The global Switchgear Monitoring System Market size is expected to grow from an estimated USD 1.3 billion in 2020 to USD 2.1 billion by 2025, at a CAGR of 9.7%, during the forecast period. The demand for safe and secure electrical distribution systems, the need for the continuous monitoring of switchgear, the revival of investments in the construction sector, and growing investments in renewable energy offer high-growth opportunities for the Switchgear Monitoring System Market.
The utilities segment is the largest contributor in the switchgear monitoring system market.
The utilities segment is estimated to lead the Switchgear Monitoring System Market. Asia Pacific was the largest market for utilities end user segment in 2019. This is attributed to growing investments in power infrastructure due to an increase in demand, especially from countries such as Australia, Japan, China, and South Korea of the Asia Pacific region.
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By voltage, the high voltage segment is expected to be the largest contributor.
The high voltage segment held the largest share of the Switchgear Monitoring System Market in 2019. High-voltage switchgear are mostly gas-insulated switchgear, rated above 36 kV and are connected to high-voltage transmission grids. They are mostly used by different end users such as T&D utilities, large power generation plants, and railways & metros. Increasing investments in transmission and distribution networks due to the rise in demand for power and the need for an increase in the reliability of high-voltage electrical assets are expected to drive the market for this segment.
Asia Pacific is expected to be the largest and fastest-growing market.
Asia Pacific is estimated to be the largest and fastest growing market during the forecast period. The region has been segmented, by country, into China, Japan, South Korea, Australia, and the Rest of Asia Pacific. Countries in this region are experiencing an increase in demand for power due to rapid urbanization and increase in industrialization. To meet the growing requirement for energy efficiency and continuous power supply, the State Grid Corporation of China (SGCC) plans to invest about USD 556 billion from 2017 to 2020, of which 11.1% (about USD 62 billion) would be spent on grid technologies, including switchgear monitoring, to accommodate a large amount of renewable energy in its grid. China managed to become the major consumer of smart grid technology because of the massive transformation taking place in the countryâs energy landscape. The requirement for the smart grid is further supported by Chinaâs focus on embracing energy efficiency and clean energy along with the need to transform the nationâs power industry. China is expected to have more than 100 GW of installed wind capacity and a significant increase in its solar PV installations by 2020. Owing to this, the demand for switchgear monitoring systems would increase.
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Some of the top players in the Switchgear Monitoring System Market are ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Eaton (Ireland). The leading players are adopting various strategies to increase their shares in the Switchgear Monitoring System Market.
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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 â 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 â 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.