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

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.

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 voltage, the global market has been segmented into medium voltage, and high voltage. The high voltage segment is the larger segment in the market due to the construction of transmission & distribution (T&D) networks and the high voltage switchgears are primarily used in power transmission over long distances. The end users of high voltage switchgear monitoring are utilities, transmission networks, and heavy industries.

On the basis of type, the global market is segmented into gas insulated switchgear (GIS) and air insulated switchgear (AIS). The GIS segment is expected to dominate the switchgear monitoring market, owing to rising demand in industrial areas to fulfil high energy demands, with power need at varying voltage levels.

On the basis of end-use, the global market is segmented into utilities, industrial, commercial, and others. The utilities segment is expected to dominate the switchgear monitoring market during the forecast period. Utilities are responsible for the generation, transmission, and distribution of electricity.

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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.

Also Read: https://www.marketwatch.com/press-release/switchgear-monitoring-market-2019-historical-analysis-development-strategy-business-growth-emerging-technologies-opportunities-competitive-landscape-and-forecast-to-2024-2019-08-20

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