Valued at $858.2 million by 2026, power system condition estimators are expected to experience robust growth worldwide
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Editing: ten; Published: February 2022
Executive Pool: 15701
Companies: 30 – Players covered include ABB Group; Alstom SA; CYME International T&D Inc. ; DIgSILENT GmbH; Energy Computer Systems (Spard); Epfl (Simsen); ETAP – Operation Technology, Inc.; GDF Suez – Tractebel Engineering SA; General electricity company; KEPCO Inc.; NEPLAN AG; Nexant, Inc.; Open Systems International, Inc.; Power Research & Development Consultants Pvt. ltd. ; Power World Corporation; Siemens AG; Siemens Power Technologies International; SKM Systems Analysis Inc.; Tom (Pasha) (Power Apparatus & System Homological Analysis) and others.
Blanket: All major geographies and key segments
segments: Software (power control centers, utility condition estimator); Solution (Weighted square leases (WLS), least absolute value (LAV), other solutions); Application (Transmission Network, Distribution Network)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.
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Global Power System State Estimators Market to Reach US$858.2 million by 2026
Electrical system condition estimators help monitor, supervise and control distribution and transmission networks. They use certain redundant measurements obtained from the power systems to identify the actual state of the system. Although not currently deployed on a large scale, they have the potential to provide real-time protection and control of power systems in the future. The growth of the global market is driven by factors such as the emergence and growing adoption of smart grids, rapidly expanding and increasingly complex distribution and transmission networks, and regulations supporting the use of energy-efficient systems . Power system condition estimation seems poised to gain more attention with the continued shift from passive to active distribution networks. The transition points to the requirement for efficient solutions to monitor and control electrical distribution systems in real time and push the operating performance of these systems.
Amid COVID-19 crisis, the global Power System Condition Estimators market estimated at US$620.7 million in 2022, is expected to reach a revised size of US$858.2 million by 2026, growing at a CAGR of 7.6% over the analysis period. Power control centers, one of the segments analyzed in the report, is expected to grow at a CAGR of 6.9% to reach US$580.1 million at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, the Utility State Estimator segment growth is readjusted to a revised CAGR of 8.8% for the next 7-year period. This segment currently accounts for a 35.2% share of the global power system condition estimator market.
The US market is estimated at $135.8 million in 2022, when China is expected to reach $156.2 million by 2026
Power System Condition Estimator Market in United States is estimated at US$135.8 million in 2022. The country currently accounts for a 22.13% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$156.2 million in 2026 with a CAGR of 9.5% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 6.4% and 6.5% respectively over the analysis period. In Europe, Germany is expected to grow around 7% CAGR while the rest of the European market (as defined in the study) will reach US$173.2 million at the end of the analysis period.
Rising investment in smart grids bodes well for growth
The power system state estimator market is poised to benefit from the rise in investment in the smart grid space. The growing global adoption of smart grids is a major contributor to the growth in demand for power system state estimators. Although smart metering devices deployed on power grids provide higher resolution and highly accurate data for power system analysis, their deployment is not widespread due to the high cost of these devices. Therefore, they are installed at critical locations in the electrical network, leaving room for state estimators to compensate for missing links and equalize noisy measurements, to provide results that reflect the exact state of circuit parameters. . Smart grids are increasingly being deployed in North American and European countries, while those in Latin America, Asia Pacific and Middle East show interest and prepare strategies to deploy smart handles in respective countries. The high growth forecast for the global smart grid market is in turn creating strong demand for common architectural, hardware, software and process components that are essential or enhance smart grid operations, such as network state estimators. electrical system. Growing pressure on utility operators to scale up and modernize their network operations and improve distribution efficiency to meet growing consumer demand is encouraging utility operators to deploy smart grids in their infrastructure. Energy demand is significantly dependent on macro factors such as population growth, urbanization, commercial and industrial activity, consumer spending trends and the economic scenario. In the context of increasing energy demand and growing need to manage available energy resources, utility operators around the world are turning to different types of smart grid components as a strategic response to enable superior grid operation and improved distribution efficiency.
This helps open a new window of high-potential growth for the power system state estimator market. Smart grids require the development of smart power T&D, where power system state estimators can play an important role in improving grid reliability and efficiency. The smart grid system, which basically involves upgrading the standard high-voltage transmission grid with efficient sensors, communication infrastructure, control algorithms and actuators for accurate system status measurement, facilitates the two-way communication of system data. The mechanism allows the analysis of incoming data and the generation of control signals in order to modify the state of the system and the actuators to apply the required changes to the transmission system completely depend on the intelligent transmission in order to manage the infrastructure efficiently. Continued
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