Substation monitoring system is designed to remotely monitor and control distributed power generation. Substations are essential for supplying power to consumers and act as the connection points between transmission networks and electric generators. Substations offer steady flow of voltage, and maintains the temperature of distribution transformers. Additionally, it helps in converting the Alternating Current (AC) to Direct Current (DC). Therefore, substations offer improved power quality management with increased reliability and operational advantages.
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Rising demand for the reduction in distribution and transmission losses is the major factor driving the growth of market.
In the process of supplying electricity to the consumers, power loss is expected due to technical and commercial losses. Technical loss is due to dissipation of energy in transformers, conductors, and other equipment used in the distribution of power. Additionally, commercial losses are due to bypassing meters, defective meters, and errors in meter readings among others. For instance, according to the Coherent Market Insights’ analysis, the average transmission and distribution losses in 2014, accounted for around 23% of the total electricity generated globally. Therefore, the demand for substation monitoring systems high for use in energy distribution operations, to reduce distribution and transmission losses (T&D losses), which in turn, is expected to positively influence the growth of the market during the forecast period.
Global Substation Monitoring System Market: Regional Insights
Asia Pacific is expected to witness highest growth in the substation monitoring system market over the forecast period. India, China, Japan, Australia, and South Korea are major growth engines in the substation monitoring system market in Asia Pacific. Owing to increase in the Transmission and Distribution (T&D) losses, governments in these countries are undertaking initiatives to introduce measures to reduce the T&D losses. For instance, Government of India is focusing on reducing the transmission and distribution losses of power from 21% in 2018 to 15% by 2019. The government is spending US$ 26.92 for improving the power infrastructure across the country.
Global Substation Monitoring System Market: Competitive Background
Key players operating in the substation monitoring system market include ABB, Honeywell International Inc., Siemens AG, Schneider Electric SE, Emerson Electric, General Electric, Eaton Corporation Plc, Schweitzer Engineering Laboratories, NovaTech Systems, and Crompton Greaves.
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