Accuracy of Phasor Measurement Units to Augment Market
The energy sector around the world has evolved at a consistent pace in line with developing technologies and rapidly changing regulatory framework. Mounting concerns related to climate change, global warming, environment protection, and sustainability have played an important role in driving innovations across the energy sector over the past couple of decades. In the recent past, noteworthy advancements have been made to improve the accuracy of phasor measurement units (PMUs) in power system applications. The growth of the synchrophasors market is expected to be driven by a host of factors including increasing investments in the development of smart grid projects.
Considerable improvements in communication technologies, along with evolving cybersecurity requirements are also expected to have a strong influence on the overall growth of the synchrophasors market during the forecast period. Research and development activities are anticipated to play an imperative role in introducing innovative concepts and technologies that are further expected to fuel the adoption of synchrophasors in the upcoming years– a factor that is likely to bolster the growth of the global market for synchrophasors during the assessment period.
At the back of these factors, along with increasing emphasis on modernization, the global synchrophasors market is on the course to reach the US$ 930 Mn mark by the end of 2030.
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Increase in Demand for Synchrophasor Technology to Improve Grid Reliability to Fuel Market Growth
Over the past couple of decades, governments around the world, particularly in underdeveloped and developing regions, have laid considerable importance on urban infrastructure due to which, the demand for power grids has witnessed a considerable spike. This factor is projected to have a direct impact on the growth of the global synchrophasors market. The increasing focus on installing advanced power grids has led to a notable rise in the demand for technologies that ensure long-term efficiency, stability, and performance of power grids. Thus, the uptake of synchrophasors has increased in recent years.
The increasing focus on the adoption of renewable energy sources has made modern day grid systems more vulnerable to power failure that largely exposes public safety and environment. The demand for synchrophasors to control and monitor the grid and detect issues within the grid at an early stage has consistently grown over the past few years, due to its exceptional high-resolution time synchronized measurements. The increasing demand for synchrophasor technology to enhance the reliability of the grid is projected to have a strong impact on the overall growth of the global synchrophasors market during the assessment period.
Benefits of Synchrophasors to Conventional Measurements to Drive Market
Over the past couple of decades, the synchrophasor technology has proved to be highly beneficial mainly for bulk power system measurements. The increasing complexity of modern day electric power systems due to evolving load characteristics, limited transmission paths, and efficiency concerns has led to a considerable rise in the demand for efficient monitoring and system awareness of the different power grids. As synchrophasors enable the measurement of phase angles with time references, they have emerged as one of the strongest candidates to enhance system monitoring and awareness pertaining to the same. Moreover, numerous benefits of synchrophasors to conventional measurement alternatives are expected to have a strong impact on the overall growth of the global synchrophasors market during the assessment period. The considerable rise in the number of smart grid projects around the world, particularly in Europe, North America, and Asia Pacific is anticipated to provide lucrative opportunities to the players involved in the current synchrophasors market landscape.
Demand to Remain Steady amidst Ongoing COVID-19 Pandemic
The outbreak of the COVID-19 pandemic is expected to have a moderate impact on the overall growth prospects of the global synchrophasors market in 2022. While the market growth remained sluggish in the first two quarters of 2022 due to temporary shutdown of the industrial sector in various regions, restrictions on transportation, and supply chain barriers, the market is projected to show signs of recovery toward the last two quarters of 2022. Due to temporary suspension of various smart grid projects around the world as a result of COVID-19 pandemic, the demand for synchrophasors witnessed a slight decline. However, the market growth is anticipated to remain steady in the upcoming months.
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Synchrophasors Market: Overview
- According to Transparency Market Research’s latest research report on the global synchrophasors market for the historical period 2017–2018, base year 2019, and the forecast period 2020–2030, integration of synchrophasor measurement in multi-function recorders and protective relays, and increasing investments in modernization of power grids are factors expected to boost the global synchrophasors market during the forecast period
- In terms of revenue, the global synchrophasors market is estimated to reach the value of US$ 930 Mn by 2030, expanding at a CAGR of ~20% during the forecast period
Integration of Synchrophasor Measurement in Multi-function Recorders and Protective Relays
- Measurements obtained by synchrophasors are used for fault analysis, state estimation, stability monitoring, power system control, operational monitoring, and to improve grid visualization. Availability of low cost, high precision timing sources, such as Global Positioning System (GPS) and IEEE 1588 compliant network clock sources, and the networking capability of protective relaying devices and systems are fundamentally changing the way that many current and future protective relaying applications are or will be implemented.
- Synchrophasor measurements, i.e., phasor measurements with high accuracy time stamping, have been used in a number of protective relaying applications, and are also being considered for many future protective relaying applications. Although synchrophasor measurements are used in many other power system applications such as wide area monitoring and situational awareness applications, this report focuses primarily on its use in practical protective relaying applications that either have been implemented or considered for future implementations.
- Thus, integration of synchrophasor measurement in multi-function recorders and protective relays is expected to drive the global synchrophasors market during the forecast period
Increase in Investments in Modernization of Power Grids
- It is crucial for both the distributed utility and the digital utility to update and modernize the grid management systems being used with connected technology, since extra sensors and controls are installed all through networks. System reliability and efficiency continues to be top priorities for users and the market. However, these ideas are now being thought again in a much more distributed manner, with much more third-party involvement.
- According to studies, nearly 70% of utilities point to physical security and cyber security as crucial factors, while protecting the arrival of wireless technology and other communication devices. With modernization of power grids, efforts to protect the grid are in place, and respondents are also interested to improve grid reliability and competence by using automation and providing deeper knowledge in grid operations.
- The increasing demand for substation automation on account of the rise in adoption of smart grid technologies is anticipated to augment the global demand for synchrophasors. Synchrophasors, along with communication networks and distribution feeder automation are an integral part of substation automation. This allows faster real-time information with more reliability.