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Switchgear Monitoring System Market Segmentation: By Component (Hardware, Software and Services); By Voltage (High Voltage and Medium Voltage); By End-User (Energy and Utilities, Manufacturing, Banking, Financial Services, and Insurance, Information Technology and Telecommunications and Others); and Region - Global Analysis by Market Size, Share & Trends for 2014 - 2020 and Forecasts to 2030
[ 170 + Pages Research Report ] Switchgear Monitoring System Market to surpass USD 2.4 billion by 2030 from USD 1.1 billion in 2019 at a CAGR of 9.5% throughout the forecast period, i.e., 2020-30.
Switchgear is used to de-energize equipment and clear downstream faults. The control system for the switchgear is used to track switchgear operations in substations and transformers. A central component of electrical power systems, the Switchgear monitoring system is used both to disperse electrical power and to selectively separate electrical loads. The switchgear control system tracks the distribution in the power transmission system of electric current and heat build-up. In particular, the switchgear monitoring system helps to detect an unusual increase in temperature at a specific location that may indicate corrosion or some other form of defect.
Switchgear Monitoring System Market to surpass USD 2.4 billion by 2030 from USD 1.1 billion in 2019 at a CAGR of 9.5% throughout the forecast period, i.e., 2020-30. The increasing demand for safeguarding and safeguarding the delivery of electricity grid systems between the energy and utility industries is a key factor driving global market development. Growing demand for continuous switchgear monitoring across various verticals of the industry is also one of the key factors driving the growth of the target market. Intelligent switchgear monitoring systems have increased performance and minimized industrial downtime, thereby fostering the development of the worldwide market for switchgear monitoring systems across different industrial verticals.
Software and services to grow with the highest CAGR of 15.9% during 2020-30
Switchgear Monitoring System Market is segmented by Component into Hardware, Software, and Services. Hardware-based Switchgear Monitoring system, led the market in 2019, accounting for XX.X% of the market share. Growing growth in the number of data centers launched in different nations is pushing the hardware segment's growth to its peak. Furthermore, due to its cost-effective advantage, the growing adoption of distribution network feeders and light-emitting diodes by different industry verticals will also drive the growth of the hardware segment over the forecast period. A major phenomenon has been digitalization in the power sector, fueling the adoption of smart and stable electrical infrastructure. To improve fiscal, regulatory, and technological proximity, data analysis coupled with digitalization has been confirmed. Besides, the growth of communication hubs and data centers has also increased the energy consumption rate. As major government and public entities rely on real-time data analysis to stimulate the software segment of the switchgear monitoring device sector, the powerful energy network is now the key to the continuous operations of these hubs.
High Voltage segment to grow with the highest CAGR during 2020-30
Switchgear Monitoring System Market is segmented by voltage as high voltage and medium voltage. The high voltage segment held, by voltage in 2019, the largest share of the market for switchgear monitoring systems. The growth of the high voltage segment is driven by the higher demand for high voltage switchgear monitoring systems. The electricity supply to an entire city or area is likely to be impeded by any fault in switchgear systems. During the forecast period, the high-voltage segment market in the Asia Pacific is projected to rise at the highest CAGR. Growing investments in transmission and distribution networks are expected to drive the market for this segment due to the rise in power demand and the need to improve the reliability of high-voltage electrical assets.
The emergence of Voltage Regulations
Significant demand for the switchgear monitoring system has been captured by the advent of voltage regulations. For sending bulk power over long distances, HVDC transmission systems are more favored, with fewer power losses. The advancement of the HVDC transmission system will likely generate growth opportunities for the global market for switchgear monitoring systems. Growing investments in renewable energy production are the other factors that are expected to increase demand for switchgear monitoring systems. Infrastructure innovations worldwide are likely to generate demand in the market for switchgear systems. Complex and costly infrastructure needs voltage regulations to efficiently distribute electricity, which has further generated the need for the market for switchgear monitoring systems. Technologically, the advanced electric insulation switchgear monitoring system has gained market interest and will increase demand shortly.
Increase in digitization in the power industry
The implementation of smart and stable electrical infrastructure is being fuelled by rising digitalization in the power industry. It is also contributing to the development of new data centers and communication hubs. The energy consumption rate has been increased by this. For the continuous operation of these data hubs, a more efficient energy network is therefore required, as policymakers are increasingly relying on real-time data analysis for their decisions. In turn, during the forecast era, this is estimated to increase the usage of switchgear monitoring systems. Growing preferences for the implementation of switchgear systems due to an increasing inclination toward renewable energy resources, which contributes to reducing carbon emissions, and smart energy is fostering the growth of the target market.
High Cost of Installation
Switchgears separate electrical circuits from the power supply to enable maintenance activities to be carried out safely or to remove faults. The cost of implementing switchgear monitoring systems includes costs for software and licensing fees, IT testing, project management, integration of software, and training of staff. Thus, high capital on both hardware and software components is needed for the full-scale installation of switchgear monitoring systems. Besides, a major investment is required to replace the current aging grid infrastructure and to incorporate the entire new solution with the same combination of hardware and software. Besides, an advanced grid communication network is needed, which with many utilities is still not available. Therefore, many utilities are also hesitant to use switchgear monitoring systems in developed nations.
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Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
Switchgear Monitoring System Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Switchgear Monitoring System Market in North America held the largest market share of XX.X% in the year 2019 and it is expected to continue its market dominance in the future due to the inclination of a significant number of people to embrace technology. Asian countries, including East Asia and South Asia, are expected to see strong growth in the global market for switchgear monitoring systems, owing to its rising digitization and the rise in complex infrastructure creation. Europe is expected to show strong growth in the demand for global switchgear tracking systems. MEA is one of the key budding regions that over the forecast period will generate noteworthy opportunities in the global market for switchgear monitoring systems.
Switchgear Monitoring System market, which is highly competitive, consists of several major players such as ABB, Schneider Electric, Siemens, General Electric, and Eaton holding a substantial market share of the Switchgear Monitoring System market. Other players analyzed in this report are Mitsubishi Electric, Fortive, Konèar-Electrical Engineering Institute, Tiara Vibrasindo Pratama, and sensors among others.
The market competition has been stepped up by the availability of many players offering Switchgear Monitoring System. For Instance, In January 2020, Siemens acquired C&S Electric to meet the growing need for electrification. The scope of the acquisition includes low-voltage switchgear components and panels.
Switchgear Monitoring System Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Switchgear Monitoring System Market Segments:
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