Substation Monitoring System Market Growth Factors and Industry Size, Demand, Insights of 2017

The Substation Monitoring System Market is expected to grow at a significant rate between 2017 and 2023. The Substation Monitoring System Market is growing and the experts have predicted the future stats of Substation Monitoring System. Substation Monitoring System Market report contains the top corporate profiles and strategies with industry analysis and trends.

The complete report of Substation Monitoring System Market by Component (Hardware & Software), Communication Technology (Wired & Wireless), Sector (Transmission & Distribution), Industry (Utility, Oil & Gas, Mining, Steel, and Transportation) and Geography – Global Forecast to 2023 is now available on http://www.rnrmarketresearch.com/substation-monitoring-system-market-by-component-hardware-software-communication-technology-wired-wireless-sector-transmission-distribution-industry-utility-oil-gas-mining-steel-and-transportat-st-to-2023-market-report.html

The substation monitoring system market is expected to grow at a CAGR of 7.8% between 2017 and 2023 and would be worth USD 3.32 billion by 2017. The key factors driving the growth of the substation monitoring system market are the development strategies implemented by the players operating in the substation monitoring system, such as contracts and agreements, product launches and developments, partnerships, and expansions, as well as the growing demand for reduction in transmission and distribution losses, aging infrastructure, need for increasing the government support, development in the IEC 61850 standard to enable interoperability between IEDs, and improving IoT-based communication network. However, the major restraining factors for the growth of this market are high capital expenditure for installations of wireless sensor networks and increasing cost of installations of IEDs in substation.

The hardware component is expected to hold a larger share of the overall substation monitoring system market owing to its uses in the utility, steel, oil & gas, mining, and transportation industries for building the monitoring platform. Moreover, the hardware components are the devices, which help to control, measure, transmit, and analyze the data in the process and non-process industries. The hardware devices such as distribution network feeders, smart sensors, micro controllers, cameras, and intelligent electronic devices (IEDs) are inbuilt in the electrical substations for online monitoring purposes. Owing to this, real-time information is collected with the help of these devices, which helps in increasing the chances of getting uninterrupted power supply in the industries. As a result, the hardware component is expected to hold a larger share of the substation monitoring system market during the forecast period.

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Break of primary participants in Substation Monitoring System Market was as mentioned below:

By Company Size: Tier 1 = 20 %, Tier 2 = 55%, and Tier 3 = 25%

By Designation Level: C-Level Executives = 50%, Directors= 25%, and Others= 25%

By Region: Americas = 60%, Europe = 25%, APAC = 10%, and RoW = 5%

Major players of Substation Monitoring System Market Report are:

The key players operating in the substation monitoring system market are ABB (Switzerland), Honeywell(US),Siemens (Germany), Schneider Electric (France), Emerson Electric (US), General Electric (US), Eaton  (Ireland), Schweitzer Engineering Laboratories (US), Nova Tech (UK), Crompton Greaves (India), iGrid T&D (Spain), Sentient Energy (California), Cadillac Automation and Controls (India), TEKVEL (Russia), and i-TOR (Russia).

FAQ’s regarding the Substation Monitoring System Market Report are:

What is Market Penetration of Substation Monitoring System?
Comprehensive information on the product portfolios of the top players in the Substation Monitoring System market

What is Product Development/Innovation of Substation Monitoring System?
Detailed insights on the upcoming technologies, R&D activities, and product launches in the Substation Monitoring System market

What is Competitive Assessment of Substation Monitoring System?
In-depth assessment of the market strategies, geographic and business segments, and product portfolios of the leading players in the Substation Monitoring System market

What is Market Development of Substation Monitoring System?
Comprehensive information about emerging markets. This report analyzes the market for various Substation Monitoring System products across geographies

What is Market Diversification of Substation Monitoring System?
Exhaustive information about new products, untapped geographies, recent developments, and investments in the Substation Monitoring System market

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There are a number of Substation Monitoring System protocols, which may not be compatible with each other in operation. The software solution may provide inter compatibility in such cases. The software can also provide remote access to the. The security provided by these software solutions for Substation Monitoring System is highly sought for deployment in content sensitive sectors such as banking. These features would help the software and services segment to grow at a significant rate in the Substation Monitoring System market.

The growth of Substation Monitoring System market in Asia Pacific (APAC) can be attributed to the increased spending power of the consumers in this region and the availability of OTT-based services providing video content for entertainment purposes. The increasing interest from commercial applications, such as corporate, healthcare, and education,  is also aiding the growth of the Substation Monitoring System market in this region.

On an unrelated note, another research titled with Universal Flash Storage Market by Capacity (32 GB, 64 GB, 128 GB, 256 GB, 512 GB), Configuration, End Use (Automotive Electronics, Digital cameras, Gaming Consoles, High-Resolution Displays, Smartphones), Application, and Geography – Global Forecast to 2023. The universal flash storage market is estimated to grow from USD 3.59 billion in 2017 and is estimated to reach USD 9.97 billion by 2023, at a CAGR of 18.6% during 2017–2023. Now available at http://www.rnrmarketresearch.com/universal-flash-storage-market-by-capacity-32-gb-64-gb-128-gb-256-gb-512-gb-configuration-end-use-automotive-electronics-digital-cameras-gaming-consoles-high-resolution-displays-smartphones-applicatio-st-to-2023-market-report.html  

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