ABB (Switzerland) and Siemens (Germany) are the Major Players in the Substation Monitoring System Market
Substation monitoring system plays a vital role in monitoring electrical devices in various industries such as utility, oil & gas, steel, mining, and transportation. This chapter provides the details of the factors influencing the substation monitoring system market. The overall substation monitoring system market is expected to be valued at USD 5.21 Billion by 2023, growing at a CAGR of 7.8% between 2017 and 2023. The growth of this market is propelled by the growing demand for reduction in transmission and distribution losses, aging infrastructure, increasing investments (contracts) from the government, improving IoT-based communication network, and developing IEC 61850 standard to enable interoperability between IEDs.
ABB (Switzerland), Siemens (Germany), Emerson Electric (US), General Electric (US) and Eaton (Ireland) are the leading players in the substation monitoring system market. Product launches and developments, agreements and contracts, expansions, acquisitions, and partnerships are some of the key strategies adopted by the major players to gain a competitive edge in this market.
ABB (Switzerland) is one of the key players in the substation monitoring system market. The company offers substation monitoring components and services based on wired or wireless communication technology. The company caters to innovation-driven growth markets, such as utility, oil & gas, and mining, by offering monitoring equipment and services based on Internet of Things (IoT) technology. ABB concentrates on business strategies such as acquisitions, contracts, partnerships, and product launches and developments. For instance, in March 2017, ABB launched the world’s first digital distribution transformer with integrated sensing and monitoring technology at its ABB Customer World event in Houston, Texas. These technologies provide intelligence to maximize reliability and optimize operating and maintenance costs for power grids.
Siemens (Germany) is one of the major players in the substation monitoring system market. The company provides substation monitoring system and services for the utility, mining, oil & gas, steel, and transportation industries. Siemens majorly focuses on the strategy of product launches and development to accelerate its organic growth and strengthen its product portfolio. Moreover, the company focuses on the inorganic growth strategy by taking contracts for strengthening its business strategy. For instance, in April 2017, Siemens received a contract from Vietnam transmission grid to improve the performance of the transmission grid. According to this contract, the company would install its monitoring products and services for detecting and monitoring transmission and distribution grids in Vietnam. In August 2014, Siemens launched the first gas-insulated 320 kV switchgear for high-voltage direct current applications in Paris. The 320 kV switchgear used on the offshore platform helped in reducing the platform size by 10%.
Other major companies operating in the substation monitoring system market are Honeywell (US), Schneider Electric (France), Schweitzer Engineering Laboratories (US), NovaTech (UK), Crompton Greaves (India), iGrid T&D (Spain), Sentient Energy (California), Cadillac Automation and Controls (India), TEKVEL (Russia), and i-TOR (Russia).
Related Reports:
Substation Monitoring System Market by Component (Hardware & Software), Communication Technology (Wired & Wireless), Sector (Transmission & Distribution), Industry (Utility, Oil & Gas, Mining, Steel, and Transportation) and Geography - Global Forecast to 2023
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