Synchrophasor Market By Component (Phasor Measurement Units (PMUs), Phasor Data Concentrators (PDCs), Communication Networks, Software & Services (Data Analytics, Grid Monitoring)); By Application (Power System Monitoring, Real-Time Grid Control, Fault Detection and Isolation, Renewable Integration, Load Shedding and Management); By End User (Utilities, Independent System Operators (ISOs), Transmission System Operators (TSOs), Industrial Power Systems, Renewable Energy Providers); By Geography, Segment revenue estimation, Forecast, 2024-2032.

The synchrophasor market in 2023 was worth USD 0.7 billion and is expected to be worth USD 1.47 billion by 2030, expanding at a CAGR of 8% during the forecast period.

 

The main driver for the synchrophasor market is the increasing demand for ensuring electricity grid stability and reliability, especially with the large-scale incorporation of renewable energy generation sources. Synchrophasors have emerged as useful tools in managing utility grid performance as renewable energy capacity reached more than 3,000 GW in 2023. For instance, the Smart Grid Investment Grant promoted by the U. S. Department of Energy resulted in the installation of over 1,700 phasor measurement units in the U. S. boosting the grid visibility and eliminating chances of outages. Recent developments include the application of synchrophasor technology for smart grid projects in Europe and China for enhanced integration of DERs and future power systems.

 

The major challenge affecting the synchrophasor market is the high cost and challenges associated with implementation. Integrating synchrophasor systems, which employ Phasor Measurement Units and other communications systems, may involve tremendous expense. For example, the deployment cost of a single PMU is from $30,000 to $100,000; moreover, connecting these devices to the current grid structure tends to fool with technical problems.

 

Modernization of power grids and integration of DERs is going to be one of the most promising fields of the synchrophasor market development in the future. Investments in synchrophasors in global smart grid infrastructure are estimated to reach more than $60 billion by 2025. For instance, the synchrophasor technology is rapidly finding applications in the Asia-Pacific region, where countries like India are modernizing their grid frameworks for the absorption of renewables and demand response. A recent trend includes the incorporation of data analysis on synchrophasor data used in the prediction of faults that may lead to outage occurrence, hence improving the ability of the utilities to increase the reliability of the power grid and cut maintenance costs. This approach is becoming even more crucial as the grid becomes more complex with integrating Renewable and distributed generations.

 

 

Market Segmentation

Component:

• Phasor Measurement Units (PMUs)

• Phasor Data Concentrators (PDCs)

• Communication Networks

• Software & Services (Data Analytics, Grid Monitoring)

 

Application:

• Power System Monitoring

• Real-Time Grid Control

• Fault Detection and Isolation

• Renewable Integration

• Load Shedding and Management

 

End User:

• Utilities

• Independent System Operators (ISOs)

• Transmission System Operators (TSOs)

• Industrial Power Systems

• Renewable Energy Providers

 

By Region

North America

• US

• Mexico

• Canada

• Rest of North America

 

Europe

• Switzerland

• Russia

• France

• Germany

• U.K

• Finland

• Turkey

• Netherlands

• Belgium

• Spain

• Italy

• Rest of Europe

 

Asia Pacific

• India

• China

• South Korea

• Japan

• Singapore

• Thailand

• Indonesia

• Malaysia

• Philippines

• Australia

• Rest of Asia-Pacific

 

LAMEA

• Brazil

• Argentina

• Uruguay

• Saudi Arabia

• Rest of LAMEA

 

North America holds the largest share of the synchrophasors market, primarily due to the widespread implementation of smart grid technologies and a strong focus on grid modernization. By the end of 2023, the U. S. alone has approximately 40% of the global synchrophasor installations thanks to programs such as the Smart Grid Investment Grant by the U. S. Department of Energy, which supported the installation of over 1,700 PMUs across the United States. One of the latest trends in the area is the application of synchrophasor technology in addressing the challenges arising as a result of the complexity of the grid resulting from the integration of renewable energy resources. For instance, the WECC has applied synchrophasors to increase the reliability of its grid; most grids show that synchrophasors are a critical tool for real-time monitoring and controlling of power systems.

 

Key Players

• Schweitzer Engineering Laboratories (SEL)

• General Electric (GE)

• ABB Ltd.

• Siemens AG

• Arbiter Systems, Inc.

• Schneider Electric

• Cisco Systems, Inc.

• Eaton Corporation

• RFL Electronics Inc.

• Electric Power Group (EPG)