Market Research Future (MRFR) has recently published a report on the global switchgear monitoring market stating that the market is likely to expand at a CAGR of 7.86% over the forecast period of 2019-2024. The switchgear monitoring market stood at USD 1.52 Bn in 2018 and is expected to reach USD 2.16 Bn by the end of 2024.
Switchgear is an equipment that is used to protect and isolate other electrical equipment from faults. Switchgear monitoring systems are add-on systems which are used to supervise switchgears. These systems provide diagnostic software and partial discharge sensors that are needed to evaluate the condition of switchgear so that corrective measures can be taken as per priority. Switchgear monitoring help to plan maintenance outages prior to failures.
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- KONCAR-Electrical Engineering Institute, Inc. (Croatia),
- Siemens (Germany),
- Mitsubishi Electric Corporation (Japan),
- Eaton (Ireland),
- ABB (Switzerland),
- Emerson (US),
- Fortive (France),
- Schneider Electric (France),
- Siemens (Germany),
- Trafag AG (Switzerland), and
- Senseor (France)
The global switchgear market is driven by a combination of factors such as escalated investments in transmission and distribution networks, surging investments in renewable energy sources, and heightened focus on switchgear monitoring. Multiple countries across the globe are investing in renewable energy projects which have generated huge demand for switchgear monitoring. In addition, rise in number of smart grid projects is also fueling the growth of the market. Increase in number of data centers on a global scale has further propelled the market growth. However, high costs associated with switchgear monitoring and stringent safety regulations pertaining to SF6 switchgears remain significant market bottlenecks.
The global switchgear monitoring market has been segmented based on type, voltage, component, end-use.
By voltage, the switchgear monitoring market has been segmented into high and medium voltage. The high voltage segment is anticipated to capture the larger share of the market over the forecast period. High voltage switchgears find application in power transmission lines over long distances and hence require monitoring to ensure reliability and protection of grid infrastructure.
By component, the switchgear monitoring market has been segmented into hardware and software & services.
By end-use, the switchgear monitoring market is segmented into utilities, industrial, commercial, and others. The utilities segment is likely to be the fastest-growing segment over the forecast period.
Region-wise, the switchgear monitoring market has been segmented into North America, South America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The global switchgear monitoring market was dominated by APAC in 2018 on account of growing investment in transmission & distribution (T&D) network. The region has directed focus towards renewable energy sources which combined with accelerated constructional activities have boosted the growth of the market. Inclusion of renewable energy sources in the energy mix, growing smart grid projects, and increased power consumption are other factors supporting the market growth. China is the most significant contributor to the APAC market. China is spending heavily on infrastructure development which includes expenditure on T&D networks. Moreover, other countries such as Japan, Australia, and India are also likely to exhibit considerable growth in the coming years which would aid the APAC market register the highest CAGR over the forecast priod.
North America is expected to be the second largest switchgear monitoring market over the forecast period. High investment in modernization of infrastructure and incraese in energy demands is fueling the growth of the market. The US is the most significant country-specific market within North America.
Europe too is likely to exhibit substantial growth over the forecast period. The region has been witnessing a number of technological advancements lately as key players such as Siemens, Senseor, and ABB are actively engaged in rigorous R&D activities. Expanding renewable sector has further driven the need for switchgear monitoring. Germany is expected to dominate the Europe market.
Saudi Arabia is the largest country-specific market in MEA while Brazil is likely to dominate teh South America market.
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