Switchgear Monitoring System Market:
Growth opportunities in the switchgear monitoring system market look promising over the next six years. This is mainly due to the rising demand for safe and protective electrical systems in the industrial and residential industries and the increase in focus of the several governments to create sustainable energy.
Switchgear Monitoring System Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Rapid urbanization and industrialization, along with the growing demand for safe and preventive electrical systems in industrial, commercial, and residential sectors, are the prominent drivers responsible for the growth of the global switchgear monitoring market. Also, the monitoring system attained significant acceptance in the residential and industrial areas to evade the breakage of the circuit and enable a safe flow of current which mechanical components failed to offer under adverse cases. Moreover, factors that include the increasing government emphasis on generating sustainable energy with expanding dependency on electrical assets and decreasing the downtime for less financial losses, along with the fuelling energy demand for the household, have promoted market growth.
Additionally, the stimulation in the world’s energy consumption led by the accelerating population and rising industrialization will propel the market size. For example, the International Energy Agency in 2018 reported that the world’s total electricity consumption raised by 4% and reached 22 315 TWh because of the expanding electricity demand. Furthermore, many leading market players are implementing improved technology sensors and devices to enhance the current flow required by the industrial and residential sectors to save the electricity supply. ABB, in 2018, introduced the modern edition of digital switchgear SafeGear Digital that incorporated innovative technologies for its customers to meet higher performance requirements and the growing sophistication of power distribution systems. However, excessive installation and manufacturing expenses owing to the variation in prices of raw materials will obstruct the switchgear monitoring market size.
Monitoring Segment Drivers
Based on the monitoring, temperature monitoring is expected to dominate the market over the forecast period. This is primarily attributed to the growing demand for nuclear energy and examining temperature in the power distribution lines. For instance, as per the World Nuclear Energy Organization, nuclear energy has generated approximately 10 % of the total world’s electricity with enduring nearly 440 nuclear power reactors. Nuclear plants supplied 2657 TWh of electricity in 2019, up from 2563 TWh in 2018.
Switchgear Monitoring System Market’s leading Manufacturers:
- Schneider Electric
- Koncar – Electrical Engineering Institute, Inc
- Eaton
- Siemens
- TRAFAG AG.
- Mitsubishi Electric Corporation.
- Tiara Vibrasindo Pratama
- SENSeOR
- General Electric.
- ABB
Switchgear Monitoring System Market Segmentation:
Segmentation by Type
- Gas-insulated high-voltage switchgear (GIS)
- Air-insulated high-voltage switchgear (AIS)
Segmentation by Voltage
- Low
- Medium
- High
Segmentation by Component
- Hardware
- Software and Services
Segmentation by Monitoring
- Gas Monitoring
- Temperature Monitoring
- Partial Discharge Monitoring
- Others
Segmentation by End-User
- Utilities
- Industrial
- Commercial
- Residential
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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