“Global Synchrophasor Market to reach a market value of USD 1.1 Billion by 2031 growing at a CAGR of 9.3%”
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.
Synchrophasor technology enables utilities to detect and analyze faults in the electric grid in real-time. Thus, the fault analysis segment acquired 22% revenue share in the market 2023. Fault analysis capabilities provided by synchrophasors allow grid operators to quickly identify the location, type, and severity of faults such as short circuits, line faults, and equipment failures. This rapid detection facilitates faster response times for restoring grid stability and minimizing the impact of disruptions on electricity supply.
Many existing electrical grids are outdated, built decades ago without the capacity to handle modern demands. This leads to inefficiencies, higher maintenance costs, and increased risk of failures. As aging power grid infrastructures need upgrades, grid modernization efforts aim to improve efficiency, reliability, and sustainability.
Moreover, rapid service restoration is critical during power outages to minimize economic losses and customer inconvenience. Synchrophasors facilitate quicker identification of outage locations and assessment of grid stability post-outage. Thus, rising power outages and blackouts drive the market's growth.
However, Synchrophasors require substantial capital investment for deployment and installation. The costs involve not only purchasing the synchrophasor units themselves but also integrating them into existing grid infrastructure. Therefore, the high initial costs of synchrophasors hinder the market’s growth.
By application, the market is segmented into fault analysis, state estimation, stability monitoring, power system control, operational monitoring, improving grid visualization, and others. In 2023, the stability monitoring segment procured 18% revenue share in the market. Stability monitoring provides utilities with enhanced situational awareness of dynamic grid conditions and disturbances.
Based on component, the market is divided into hardware and software. The software segment attained 37% revenue share in the market in 2023. Hardware components such as synchrophasor measurement units (PMUs) and sensors are fundamental for collecting synchronized electrical quantities measurements across different grid points.
Free Valuable Insights: Global Synchrophasor Market size to reach USD 1.1 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 27% revenue share in the market. The region is undergoing rapid industrialization, urbanization, and population growth, driving electricity demand.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 543.8 Million |
| Market size forecast in 2031 | USD 1.1 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 9.3% from 2024 to 2031 |
| Number of Pages | 183 |
| Number of Tables | 289 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Component, Application, Region |
| Country scope |
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| Companies Included | Schweitzer Engineering Laboratories, Inc. (SEL), Arbiter Systems, Inc., Vizimax Inc., Powerside, ERLPhase Power Technologies Ltd., ABB Ltd., Siemens AG, General Electric Company and NR Electric Co., Ltd. (NARI Technology Development Limited Co.) |
By Component
By Application
By Geography
This Market size is expected to reach $1.1 billion by 2031.
Grid modernization and rise of smart grids are driving the Market in coming years, however, High initial costs synchrophasors restraints the growth of the Market.
Schweitzer Engineering Laboratories, Inc. (SEL), Arbiter Systems, Inc., Vizimax Inc., Powerside, ERLPhase Power Technologies Ltd., ABB Ltd., Siemens AG, General Electric Company and NR Electric Co., Ltd. (NARI Technology Development Limited Co.)
The expected CAGR of this Market is 9.3% from 2024 to 2031.
The Hardware segment is leading the Market by Component in 2023, thereby, achieving a market value of $644.1 million by 2031.
The North America region dominated the 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.
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