Synchrophasors Market to Record a Robust Growth Rate for the COVID-19 Period 202

Accuracy of Phasor Measurement Units to Augment Market

The energy sector around the world has evolved at a consistent pace in line with developing technologies and rapidly changing regulatory framework. Mounting concerns related to climate change, global warming, environment protection, and sustainability have played an important role in driving innovations across the energy sector over the past couple of decades. In the recent past, noteworthy advancements have been made to improve the accuracy of phasor measurement units (PMUs) in power system applications. The growth of the synchrophasors market is expected to be driven by a host of factors including increasing investments in the development of smart grid projects.

Considerable improvements in communication technologies, along with evolving cybersecurity requirements are also expected to have a strong influence on the overall growth of the synchrophasors market during the forecast period. Research and development activities are anticipated to play an imperative role in introducing innovative concepts and technologies that are further expected to fuel the adoption of synchrophasors in the upcoming years– a factor that is likely to bolster the growth of the global market for synchrophasors during the assessment period.

At the back of these factors, along with increasing emphasis on modernization, the global synchrophasors market is on the course to reach the US$ 930 Mn mark by the end of 2030.

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