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“The switchgear monitoring system market is projected to grow at a CAGR of 7.83% from 2018 to 2023.”
The switchgear monitoring system market is projected to reach USD 2.0 billion by 2023 from an estimated USD 1.4 billion in 2018, at a CAGR of 7.83%. Growing investments in renewable energy and demand for safe and secure electrical distribution systems have increased the demand for switchgear monitoring system. However, high cost of monitoring devices and stringent regulations for SF6 switchgears could act as a restraint for the market.
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“The gas insulated switchgear segment is expected to be the fastest growing market from 2018 to 2023.”
The gas insulated switchgear (GIS) segment is expected to hold the largest market share in 2018 and is projected to be the fastest growing segment during the forecast period. They are mainly used in industrial areas to fulfill high-energy demands through a space-saving design of minimum cost. GISs are deployed in various industries, serving different needs at varying voltage levels. Many developed countries have also started improving their T&D network to ensure safety and security with the help of switchgear monitoring system.
“The hardware segment by component is expected to be the largest market from 2018 to 2023.”
The hardware segment is expected to hold the largest market share during the forecast period because these devices can be controlled or automated from the control room by the control system/software, and are essential in monitoring operations. Asia Pacific is expected to hold the largest market for hardware with rapid adoption in countries such as China and India.
“Rapid expansion of power plants and transmission lines to meet the growing electricity requirements is expected to drive the utilities segment market between 2018 and 2023.”
The utilities segment, by end-user, held the largest market share in 2018 and is estimated to be the fastest growing segment during the forecast period because the utilities segment is responsible for the generation, transmission, and distribution of electricity. Electric utilities include investor-owned and publicly-owned cooperatives and nationalized entities, which are the major providers of electricity in most of the countries, worldwide.
“Europe: The second fastest growing market for switchgear monitoring system.”
The European region is expected to be the second fastest growing market for switchgear monitoring system by 2023. The European power generation, transmission, and distribution systems are comparatively mature. Therefore, the EU is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading. This would also require replacement of switchgear from electromechanical to digital by installing switchgear monitoring system.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 60%, Tier 2- 23%, and Tier 3- 17%
- By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
- By Region: Asia Pacific- 30%, Europe- 23%, North America- 19%, Middle East & Africa- 15%, and South America- 13%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3:
- The report defines, describes, and forecasts the switchgear monitoring system, by switchgear type, component, end- user, voltage, monitoring type, and region.
- It also offers a detailed qualitative and quantitative analysis of the market.
- The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.
- It also covers various important aspects of the market.
- These include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the switchgear monitoring system market.
Why buy this report?
- The report identifies and addresses key markets for switchgear monitoring system, which would help manufacturers review the growth in demand.
The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. The report will help key players understand the strategies of their competitors better and help then in making better strategic decisions.