Switchgear Monitoring Market Highlights:
The switchgear monitoring market size is projected to reach USD 2.16 Billion by 2024 from an estimated USD 1.52 billion, at a CAGR of 7.86% from 2019–2024. The switchgear monitoring systems monitor the functioning and operation of switchgears, consisting of switches, fuses, circuit breaker, isolator, relay, current, and control panels.
The switchgear is a part of an electrical system, which is the combination of electrical disconnect switches, fuses, circuit breaker, and others, to protect and isolate electrical equipment. The monitoring system for switchgear helps check the effectiveness of the closed circuit and the reliability of the electrical system. The switchgear monitoring system helps improve the efficiency of the power plant by effective maintenance.
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Switchgear Monitoring Market Leading Players Analyzed are:
- Emerson (US),
- ABB (Switzerland),
- Trafag AG (Switzerland),
- Eaton (Ireland),
- Schneider Electric (France),
- Siemens (Germany),
- Fortive (France),
- Siemens (Germany),
- Mitsubishi Electric Corporation (Japan),
- Senseor (France),
- KONCAR-Electrical Engineering Institute, Inc. (Croatia).
Switchgear Monitoring Market Segmental Analysis:
The global Switchgear Monitoring Market has been segmented on the basis of type, voltage, component, end-use and region.
On the basis of end-use, the global market is segmented as utilities, industrial, commercial, and others. The utilities segment is expected to dominate the market during the forecast period due to the rising safety issues related to photovoltaic systems and distributed energy resources, which would drive the demand for switchgear monitoring systems from the utilities.
On the basis of voltage, the global Switchgear Monitoring Market is segmented as medium voltage and high voltage. The high voltage segment is expected to dominate the market during the forecast period.
On the basis of switchgear type, the global market has been segmented into gas insulated switchgear (GIS) and air insulated switchgear (AIS). The GIS segment is expected to dominate the market during the forecast period. Moreover, based on component, the market is segmented as hardware and software & services. Hardware segment is expected to have a higher share during the forecast period, but software & services would grow at a faster rate.
The switchgear monitoring market has been segmented into five regions, which are Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
In 2018, Asia-Pacific held the largest share of the global switchgear monitoring market, mainly due to the increasing investments in transmission & distribution (T&D) network, rising investments in renewable energy sources, and high growth in construction sector. The region is also expected to be the fastest growing market during the forecast period. Moreover, factors such as increased power consumption, rising influx of renewable resources in the energy mix, and rising initiatives for smart grid projects in Asia-Pacific drive the market growth. Within Asia-Pacific, China is likely to hold the largest share during the forecast period owing to the increased expenditure on T&D networks. Similarly, countries such as Japan, India, and Australia are witnessing growth due to the need for infrastructural development and renewable energy demand.
The market in North America is expected to be the second largest owing to increase in demand for energy and modernization of infrastructure. The US market is expected to dominate the North America market during the forecast period. Europe is also expected to grow at a significant rate owing to many advanced technologies being introduced by some of the key players in Europe, such as Siemens, Senseor, and ABB. The market in Germany is expected to dominate the Europe market due to the growing renewable sector and rising need for monitoring of switchgears in power sector. Similarly, countries such as Saudi Arabia and Brazil are the two economies, which are expected to dominate the Middle East & Africa and South America, respectively.
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