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Synchrophasors Market to Surge to USD 2.0 Bn by 2034 Amid Growing Grid Complexity and Renewable Energy Integration | Transparency Market Research
Synchrophasors Market
Market Overview: Synchrophasors, or Phasor Measurement Units (PMUs), are pivotal in managing modern power grids by providing time-synchronized measurements of electrical waves. These real-time insights into voltage, current, and frequency support better grid stability, reliability, and decision-making.
They have become integral in detecting faults, estimating system states, identifying islanding, supporting protective relaying, and enabling wide-area situational awareness. With grid systems becoming more dynamic and decentralized, synchrophasors have emerged as a core technology transforming the power landscape.
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Market Drivers & Trends
1. Surge in Real-time Grid Monitoring Needs:
With increasing grid complexity and decentralization, utility operators are turning to PMUs for accurate and instant insights into grid behavior. The technology is enabling faster fault detection, improving grid stability, and helping avoid costly outages.
2. Renewables Integration:
As countries worldwide commit to carbon-neutral goals, synchrophasors help manage the intermittency and variability of renewable sources such as wind and solar. This capability is essential to maintaining grid reliability while transitioning to sustainable energy systems.
3. Energy Transition and Modernization Initiatives:
Government-led smart grid and modernization programs are adopting synchrophasor technology to create resilient, intelligent, and flexible energy systems. For example, India's renewable energy target of 500 GW by 2030 presents a significant opportunity for synchrophasor deployment.
Latest Market Trends
• Integration with AI and Advanced Analytics:
The fusion of synchrophasor data with artificial intelligence and machine learning is enabling predictive analytics, automated control actions, and efficient energy forecasting.
• Wide-area Measurement Systems (WAMS):
These systems utilize PMUs to collect real-time data from large geographical areas to manage multi-region grids with high reliability.
• Decentralized Energy Systems:
Synchrophasors are increasingly used in distributed generation and microgrid applications to enable synchronized and adaptive grid behavior.
Key Players and Industry Leaders
The synchrophasors market features strong competition among global technology leaders and innovators. Prominent players include:
• ABB
• Alstom Grid
• Arbiter Systems Inc.
• Electric Power Group, LLC
• Electro Industries
• FUJI ELECTRIC FRANCE S.A.S.
• General Electric
• Hitachi Energy
• Macrodyne
• NR Electric
• Schneider Electric
• Schweitzer Engineering Laboratories
• Siemens Energy
• Toshiba Corporation
• Vizimax
• Wasion Group Holdings Ltd.
• Other Key Players
These companies are focusing on R&D investments, product launches, and strategic partnerships to expand their footprint in emerging markets and strengthen their portfolios.
Recent Developments
In June 2023, under the US National Electric Vehicle Infrastructure (NEVI) program, a US$ 5 billion initiative was launched to transform EV charging stations into distribution grid nodes using synchrophasors. This reflects a broader trend of deploying synchrophasor technology in non-traditional grid applications.
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Market Opportunities and Challenges
Opportunities:
• Government incentives for smart grid implementation across Asia Pacific, Europe, and North America.
• Growing digitalization of the energy sector, driving investments in real-time data collection and control technologies.
• Increasing demand for state estimation applications, which held a 29% market share in 2023.
Challenges:
• High initial deployment costs, especially in developing economies.
• Interoperability issues among equipment from different manufacturers.
• Need for standardization and skilled workforce to manage large-scale synchrophasor data analytics.
Future Outlook
With increasing dependence on renewable energy, greater demand for uninterrupted power, and rapid urbanization, synchrophasor technology is expected to play a central role in future power systems. From fault location detection to automated system optimization, its importance will only grow.
Driven by technological evolution and grid modernization, the synchrophasors market is projected to see tenfold growth by 2034. As stakeholders prioritize decarbonization and digitalization, this market will be at the heart of the global energy transition.
Market Segmentation
By Component:
• Hardware: PMU, PDCs, RTDMS, Communication Equipment, Others
• Software
• Services
By Application:
• Fault Location & Protective Relaying
• State Estimation (29% share in 2023)
• Power System Control
• Stability Monitoring
• Wide-area Situational Awareness
• Islanding Detection
• Load Characterization
• Others
By End-use:
• Power Generation (31.3% market share in 2023)
• Power Transmission Systems
• Power Distribution Systems
• Distributed Energy Systems
Regional Insights
Asia Pacific led the global market with a 47.5% share in 2023 and is forecasted to expand at a CAGR of 22.6% through 2034. Rapid industrialization, increasing power demand, and large-scale renewable projects in China, India, and Southeast Asia are fueling this growth.
North America and Europe are mature markets benefiting from early adoption and strong regulatory support, while Latin America and Middle East & Africa are emerging as high-growth markets due to expanding energy infrastructure.
Why Buy This Report?
• Comprehensive Market Forecast from 2024-2034 across segments and regions
• In-depth analysis of current trends, drivers, and opportunities
• Competitive profiling of 16+ key players with detailed financials and strategies
• Coverage of regional and country-level insights for better decision-making
• Clear insights into technology adoption, product innovation, and future growth avenues
• Available in PDF and Excel formats for deeper analysis
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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