Nov 1, 2017   SOURCE: BusinessWire

Substation Monitoring System Market 2017-2023 - $3.32 Billion Market Analysis by Component, Communication Technology, Sector, Industry & Geography - Research and Markets

The "Substation Monitoring System Market by Component (Hardware/Software), Communication Technology (Wired/Wireless), Sector (Transmission & Distribution), Industry (Utility, Oil/Gas, Mining, Steel & Transportation) & Geography - Global Forecast to 2023" report has been added to Research and Markets' offering.

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.

Key market players 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), NovaTech (UK), and Crompton Greaves (India).

Market Dynamics

Drivers

  • Growing Demand for Reduction in Transmission And Distribution Losses
  • Aging Infrastructure
  • Increasing Investments (Contracts) from the Government
  • Developing IEC 61850 Standard to Enable Interoperability Between IEDs
  • Improving IoT-Based Communication Network

Restraints

  • High Capital Expenditure for Installations of Wireless Sensor Networks
  • Increasing Cost of Installations of IEDs in Substation

Opportunities

  • Growing Demand for Renewable Energy Projects

Challenges

  • Cyber-Risks in the Power Industry
  • Harsh Environmental Conditions

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Substation Monitoring System Market, By Component

7 Substation Monitoring System Market, By Communication Technology

8 Substation Monitoring System Market, By Sector

9 Substation Monitoring System Market, By Industry

10 Geographic Analysis

11 Competitive Landscape

12 Company Profiles

  • ABB
  • Cadillac Automation And Controls
  • Cisco
  • Crompton Greaves
  • Eaton
  • Emerson Electric
  • General Electric
  • Honeywell
  • Igrid T&D
  • I-Tor
  • Novatech
  • Schneider Electric
  • Schweitzer Engineering Laboratories
  • Sentient Energy
  • Siemens
  • Tekvel

For more information about this report visit https://www.researchandmarkets.com/research/5sgrws/substation