Switchgear Monitoring System Market Size, Segmentation Analysis and Forecast 2031

Global Switchgear Monitoring System Market is valued approximately at USD 1.3 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 9.7% over the forecast period 2021-2027.

Switchgear is a type of electrical equipment that controls, protects, and isolates other electrical equipment. It's used to clear faults and de-energize equipment. Electrical switches, fuses, and circuit breakers are examples of switchgear components. Switchgear control systems assist in the monitoring of switchgear functions in substations and transformers.

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Switchgear control systems are also considered environmentally friendly because they help in the prevention of SF6 gas leakage, which is a greenhouse gas. The global switchgear monitoring system market is expected to benefit from this. Switchgear, which includes devices associated with power system control and security such as switches, fuses, circuit breakers, and relays that are used to control, secure, and isolate electrical equipment to allow the continuous and reliable supply of electricity, is one of the most vulnerable links in the power grid infrastructure. Renewable energy sources account for the largest share of investment in power generation, according to the IEA, with annual investments of about USD 350 billion. Countries all over the world are turning their attention to renewable energy production. However, High capital requirement for installation, may impede market growth over the forecast period of 2021-2027.

Geographically, in 2019, the Asia Pacific region had the largest share of the global switchgear monitoring device market. China, Japan, South Korea, Australia, and the Rest of Asia Pacific are the countries involved the region. China is the region's largest and fastest-growing market. China is commonly considered as the world's pioneer in power transmission and distribution. The country is primarily focused on building transmission lines capable of transferring heavier concentrations over long distances and establishing a reliable power system across the country. Renewable energy projects such as wind and solar are rapidly expanding and growing in China.

Major market player included in this report are:

Konar-Electrical Engineering Institute
Schneider Electric
High Voltage Partial Discharge (Hvpd)
Rugged Monitoring
Power Diagnostic Service
Doble Engineering
General Electric
Tiara Vibrasindo Pratama
Siemens
Mitsubishi Electric

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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
GIS
AIS
By Component:
Hardware
Software & Services
By Voltage:
High
Medium
By Monitoring Type:
Temperature Monitoring
Partial Discharge Monitoring
Gas Monitoring
Others
By End user:
Utilities
Industries
Commercial
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

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Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027.

Target Audience of the Global Switchgear Monitoring System Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Aim of the Report

This study aims to determine the market size of various segments and countries with forecast values for next ten years.
Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market's future growth.
The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players' products and the competitive landscape.

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This release was published on openPR.