According to a new report, published by KBV research, The Global Synchrophasor Market size is expected to reach $1.1 billion by 2031, rising at a market growth of 9.3% CAGR during the forecast period.
The Hardware segment is leading the Global Synchrophasor Market by Component in 2023, thereby, achieving a market value of $644.1 million by 2031. Synchrophasor systems generate large volumes of real-time data on grid conditions such as voltage, frequency, and phase angles. Software solutions are essential for processing, aggregating, and analyzing this data to derive actionable insights for grid operators. Advanced analytics capabilities offered by software enable utilities to identify anomalies, predict potential issues, optimize grid operations, and improve overall grid performance.
The State Estimation segment is anticipating a CAGR of 9.7% during (2024 - 2031). State estimation using synchrophasors provides utilities with enhanced visibility into grid conditions by estimating the state (voltage magnitude, phase angle, and frequency) at various points across the transmission and distribution networks. This comprehensive grid visibility enables utilities to monitor real-time grid dynamics, detect deviations from normal operating conditions, and identify potential issues affecting grid stability and reliability.
Full Report: https://www.kbvresearch.com/synchrophasor-market/
The North America region dominated the Global Synchrophasor Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $400.6 million by 2031, growing at a CAGR of 8.8 % during the forecast period. The Europe region is experiencing a CAGR of 9.1% during (2024 - 2031). Additionally, The Asia Pacific region is showcasing a CAGR of 9.9% during (2024 - 2031).
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