Substation Monitoring System Market size is valued at USD 3,143.9 million in 2021 and is expected to grow at a significant CAGR of 8.9% during the forecast period 2022 to 2028. The global market provides a detailed overview of the Substation Monitoring System market and that can be segmented by component type, by communication technology type, by sector type. By component type, the substation monitoring system market has been segmented into Hardware, Software. The hardware segment is likely to be the largest and fastest-growing segment in terms of type. Based on communication technology type the Substation Monitoring System market is segmented as wired, wireless. Among these, the wireless segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on sector type, the substation monitoring system market is segmented into Transmission, Distribution. The transmission segment accounts for the largest share in 2021. Based on the industry, the market has been segregated into Utility, Oil & Gas, Mining, Steel, and Transportation. The Oil & Gas segment is expected to dominate other segments in the substation monitoring system market. The Oil & Gas segment is expected to witness the highest CAGR during the forecast period according to Precision Business Insights.
In August 2021, Hitachi ABB Power Grids Ltd. (India) announced the development of a TXpert remote services portfolio for remote monitoring of transformer fleets, consulting, troubleshooting, and guidance using augmented reality. Hitachi ABB Power Grids supports in analyzing large amounts of data and creating comprehensive reports required for optimal maintenance.