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Global Switchgear Monitoring System Market Comprehensive Study: Forecasted Market Size And Growth Rate | Hitachi Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Seimens AG, ABB Ltd., Eaton Corporation PLC
Switchgear Monitoring System Market Trends
The Business Research Company offers in-depth market insights through Switchgear Monitoring System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The switchgear monitoring system market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to aging infrastructure, industrialization, growing adoption of smart grid, increasing demand for reliable and efficient power transmission, increasing complexity of electrical grids.
The switchgear monitoring system market size is expected to see strong growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to growing demand for predictive maintenance and asset management solutions, adoption of digital twins, rising concerns about cybersecurity threats, demand for remote monitoring and control of switchgear. Major trends in the forecast period include predictive maintenance, cloud-based solutions, energy management, remote monitoring and control, iot integration.
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Market Segmentation:
The main components of switchgear monitoring systems are hardware, software and services. Hardware refers to the tangible constituents of an electrical system necessary for its operation or the execution of specific tasks. The hardware components used in switchgear monitoring systems encompass fuses, relays, circuit breakers, potential and current transformers, isolators, indicating devices and lightning arresters. Temperature monitoring, partial discharge monitoring, gas monitoring and others are used to monitor high, medium and low voltage switchgear monitoring systems. These are majorly used in utilities, industries, commercials and others.
Switchgear Monitoring System Global Market Report 2023 provides data on the global switchgear monitoring system market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors' revenues, profiles and market shares. The switchgear monitoring system market report identifies opportunities and strategies based on market trends and leading competitors' approaches.
Major Driver - Rising Electricity Demand Fuels Growth In The Switchgear Monitoring System Market
The growth in electricity demand is expected to propel the growth of the switchgear monitoring system market. Electricity demand refers to the amount of electricity consumed by a country, region, or sector over a given period. Switchgear monitoring systems are used to monitor the condition of switchgear assets such as transformers and substations. The growth in electricity demand has led to an increase in the use of switchgear and monitoring systems help ensure the reliability of these assets. For instance, in 2022, according to the data published by Our World in Data, a UK-based scientific online publication organization, US electricity demand increased from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) by 2022. Therefore, the growth in electricity demand is driving the development of the switchgear monitoring system.
Competitive Landscape:
Major players in the switchgear monitoring system market are Hitachi Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Seimens AG, ABB Ltd., Eaton Corporation PLC, Emerson Electric Co., Fuji Electric Co.Ltd., OMICRON electronics GmbH, GE Grid Solutions, LSIS Co. Ltd., KONCAR- Electrical Engineering Institute Inc., Megger Group Limited, Qualitrol Company LLC, Guangzhou Haozhi Industrial Co. Ltd., Industrial Electric Mfg. (IEM), Doble Engineering Company Pvt. Ltd., Lumel S.A, ALTANOVA Group, Donwil Company, IPEC Ltd., High Voltage Partial Discharge Ltd., Diagnostic Service Co. Limited (PDS), Nuventura Pvt. Ltd., SENSeOR SAS, PT. Tiara Vibrasindo Pratama, Dynamic Ratings Inc., Prism Power Group, OSENSA Innovations Corp., Rugged Monitoring.
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Top Trend - Emphasis On Advanced Switchgear Monitors For Comprehensive Condition Monitoring
Major companies operating in the switchgear monitoring system market are developing technologically advanced products such as switchgear monitors (SWGM) to offer a comprehensive solution for the condition monitoring of switchgear, attaining to increase their market presence. A switchgear monitoring system is a technology that monitors, diagnoses and controls switchgear equipment from a safe place outside the arc flash zone. For instance, in November 2021, Dynamic Rating Pty Ltd., a US-based provider of condition monitoring products and services, launched a new switchgear monitor. This innovative solution is a comprehensive condition-monitoring solution for medium-voltage switchgear. It uses various sensors to collect data on the condition of the switchgear, including waveform capture technology, partial discharge (PD) monitoring, gas analysis, temperature monitoring and vibration monitoring. Additionally, it has such features as a web-based user interface, alarms and notifications and reporting capabilities. It can help improve the reliability and safety of electrical systems by identifying potential problems before they cause outages or other damage.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Switchgear Monitoring System Market Characteristics
3. Switchgear Monitoring System Market Trends And Strategies
4. Switchgear Monitoring System Market - Macro Economic Scenario
5. Switchgear Monitoring System Market Size And Growth
…..
27. Switchgear Monitoring System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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