US and China Spearheading Synchrophasors Market Growth in Smart Grid Countries by 2020 is a new market research publication announced by Reportstack. The synchrophasors market value across nine key smart grid countries will receive a substantial boost from the US and China, where it will reach $6.2 million and $5.5 million by 2020, respectively.
The report states that the US synchrophasors market was valued at $2.4 million in 2013, accounting for a major global share, and a period of steady growth is expected to follow.
The analyst says that while the US market was worth just $0.3 million in 2010, this escalated to $5.5 million by 2012, due to the aggressive installation of synchrophasors for all major high-voltage stations and interconnections.
The rapid uptake of US synchrophasors, particularly in 2012, led to an excess of installations in existing facilities, meaning that a subsequent market decline was inevitable.
The US will increase its volume of installations almost fivefold between 2013 and 2020, but revenue growth will rise less than threefold, restricted by the falling cost of units.
In China, the average synchrophasor cost was the lowest among key smart grid countries in 2013, at just $3,000, compared with $9,500 in the US.
Chinas average synchrophasor price is much less than in most developed countries, because the units are locally manufactured and tailor-made to the specific lower standards and requirements stipulated by the government.
This cost is expected to drop even further to $1,800 by 2018, but more stringent requirements are anticipated from 2019 that will push the average price to $2,500 by 2020.
The analyst concludes that despite predicted 2020 annual sales of 2,200 units in China, compared to 1,239 in the US, the latters market value will remain higher due to the greater cost of its units.
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