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.
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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.
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.
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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 2024. While the market growth remained sluggish in the first two quarters of 2024 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 2024. 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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