With an increase in smart grid investments worldwide, the Global Synchrophasors Market is expected to grow at a CAGR of 27.4% from 2015-2019, says research firm TechNavio.
Following the success of smart grid projects in many countries, investors are confidently supporting synchrophasor technology, which will boost the market size in coming years.
The latest report by TechNavio emphasizes countries like the United States, China, India, UK, Germany and France that are working on increasing the share of renewable power in their energy mix. The recent increases in the price of fossil fuels and concerns over depleting non-renewable energy resources have prompted these countries to shift their focus to renewable sources like wind and solar energy.
“The integration of renewable energy sources in smart grids will reduce the carbon footprint generated by electric power systems, thus improving the overall efficiency of smart grid systems and reducing the dependency on non-renewable power sources,” says Faisal Ghaus, vice president of TechNavio.
Furthermore, increased use of synchrophasors has allowed vendors to explore more applications for the technology. The development of new applications will prove beneficial for use in grid systems worldwide and ultimately lead to market growth.