Switchgear Monitoring System Market: Market Segments: 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
Switchgear is used to de-energize equipment and to 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.
Switchgear Monitoring System Market is expected to project a notable CAGR of 9.5% in 2030.
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.
Switchgear Monitoring System Market: Segments
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 market share. Growing growth in the number of data centres 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.
Switchgear Monitoring System Market: Market Dynamics
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 less power losses. It is likely that the advancement of the HVDC transmission system will 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.
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 licencing 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.
Switchgear Monitoring System Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
- General Electric
- KONCAR - Electrical Engineering Institute, Inc
- Mitsubishi Electric Corporation
- Schneider Electric
- Tiara Vibrasindo Pratama
- Trafag AG
Switchgear Monitoring System Market: Regions
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 a 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 report also contains analysis on:
Switchgear Monitoring System Market Segments:
- Software and Services
- High Voltage
- Medium Voltage
- Energy and Utilities
- Banking, Financial Services, and Insurance
- Information Technology and Telecommunications
- Switchgear Monitoring System Market Dynamics
- Switchgear Monitoring System Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints