Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | Substation Monitoring System Market worth 5.21 Billion USD by 2023Substation Monitoring System Market categorizes global market by Component (Hardware & Software), Communication Technology (Wired & Wireless), Sector (Transmission & Distribution), Industry (Utility, Oil & Gas, Mining, Steel, and Transportation)
By: Marketsandmarkets "Substation monitoring system market for software component is expected to grow at the highest CAGR during the forecast period" The substation monitoring system market for software is expected to grow at the highest CAGR between 2017 and 2023. Despite the challenges such as cyber threat and harsh environmental conditions in the power industry, the market for software is expected to grow at the highest rate. The increasing use of electricity in the industrial sector and demand for uninterrupted power in emerging economies, such as China and India, are driving the growth of the substation monitoring system market for software. Moreover, a growing need for reducing electricity losses through monitoring is driving the growth of the substation monitoring system market for software. Download PDF Brochure @ https://www.marketsandmarkets.com/ "Substation monitoring system market for wireless communication technology is expected to grow at the highest CAGR during the forecast period" The substation monitoring system market for wireless communication technology is expected to grow at the highest CAGR between 2017 and 2023, owing to the growing adoption of wireless communication technology over wired communication technology in remote electrical substations for online monitoring purposes. "Substation monitoring system market for distribution sector is expected to grow at the highest CAGR during the forecast period" The substation monitoring system market for the distribution sector is expected to grow at the highest CAGR between 2017 and 2023, owing to the increasing demand for electricity, which drives the need for upgrading aging infrastructure. The existing infrastructure cannot sustain the bulk power movements. Owing to this, there is a need for substation monitoring systems to reduce the losses and maximize the electricity efficiency. "Substation monitoring system market for the utility industry to grow at the highest CAGR between 2017 and 2023" The utility industry is expected to witness the highest CAGR in the overall substation monitoring system market between 2017 and 2023. This growth rate is attributed to the growing use of substation monitoring system and services for reduction in transmission and distribution losses and aging infrastructure of electrical substations. "Asia Pacific expected to lead the substation monitoring system market between 2017 and 2023" Asia Pacific (APAC) is expected to hold the largest share of the substation monitoring system market during the forecast period. The substation monitoring system market in emerging economies, such as China, India, and South Korea, is expected to grow at the highest CAGR with the rising need for reduction in transmission and distribution losses in these countries. Request Sample @ https://www.marketsandmarkets.com/ The major players operating in the substation monitoring system market are ABB (Switzerland) About MarketsandMarkets™ MarketsandMarkets™ Our 850 fulltime analyst and SMEs at MarketsandMarkets™ MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Rohan MarketsandMarkets™ 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|