The Europe Synchrophasor Market would witness market growth of 9.1% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe Synchrophasor Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $72.3 million by 2031. The UK market is exhibiting a CAGR of 8.2% during (2024 - 2031). Additionally, The France market would experience a CAGR of 10.2% during (2024 - 2031).
Synchrophasors are devices that sample electrical quantities—such as voltage and current—at high speeds, typically 30 to 60 times per second, and timestamp these measurements with GPS synchronization. These synchronized measurements provide a real-time view of the grid’s health, enabling operators to swiftly detect anomalies, disturbances, and potential failures.
Additionally, unlike traditional SCADA systems, which sample data at slower rates and lack precise time synchronization, it offers unparalleled accuracy and temporal resolution.
As electricity production increases in Europe, grid operators need more accurate and real-time data to ensure stability and reliability. It provides synchronized measurements across the grid, helping operators quickly detect and respond to disturbances. As per the Eurostat, in 2021, the gross electricity production in the EU showed an increase of 4.4 % compared with 2020, at 2,907 TWh. In 2021, renewable energy sources were the largest contributors to electricity production, surpassing natural gas and manufactured gases, solid fossil fuels (coal), and nuclear energy. Increasing electricity production drives the demand for smart grid technologies
Free Valuable Insights: The Global Synchrophasor Market will Hit 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Component
By Application
By Country
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