Synchrophasor Market CAGR of 13.4% Expected by 2034

Overview

New York, NY – April 22, 2025 – The global Synchrophasor Market is experiencing rapid growth, driven by increasing demand for real-time grid monitoring and smarter power systems. Valued at USD 512.3 million in 2024, the market is projected to surge to USD 1,801.6 million by 2034, growing at a 13.4% CAGR.

The hardware segment dominated the synchrophasor market with a 65.3% share, driven by its critical role in precise, real-time monitoring of electrical systems. Phasor Measurement Units (PMUs), the core hardware component, are vital for boosting power grid reliability and efficiency. Fault analysis led to synchrophasor applications in 2024, capturing a 28.4% market share. Its prominence stems from the urgent need for accurate, rapid fault detection in power grids to prevent outages and ensure seamless operations.

North America solidified its position as the global leader in the synchrophasor market in 2024, commanding a 47.7% share, valued at USD 242.3 million. This dominance is driven by substantial investments in grid modernization and the widespread adoption of advanced monitoring technologies. The United States leads the charge, with initiatives like the U.S. Department of Energy’s Grid Modernization Strategy promoting Phasor Measurement Units (PMUs) to bolster grid reliability and resilience.

Key Takeaways

• Synchrophasor Market size is expected to be worth around USD 1801.6 Mn by 2034, from USD 512.3 Mn in 2024, growing at a CAGR of 13.4%.
• Hardware segment solidified its lead in the synchrophasor market, capturing an impressive 65.3% share.
• Fault analysis emerged as a leading application in the synchrophasor market, securing a 28.4% share.
• North America emerged as the dominant region in the global synchrophasor market, capturing a substantial 47.7% share, equivalent to USD 242.3 million.

➤ For a deeper understanding, click on the sample report link: https://market.us/report/global-synchrophasor-market/request-sample/

Analyst Viewpoint

Synchrophasors, especially Phasor Measurement Units (PMUs), are game-changers for power grid reliability, offering real-time data to manage complex energy systems. The push for grid modernization and renewable energy integration is driving demand, with North America leading at a 47.7% market share valued at USD 242.3 million in 2024. Investment opportunities shine in hardware, which holds a dominant 65.3% market share, and applications like fault analysis, commanding 28.4% of use cases.

The global shift toward smart grids and clean energy policies makes this a promising space, particularly for companies innovating in PMU technology or grid analytics. However, risks loom—high initial costs for deployment and the need for skilled technicians can deter smaller players. Plus, economic uncertainty or policy shifts could slow grid modernization budgets, impacting growth.

Consumer insights reveal utilities and grid operators are eager for solutions that stabilize increasingly renewable-heavy grids, but they’re cautious about costs and interoperability. Technologically, synchrophasors are advancing with AI-driven analytics, enabling predictive maintenance and faster fault detection, which boosts their appeal. Yet, cybersecurity is a growing concern as grids become more connected.

The regulatory environment, particularly in the U.S., is supportive, with the Department of Energy and FERC pushing PMU adoption for real-time monitoring. Still, evolving regulations around data privacy and grid security could add compliance burdens. For investors, the synchrophasor market offers a balance of high-growth potential and manageable risks, provided they back firms with strong tech and regulatory adaptability.

Report Scope

➤ Directly purchase a copy of the report – https://market.us/purchase-report/?report_id=146140

Key Market Segments

By Component

• In 2024, the hardware segment dominated the synchrophasor market with a 65.3% share, driven by its critical role in precise, real-time monitoring of electrical systems. Phasor Measurement Units (PMUs), the core hardware component, are vital for boosting power grid reliability and efficiency. Their ability to deliver detailed grid insights and enable rapid decision-making has made them essential for modern energy management. As demand grows for stable, efficient energy distribution, hardware’s central role continues to shape market dynamics.

By Application

• Fault analysis led to synchrophasor applications in 2024, capturing a 28.4% market share. Its prominence stems from the urgent need for accurate, rapid fault detection in power grids to prevent outages and ensure seamless operations. Synchrophasors provide high-precision data, enabling quick identification of fault locations and types, which speeds up restoration and reduces downtime. By enhancing network reliability and supporting maintenance in increasingly complex grids with renewable energy integration, fault analysis using synchrophasors solidifies its critical role in the market.

Regional Analysis

• North America solidified its position as the global leader in the synchrophasor market in 2024, commanding a 47.7% share, valued at USD 242.3 million. This dominance is driven by substantial investments in grid modernization and the widespread adoption of advanced monitoring technologies. The United States leads the charge, with initiatives like the U.S. Department of Energy’s Grid Modernization Strategy promoting Phasor Measurement Units (PMUs) to bolster grid reliability and resilience.
• The region’s push to integrate renewable energy sources, such as wind and solar, has significantly increased demand for synchrophasor technology. Real-time data from synchrophasors is critical for managing the variability of renewables and ensuring grid stability. Regulatory support from bodies like the Federal Energy Regulatory Commission (FERC) further accelerates PMU adoption by advocating for real-time grid monitoring and fault detection.
• Canada also plays a key role in the region’s market leadership, with utilities investing in synchrophasor technology to improve grid performance and reliability. The country’s focus on clean energy and grid modernization aligns with North America’s broader commitment to advanced grid technologies.

Top Use Cases

• Wide-Area Monitoring and Situational Awareness: Synchrophasors provide real-time data from various points across the power grid, enabling operators to monitor system conditions comprehensively. This enhances situational awareness, allowing for quick identification of anomalies and informed decision-making to maintain grid stability.​
• State Estimation and Grid Optimization: By delivering precise measurements of voltage and current, synchrophasors improve the accuracy of state estimation models. This helps in optimizing grid operations, ensuring efficient power flow, and reducing energy losses.​
• Fault Detection and Isolation: Synchrophasor data enables rapid detection and localization of faults within the power system. This facilitates the swift isolation of affected areas, minimizing outage durations and preventing cascading failures.​
• Oscillation Detection and Damping: Synchrophasors can detect low-frequency oscillations that may compromise system stability. Early identification allows for timely intervention to dampen these oscillations, maintaining the integrity of the power grid.​
• Integration of Renewable Energy Sources: With the increasing incorporation of renewable energy, synchrophasors assist in managing the variability and intermittency of sources like wind and solar. They ensure seamless integration by providing real-time data for balancing supply and demand.​

Recent Developments

ABB Ltd.

• ABB has enhanced its Symphony Plus platform with advanced synchrophasor measurement capabilities, enabling utilities to achieve better grid visualization and stability control. Their latest Phasor Measurement Units (PMUs) now feature improved cybersecurity protocols and AI-based analytics for real-time grid anomaly detection. ABB is also collaborating with European TSOs to implement wide-area monitoring systems.

GE Grid Solutions (formerly Alstom Grid)

• GE has integrated synchrophasor technology into its GridOS software suite, offering utilities enhanced situational awareness through machine learning algorithms. Their new PMU devices provide sub-cycle measurement accuracy and support IEC 61850 standards for seamless grid integration.

Arbiter Systems Inc.

• Arbiter introduced its next-generation 1133a Power Sentinel PMU with enhanced GPS synchronization and compliance with IEEE C37.118.1- 2011 standards. The company is focusing on compact, cost-effective solutions for distribution-level synchrophasor applications.

Electric Power Group LLC

• EPG launched its latest Visualizations and Analytics Platform (VAP) 5.0, incorporating synchrophasor data with other grid measurements for comprehensive system monitoring. Their technology is being deployed in North American RTOs for improved oscillation detection.

Electro Industries/GaugeTech

• The company has expanded its Nexus 1500 platform to include synchrophasor measurement capabilities alongside traditional metering functions. Their hybrid approach allows utilities to upgrade existing infrastructure with PMU functionality at lower costs.

Conclusion

The Synchrophasor Market is set for substantial growth. Synchrophasors, which provide precise measurements of electrical waves, are essential for enhancing grid stability and reliability. The market’s expansion is further supported by advancements in smart grid technologies and the rising emphasis on energy efficiency. As utilities and energy providers seek to improve grid performance and prevent outages, the demand for synchrophasor technology is expected to rise.

Discuss Your Needs With Our Analyst

Please share your requirements with more details so our analyst can check if they can solve your problem(s)

Request a Sample Download PDF