Switchgear Monitoring Industry 2019 Global Analysis, Development Strategy 2024

Posted by Anvi on November 22nd, 2019

Global Switchgear Monitoring Market Report: Information, by Type (GIS and AIS), Voltage (High and Medium), by Component (Hardware, Software & Services), End-Use (Utilities, Industrial, Commercial and others) and Region.

Switchgear Monitoring Market Scenario

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.

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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Segmental Analysis

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 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.  

Leading Players

KONCAR-Electrical Engineering Institute, Inc. (Croatia), and Siemens (Germany), Mitsubishi Electric Corporation (Japan), Eaton (Ireland), ABB (Switzerland), Emerson (US), Furtive (France), Schneider Electric (France), Siemens (Germany), Trefah AG (Switzerland), and Sensor (France) are the notable players in the global switchgear monitoring market. 

Regional Outlook

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.

North America is expected to be the second largest switchgear monitoring market over the forecast period. High investment in modernization of infrastructure and increase in energy demands is fuelling 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, Sensor, 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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Anvi

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Anvi
Joined: October 25th, 2019
Articles Posted: 461

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