June 7, 2017 - 6:03 PM EDT
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Synchrophasors Market - Drivers and Forecasts by Technavio

Technavio analysts forecast the global synchrophasors market to grow at an impressive CAGR of almost 15% during the forecast period, according to their latest report.

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Technavio has published a new report on the global synchrophasors market from 2017-2021. (Graphic: B ...

Technavio has published a new report on the global synchrophasors market from 2017-2021. (Graphic: Business Wire)

The research study covers the present scenario and growth prospects of the global synchrophasors market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers.

Synchronized data has become more and more attractive for power engineers as it provides a wide area snapshot of the grid in real time, which is useful in mitigating blackouts and learning about the behavior of the grid, thus making the grid more reliable. This is one of the major reasons due to which the governments of several nations provide grants to encourage synchrophasor installations.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global synchrophasors market:

Increasing need for reducing grid outages

The aging infrastructure, the rise in population, and an increased demand on power resources have increased the strain on the infrastructure causing power outages. The exhibit below represents the year-over-year analysis of the number of outages in the US between 2009-2016 caused by inclement weather, equipment failure, maintenance shutdown, load-shedding, vandalism, and cyber-attacks.

Thanikachalam Chandrasekaran, a lead smart grid research analyst at Technavio, says, “Power outages not only cause inconvenience to the end-users, but they also lead to revenue loss for the utilities, impede emergency services, and jeopardize national security, as it may compromise the communication systems. Although utilities are trying to adopt and implement smart grid technologies to identify technical snags in the power distribution network faster and promptly restore power, outages do occur, and power services are interrupted.”

Rise in installed capacity of renewable energy

Fossil fuels remain the principal source of power generation worldwide; however, the use of renewable energy sources are projected to grow rapidly. Energy insecurities have led governments worldwide to focus on the alternate source of power for a sustainable future. The rising concerns of carbon emission from power plants have made the utilities switch to natural gas and renewable sources for electricity generation.

The demand and supply of electricity are essential in maintaining the stability of the grid. As wind and solar energy sources are intermittent in nature, high reliance on them can undermine the stability of the grid. This situation has compelled grid operators to install technologies, which can increase the power generation from renewables without compromising system reliability,” adds Thanikachalam.

Government support to enhance grid reliability

Increasing the grid reliability, enhancing the efficiency, and making the grid secure have been the top priority of the government in the energy sector. This has made the government agencies put in a lot of efforts and had led to numerous collaboration with various industry leaders to accomplish these governmental priorities. Several demonstrations and pilot programs have been executed by various governments across the globe to test new technologies, which can help improve grid reliability.

Top vendors:

  • ABB
  • Arbiter Systems
  • General Electric
  • Schweitzer Engineering Laboratories

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at [email protected].

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630-333-9501
UK: +44 208 123 1770

Source: Business Wire (June 7, 2017 - 6:03 PM EDT)

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