by 2031, at a CAGR of 9.3%
Based on Component, the market is segmented into Hardware, and Software. Based on Application, the market is segmented into Fault Analysis, Stability Monitoring, State Estimation, Improve Grid Visualization, Operational Monitoring, Power System Control, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Component
By Application
By Country
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