According to the research report titled ‘Global Substation Monitoring System Market Size, by Component (Hardware and software), by Communication Technology (Wired communication and wireless communication technology), by Sector (Transmission and distribution), by Industry (Oil & gas, steel, Utility, Mining and transportation) and Regional Forecasts 2020-2027’, available with Market Study Report, global substation monitoring market generated revenues worth USD 3.80 billion in the year 2019 and is expected to grow with a CAGR of 7.80% between 2020 and 2027.
 

Supportive government initiatives, monetary incentives, and subsidies which encourage the use of renewable sources of energy is one of the major factors driving the growth of global substation monitoring market. Citing an instance, the United States government has introduced various renewable energy policies such as MACRS (Modified Accelerated Cost-Recovery System), ITC (Investment Tax Credit), and Federal PTC (Production Tax Credit).
 

Typically, a substation monitoring system offers information regarding electrical transmission & distribution network. The system monitors various parameters such as power input & output, frequency and voltage, after which, the information collected is transmitted using communication technologies to the primary station.
 

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The IBEF (Indian Brand Equity Foundation) states that the renewable power generation in India had witnessed a 17.33% CAGR between 2016 and 2020 and reached 88.79 GW, of which wind and solar generation accounted for 37.99 GW and 35.73 GW respectively as of August 2020. Additionally, according to reliable sources, India owned around 22 nuclear reactors across 7 power plants in the year 2018, having a total capacity of 6,780 MW and producing nuclear power of around 35 TwH in 2017. Hence, emphasis on improving renewable power generation and usage, along with rising adoption of the system in order to monitor several components in renewable energy transmission are bolstering worldwide substation monitoring system industry remuneration.
 

Regionally, North America substation monitoring system industry is slated to record stellar growth during the study period, primarily due to rising deployment of IoT-based communication network. Meanwhile, Asia-Pacific is predicted to emerge as a key revenue generator for the overall market in the ensuing years. Surging renewable energy projects is augmenting the regional adoption rates of substation monitoring system, which in turn is facilitating the business scenario in Asia-Pacific.
 

Novatech Systems, CG Power and Industrial Solutions Limited, Eaton Corp., Siemens AG, Emerson Electric Co., Honeywell International Inc., Schneider Electric, Cisco Systems Ltd., ABB Ltd., and General Electric Co. are the major contenders in global substation monitoring system market.