Global Substation Monitoring System Market - Market Size, Share & Industry Trends, Growth Analysis Report By Product Type, By Application and Forecast 2019 - 2025


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The substation monitoring system market was valued at USD XXX Million in 2016 and is expected to reach USD XXX Million by 2023, at a growing CAGR of XX% during the forecast period. The components driving the development of this market are developing interest for decrease in transmission and appropriation misfortunes, maturing foundation, expanding ventures (contracts) from the administration, improving IoT-based correspondence system, and creating IEC 61850 standard to empower interoperability between IEDs. However, the major restraining factors for the growth of this market are high capital expenditure for installations of wireless sensor networks and increasing cost of installations of IEDs in substation. Hardware component expected to hold a larger share of the substation monitoring system market during the forecast period