Phasor Measurement Units PMU Market Report 2024 (Global Edition)

Global Phasor Measurement Units PMU Market Report 2024 Market Size Split by Component (Hardware Phasor Measurement Units, Software Phasor Measurement Units), by Application (Fault Analysis, State Esti...

Phasor Measurement Units PMU Market Report Description

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Phasor Measurement Units PMU Market Insights Video

Competitive Landscape of the Phasor Measurement Units PMU Market

Phasor measurement units PMU are a very competitive industry with many different players. It comprises many phasor measurement units PMU suppliers, ranging from big, global companies to tiny, niche companies. Companies fight ferociously to offer cutting-edge solutions due to globalization and technical innovation.

Phasor Measurement Units PMU Industry News

• January 2021: DC Systems BV is a significant supplier of smart systems that Schneider Electric acquired. This has aided the business in promoting electrical distribution technology.
• September 2020: New Unified Power Flow Controller (UPFC) PLUS and Siemens Energy, a Siemens subsidiary, introduced additional grid stabilization options. By actively managing the flow of loads in alternating-current grids, the UPFC PLUS assists system operators in maintaining grid stability.

Top Companies Market Share in Phasor Measurement Units PMU Industry: (In no particular order of Rank)

• Schweitzer Engineering Laboratories (SEL)
• GE Grid Solutions
• Siemens Energy
• ABB
• Alstom Grid
• Eaton
• Megger
• Omicron Electronics
• Qualitrol Corporation
• RTUnet
• SELCO
• Sifang Automation
• Sunhillo
• Toshiba Energy Systems & Solutions Corporation
• Yokogawa Electric Corporation
• ZIV Automation
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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In terms of revenue, the Asia Pacific Phasor Measurement Units PMU market share was 35% of the total market

According to Cognitive Market Research, Asia Pacific dominated the market in 2023 and accounted for a share of more than 35% of the global revenue. The Asia Pacific region is experiencing rapid urbanization and industrialization, which has led to a surging demand for electricity. This growth in energy consumption necessitates enhanced grid monitoring and control systems, creating a strong demand for PMUs. Governments and utilities in the Asia Pacific are engaged in grid modernization efforts to improve grid reliability, resiliency, and efficiency. PMUs are integral to these initiatives and are driving the market growth. Some countries in the Asia Pacific region engage in cross-border energy trading. PMUs facilitate accurate grid monitoring and power exchange, enabling more efficient cross-border energy transactions.

North America is expected to be the fastest-growing region during the forecast period. North America, particularly the United States and Canada, has been actively involved in grid modernization efforts. Aging infrastructure and the need for greater grid resilience and efficiency are key factors driving the adoption of PMUs. North America is home to a robust technology and innovation ecosystem. Ongoing research and development efforts in the region contribute to the advancement of PMU technology, making it more efficient and cost-effective.

The current report Scope analyzes Phasor Measurement Units PMU Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Phasor Measurement Units PMU Market

According to Cognitive Market Research, North America is anticipated to be the fastest-growing phasor measurement units PMU market in 2023 and account for a share of more than 30% of the global revenue. The market for phasor measurement units (PMU) in North America is defined by significant efforts to modernize the grid, incorporating renewable energy sources, and emphasizing system resilience. The region's sophisticated electrical grid infrastructure and regulatory backing help to sustain the PMU market's consistent expansion. The existence of important players and technological breakthroughs further drive the development of the market in North America. Additionally, software phasor measurement units are expected to be the fastest-growing phasor measurement units in the PMU market segment. Software is used to monitor the quality of the collected data by identifying anomalies, errors, and inconsistencies, helping to ensure the reliability of the measurements. According to Cognitive Market Research, PMUs play a pivotal role in enabling real-time data collection and analysis as smart grids evolve, presenting opportunities for PMU manufacturers to expand their market presence. These factors create an opportunity for the phasor measurement units PMU market in the near future.

Europe Phasor Measurement Units PMU Market

According to Cognitive Market Research, Europe's phasor measurement units PMU market in 2023 accounted for a share of more than 28% of the global revenue. The European phasor measurement units (PMU) market is experiencing steady growth, driven by grid modernization efforts, the integration of renewable energy sources, and stringent grid reliability requirements. Regulatory support for clean energy and a focus on enhancing grid resilience further contribute to expanding the PMU market in Europe. The region's technological innovation and expertise are pivotal in its continued development. Additionally, the stability monitoring segment dominates the phasor measurement units PMU market. Voltage stability is another essential aspect of grid operation. PMUs assist in monitoring voltage levels and deviations, allowing operators to prevent voltage instability or collapses. According to Cognitive Market Research, PMUs are essential for effectively integrating renewable energy sources into the grid, providing opportunities for growth as the transition to clean energy sources accelerates. This opens up the phasor measurement unit's PMU industry to potential in the near future. 

Asia Pacific Phasor Measurement Units PMU Market

According to Cognitive Market Research, Asia Pacific dominated the market in 2023 and accounted for a share of more than 35% of the global revenue. The Asia Pacific phasor measurement units (PMU) market is witnessing robust growth due to rapid urbanization, increasing renewable energy integration, and grid modernization initiatives. Government support for clean energy adoption and the expansion of smart grid technologies are key drivers of the PMU market in the region. Strong economic growth and rising energy demand also contribute to its expansion in Asia Pacific. Additionally, the hardware phasor measurement units category leads the phasor measurement units PMU market. The analog signals from the sensors are converted into digital data using ADCs. This digital representation allows for precise measurement and recording of electrical parameters. According to Cognitive Market Research, the worldwide focus on upgrading aging power infrastructure creates a significant opportunity for PMU adoption as utilities seek advanced monitoring solutions to modernize their grids. This opens up opportunities for the phasor measurement units PMU business in the near future.

South America Phasor Measurement Units PMU Market

According to Cognitive Market Research, the Latin America phasor measurement units PMU market in 2023 accounted for a share of more than 4% of the global revenue. The market for phasor measurement units (PMUs) in Latin America is expanding gradually as grid modernization, integration of renewable energy sources, and enhanced energy infrastructure become more important. The region's adoption of PMUs is driven mostly by government initiatives and an increasing demand for dependable power supplies. The changing energy situation in Latin America offers prospects for the growth of the PMU industry. Additionally, the phasor measurement units PMU market's fastest-growing category is anticipated to be power system control. PMUs assist in managing reserve capacity, ensuring that a sufficient power reserve is available to respond to sudden demand fluctuations or unexpected generation shortfalls. According to Cognitive Market Research, the growing use of energy storage systems in conjunction with PMUs can enhance grid stability and create opportunities for PMU manufacturers to offer integrated solutions. In the near future, this creates an opportunity for the phasor measurement units PMU market.

Middle East and Africa Phasor Measurement Units PMU Market

According to Cognitive Market Research, the Middle East and Africa phasor measurement units PMU market in 2023 accounted for a share of more than 3.00% of the global revenue. The demand for increased grid resilience, the growth of renewable energy, and grid modernization activities are driving the Middle East and Africa phasor measurement units (PMU) market, which is expanding steadily. The adoption of PMU in the area is greatly influenced by government funding for sustainable energy and infrastructure development. The Middle East and Africa market is advancing due to rising energy consumption and investments in grid technologies. Additionally, the phasor measurement units' PMU market segment predicted to increase fastest is operational monitoring. Operational monitoring with PMUs helps benchmark the performance of grid assets, allowing operators to identify areas for improvement and optimize grid operations. According to Cognitive Market Research, the need for resilient grids, particularly in regions prone to natural disasters, offers opportunities for PMUs to help monitor and maintain grid stability during adverse conditions. In the near future, the phasor measurement unit's PMU market chances will arise due to these factors.

Phasor Measurement Units PMU Market Analysis

Phasor Measurement Units PMU Component Segment Analysis

According to Cognitive Market Research, the hardware phasor measurement units segment is expected to dominate the phasor measurement units PMU market. PMUs are equipped with sensors to measure the electrical quantities, such as voltage and current, at various points within the grid. These sensors include voltage and current transformers that convert the high-voltage and high-current grid signals into manageable levels for data acquisition.

The software phasor measurement units are the second-most used product. This software component collects electrical measurements from sensors at high sampling rates, ensuring accurate data acquisition. The raw data collected from sensors undergoes filtering and signal processing to remove noise and disturbances, making the data more reliable and suitable for analysis.

• Hardware Phasor Measurement Units
• Software Phasor Measurement Units

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Phasor Measurement Units PMU Industry. Request a Free Sample PDF!

Phasor Measurement Units PMU Application Segment Analysis

Stability monitoring is the most popular phasor measurement unit PMU market offering. Grid stability monitoring is crucial for enhancing grid resilience, especially in regions prone to natural disasters or extreme weather events. PMUs help detect disturbances and quickly implement corrective actions to maintain grid stability. PMUs provide real-time synchrophasor data, including voltage and frequency measurements. This data is critical for monitoring grid conditions continuously and making immediate adjustments to ensure stability.

According to Cognitive Market Research, power system control is the second-most popular segment. Power system control applications use PMU data to dispatch and control power generation sources, including fossil fuels, renewables, and storage, to meet electricity demand and maintain grid stability. PMUs provide wide-area monitoring and control capabilities, enabling grid operators to make decisions that affect grid operations across a broader geographic area. 

• Fault Analysis
• State Estimation
• Stability Monitoring
• Power System Control
• Operational Monitoring
• Improve Grid Visualization
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Kalyani Raje

Senior Research Analyst at Cognitive Market Research

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ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje

An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.

Author's Conclusion