Synchrophasors Market Share

IMARC Group has recently released a new research study titled, “Synchrophasors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the synchrophasors market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

Market Overview:

The global synchrophasors market reached a value of US$ 271.0 Million in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 824.3 Million by 2028 exhibiting a CAGR of 19.8% during 2023-2028.

Synchrophasors Market Overview:

Synchrophasors refer to monitoring devices that take high-speed measurements of current, voltage, and frequency. They consist of several components, including a converter, filter, oscillator, global positioning system (GPS) clock, communication interface, etc. Synchrophasors offer faster measurements, enhanced insight into grid stability, capture real-time dynamics, and ensure comprehensive area monitoring and control as compared to supervisory control and data acquisition (SCADA) based systems. They prove highly effective in fault analysis, stability monitoring, state estimation, power system control, and operational monitoring. Synchrophasors even aid in integrating intermittent and renewable resources, automating controls, managing transmission congestion, improving system modeling, lowering operational costs, etc. Consequently, they find extensive applications in the energy sector across countries.

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Synchrophasors Market Trends:

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The rising incidences of power outages, owing to inclement weather, load-shedding, equipment failure, maintenance shutdowns, etc., and the increasing need for efficient systems that will help locate, identify, and resolve potential threats in a grid by offering a dynamic and an accurate view of the system to operators are primarily driving the synchrophasors market.In addition to this, the growing usage of the product in smart grid technology to collect, analyze, and distribute critical data and convert them into insights and information that improve grid operations and automation is also positively influencing the market growth. Besides this, the elevating integration of machine learning (ML) and cloud computing technologies with synchrophasors to enhance situational awareness, validate models, detect system-wide anomalies, and predict equipment malfunction is acting as another significant growth-inducing factor. Moreover, the launch of various initiatives by government bodies aimed at promoting the sale of efficient and sustainable products that reduce the environmental impact of energy consumption and increase grid reliability and the development of central power management systems are expected to propel the synchrophasors market over the forecasted period.

Synchrophasors Market Report Scope
Report CoverageDetails
Market size value in 2022US$ 271.0 Million
Market forecast in 2028US$ 824.3 Million
Growth RateCAGR of 19.8% from 2023 to 2028
Base year for estimation2022
Historical data2017-2022
Forecast period2023-2028

Report Segmentation:

The report has segmented the market on the basis of component and application.

Component Insights:

  • Hardware
  • Software

The report has also provided a detailed breakup and analysis of the synchrophasors market based on the component. This includes hardware and software.

Application Insights:

  • Fault Analysis
  • State Estimation
  • Stability Monitoring
  • Power System Control
  • Operational Monitoring
  • Improve Grid Visualization
  • Others

A detailed breakup and analysis of the synchrophasors market based on the application has been provided in the report. This includes fault analysis, state estimation, stability monitoring, power system control, operational monitoring, improve grid visualization, and others.

Regional Insights:

  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa. According to the report, North America was the largest market for synchrophasors. Some of the factors driving the North America synchrophasors market include the presence of a large number of prominent players, extensive research and development (R&D) activities, adoption of smart grid, etc.

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Competitive Landscape With Key Players:

The competitive landscape of the synchrophasors market has been studied in the report with the detailed profiles of the key players operating in the market.

List of Key Companies Covered in this Market Report:

  • Toshiba Corporation
  • Schweitzer Engineering Laboratories Inc.
  • ABB Ltd.
  • Electric Power Group LLC
  • Vizimax Inc.
  • NR Electric Co. Ltd.
  • Qualitrol Company LLC (Fortive Corporation)
  • General Electric Company
  • Arbiter Systems Inc.
  • Siemens AG

Kindly note that this only represents a partial list of companies. The complete list has been provided in the report.

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Key Highlights of the Report:

  • Comprehensive Mapping of the Competitive Landscape
  • Value Chain
  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • SWOT Analysis

Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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