Market Analysis
Switchgear Monitoring Market size is projected to reach USD 2.16 Billion by 2024 from an estimated USD 1.52 billion, with a CAGR of 7.86% during the forecast period.
Multiple Factors Contributing to Market Growth
Rising power consumption, desire for secure electrical distribution systems, and expanding investments in renewable energy sources are the primary drivers driving the worldwide switchgear monitoring market's growth. The power sector is experiencing a surge in demand for switchgear as investments in transmission and distribution networks expand. According to the OECD, cumulative power sector investment from 2017 to 2040 will be around USD 5.9 trillion for transmission and USD 2.1 trillion for distribution networks. As a result, demand for switchgear monitoring systems is expected to rise during the forecast period.
Furthermore, the worldwide switchgear monitoring market is expected to expand rapidly during the forecast period due to an increase in the usage of renewable energy sources. According to the IEA, renewable energy sources account for the majority of investment in power generation, accounting for around USD 350 billion per year. Countries all over the world are changing their focus to renewable energy generation. For example, the Chinese government planned to invest USD 360 billion in renewable energy in 2020, increasing demand for switchgear in the country. The global expansion of data centers will provide an opportunity for the switchgear monitoring market.
Report Attribute/Metric
Details
CAGR
7.86% CAGR (2022-2030)
Base Year
2021
Forecast Period
2022-2030
Historical Data
2019 & 2020
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Voltage, Component and End-Use
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Market Segmentation
The global switchgear monitoring industry has been segmented based on type, voltage, component, and end-use.
On the basis of voltage, the global switchgear monitoring market has been segmented into high and medium voltage.
On the basis of components, the global switchgear monitoring market has been segmented into hardware and software & services.
On the basis of end-use, the global switchgear monitoring market has been segmented into utilities, industrial, commercial, and others.
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Regional Analysis
APAC to Dominate the Global Market
Due to rising investments in smart grid infrastructure development, transmission and distribution spending, growing reliance on renewable power generating sources, and infrastructural activity in recent years, Asia Pacific owns the greatest share of the switchgear monitoring market. Due to the strong demand for electric supply, China accounted for the most installed generating and distribution capacity in the region, resulting in an increased demand for switchgear monitoring systems. Similarly, rising power distribution in nations such as India, Australia, and Indonesia would stimulate expansion in Asia Pacific switchgear monitoring.
Key Players
The key players active in the global switchgear monitoring market are ABB (Switzerland), Fortive (France), Eaton (Ireland), Schneider Electric (France), Siemens (Germany), Emerson (US), Mitsubishi Electric Corporation (Japan), Senseor (France), Trafag AG (Switzerland), KONCAR-Electrical Engineering Institute, Inc. (Croatia), and Siemens (Germany).
ABB, Schneider Electric, and Emerson, among other key competitors in the switchgear monitoring market, are actively focusing on negotiating contracts and agreements with utilities and businesses to deliver switchgear monitoring systems. Furthermore, according to the Energy Information Administration (EIA), investment in circuit protection equipment has surged by 69 percent in the United States over the last decade, implying additional prospects for the switchgear monitoring system. Another reason driving utility demand for switchgear monitoring systems is the growing safety concerns related to photovoltaic systems and distributed energy resources.
Global Switchgear Monitoring System MarketThe GMI Research forecasts that the Switchgear Monitoring System Market is witnessing an upsurge in demand over the forecast period.
This is mainly due to rising demand for safe and protective electrical systems in the industrial and residential industries, decreasing repair costs through enhanced failure detection and the increase in focus of the several governments to create sustainable energy.Introduction of the Switchgear Monitoring System MarketSwitchgear monitoring system is extensively implemented to make sure the security, protection and long life in the electric circuits and equipment.
Key Players of the Global Switchgear Monitoring System Market:Schneider ElectricKoncar – Electrical Engineering Institute, IncEatonSiemensTRAFAG AG.Mitsubishi Electric Corporation.Tiara Vibrasindo PratamaSENSeORGeneral Electric.ABBSwitchgear Monitoring System Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)The augmenting focus by various government bodies to create viable energy with amplifying the reliability of electronic assets, increasing implementation of sophisticated sensors to improve the current flow required by the industrial and residential sectors to conserve the electricity supply, and decreasing the downtime to minimize financial losses are some of the prominent market drivers supplementing the growth of the global switchgear monitoring market.
ABB, in 2018, established the contemporary edition of digital switchgear SafeGear Digital consolidated with innovative technologies to cater higher performance requirements of customers and to meet the surging advancements of power distribution systems.
In accordance with the International Energy Agency, the accumulated electricity consumption escalated by 4% and touched 22 315 TWh, in 2018.
The surging demand for harmless and precautionary electrical systems along with their rising acquisition to evade the breakage of the circuit and allow a safe flow of current which mechanical components failed to offer under acute cases, further supplements the switchgear monitoring market size.Switchgear Monitoring System Market Segmentation:Segmentation by TypeGas-insulated high-voltage switchgear (GIS)Air-insulated high-voltage switchgear (AIS)Segmentation by VoltageLowMediumHighSegmentation by ComponentHardwareSoftware and ServicesSegmentation by MonitoringGas MonitoringTemperature MonitoringPartial Discharge MonitoringOthersSegmentation by End-UserUtilitiesIndustrialCommercialResidential Segmentation by Region:North AmericaUnited States of AmericaCanada Asia PacificChinaJapanIndiaRest of APACEuropeUnited KingdomGermanyFranceSpainRest of EuropeRoWBrazilSouth AfricaSaudi ArabiaUAERest of the world (remaining countries of the LAMEA region)About GMI ResearchGMI Research is a research and consulting company offering business insights and research reports to large and small & medium enterprises.
Global Switchgear Monitoring System Market Size, Share & Forecast Report, 2021-2028The GMI Research forecasts that the Switchgear Monitoring System Market is witnessing an upsurge in demand over the forecast period.
This is mainly due to rising demand for safe and protective electrical systems in the industrial and residential industries, decreasing repair costs through enhanced failure detection and the increase in focus of several governments to create sustainable energy.Request a free sample of this reportIntroduction of the Switchgear Monitoring System MarketSwitchgear monitoring system is extensively implemented to make sure the security, protection and long life in the electric circuits and equipment.
Key Players of the Global Switchgear Monitoring System Market:Schneider ElectricKoncar – Electrical Engineering Institute, IncEatonSiemensTRAFAG AG.Mitsubishi Electric Corporation.Tiara Vibrasindo PratamaSENSeORGeneral Electric.ABBSwitchgear Monitoring System Market The augmenting focus by various government bodies to create viable energy with amplifying the reliability of electronic assets, increasing implementation of sophisticated sensors to improve the current flow required by the industrial and residential sectors to conserve the electricity supply, and decreasing the downtime to minimize financial losses are some of the prominent market drivers supplementing the growth of the global switchgear monitoring market.
ABB, in 2018, established the contemporary edition of digital switchgear Safe Gear Digital consolidated with innovative technologies to cater higher performance requirements of customers and to meet the surging advancements of power distribution systems.
In accordance with the International Energy Agency, the accumulated electricity consumption escalated by 4% and touched 22 315 TWh, in 2018.
The surging demand for harmless and precautionary electrical systems along with their rising acquisition to evade the breakage of the circuit and allow a safe flow of current which mechanical components failed to offer under acute cases, further supplements the switchgear monitoring market size.Switchgear Monitoring System Market Segmentation:Segmentation by TypeGas-insulated high-voltage switchgear (GIS)Air-insulated high-voltage switchgear (AIS)Segmentation by VoltageLowMediumHighSegmentation by ComponentHardwareSoftware and ServicesSegmentation by MonitoringGas MonitoringTemperature MonitoringPartial Discharge MonitoringOthersSegmentation by End-UserUtilitiesIndustrialCommercialResidential Segmentation by Region:North AmericaUnited States of AmericaCanada Asia PacificChinaJapanIndiaRest of APACEuropeUnited KingdomGermanyFranceSpainRest of EuropeRoWBrazilSouth AfricaSaudi ArabiaUAEAbout GMI ResearchGMI Research is a research and consulting company offering business insights and research reports to large and small & medium enterprises.
