Switchgear Monitoring Market 2020 Industry Analysis by Type, Voltage, Component, Application, Emerging Technologies, COVID – 19 Outbreak, Demand and Forecast by 2024

Global Switchgear Monitoring Market Overview:

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.

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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Segmentation

The global switchgear monitoring market has been segmented based on type, voltage, component, end-use.

On the basis of switchgear type, the global market has been segmented into gas insulated switchgear (GIS) and air insulated switchgear (AIS).

By component, the switchgear monitoring market has been segmented into hardware and software & services.

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 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.

Competitive Landscape

KONCAR-Electrical Engineering Institute, Inc. (Croatia), and 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) are the notable players in the global switchgear monitoring market.

Regional Analysis

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.

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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This release was published on openPR.