ID: MRFR/E&P/6498-HCR | February 2021 | Region: Global | 111 pages
Switchgear monitoring market size is projected to reach USD 2.16 Billion by 2024 from an estimated USD 1.52 billion, with a CAGR of 7.86% from 2019 to 2024.
The major factors driving the growth of the global switchgear monitoring market include rising power demand, demand for secure electrical distribution systems, and growing investments in renewable energy sources. With the increase in investments in transmission and distribution networks, there is a high demand for switchgear in the power industry. According to OECD, the cumulative power sector investment from 2017 to 2040 would approximately reach USD 5.9 trillion for transmission and USD 2.1 trillion for distribution network. Thus, the demand for switchgear monitoring systems is estimated to increase during the forecast period.
Additionally, the global switchgear monitoring market is projected to grow at a high rate during the forecast period due to the increase in adoption of renewable energy sources. According to IEA, renewable energy sources hold the largest share of investment in power generation, owing to investments of approximately USD 350 billion, annually. Countries across the globe are shifting their focus towards renewable power generation. For instance, the Chinese government aims to spend USD 360 billion on renewable energy by 2020, leading to an increase in the demand for switchgear in the country. The growth of data centers globally would act as an opportunity for switchgear monitoring market. However, the high cost of monitoring devices along with safety regulations for SF6 switchgears, would hinder the market of switchgear monitoring market.
The key players operating in the global switchgear monitoring market are ABB (Switzerland), Eaton (Ireland), Schneider Electric (France), Siemens (Germany), Emerson (US), Fortive (France), Mitsubishi Electric Corporation (Japan), Senseor (France), Trafag AG (Switzerland), KONCAR-Electrical Engineering Institute, Inc. (Croatia), and Siemens (Germany).
Key players in the switchgear monitoring market such as ABB, Schneider Electric, and Emerson are actively focusing on signing contracts and agreements with utilities and industries to supply switchgear monitoring system. Moreover, according to the Energy Information Administration (EIA), in the US, the investment in circuit protection equipment has increased by 69% over the last decade, which would result in growing opportunities for the switchgear monitoring system. The rising safety issues associated with photovoltaic systems and distributed energy resources are other factors driving the demand for switchgear monitoring systems from the utilities.
The global switchgear monitoring market has been segmented based on type, voltage, component, end-use, and region. On the basis of voltage, the global market is segmented into high and medium voltage. High voltage segment is expected to dominate in the market. This is because the high voltage switchgears are primarily used in power transmission over long distances, making it necessary to monitor the switchgears that are used for reliability and protection of grid infrastructure. On the basis of component, the global switchgear monitoring market is segmented into hardware and software & services. On the basis of end-use, the market is segmented into utilities, industrial, commercial, and others. The utlities segment is estimated to register the highest growth rate during the forecast period.
The global switchgear monitoring market is expected to witness substantial growth during the forecast period owing to growth of transmission & distribution, and development in key industries such as manufacturing, construction, and others. According to India Brand Equity Foundation (IBEF), increasing electrification would drive the growth of power consumption to 1,847 TWh in India by 2022.
Switchgear is an electrical equipment that is used to control, protect, and isolate electrical equipment. It is used to de-energize equipment and to clear faults. Switchgear is composed of components such as electrical switches, fuses or circuit breakers. The switchgear monitoring system helps monitor the activities of switchgear in substations and transformers.
On the basis of region, the global switchgear monitoring market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest share in the switchgear monitoring market due to the increased investments in the smart grid infrastructure development, transmission & distribution spending, growing dependence on renewable power generation sources, and infrastructural activities in recent past. China accounted for the highest installed generation and distribution capacity in the region due to the high demand for electric supply, resulting in an increased demand for switchgear monitoring systems. Similarly, growing power distribution in countries such as India, Australia, and Indonesia would drive the growth of switchgear monitoring in Asia-Pacific. Moreover, North America is expected to be the second largest market for switchgear monitoring. The US is expected to dominate the market in North America, owing to the growing transmission & distribution lines.
|Market Size||2024: USD 2.16 Billion|
|CAGR||7.86% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Voltage, Component and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB (Switzerland), Eaton (Ireland), Schneider Electric (France), Siemens (Germany), Emerson (US), Fortive (France), Mitsubishi Electric Corporation (Japan), Senseor (France), Trafag AG (Switzerland), KONCAR-Electrical Engineering Institute, Inc. (Croatia), and Siemens (Germany)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The switchgear monitoring market is anticipated to mark 7.86% CAGR.
The major players are ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Siemens (Germany), Fortive (France), Emerson (US), KONCAR-Electrical Engineering Institute, Inc. (Croatia), Mitsubishi Electric Corporation (Japan), Trafag AG (Switzerland), Senseor (France), and Siemens (Germany).
The segments based on voltage are high and medium voltage.
The switchgear monitoring market is poised to be dominated by the high voltage segment.
The segments based on component are hardware and software & services.