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: 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 media@technavio.com.
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