Switchgear Monitoring Systems Market is Expected to Grow with a Significant CAGR during 2024-2028
Rising power demand and
increasing investment in renewable energy sources are likely to propel the
market for switchgear monitoring systems across the globe during 2024-2028.
According to TechSci Research
report, “Switchgear Monitoring Systems Market– Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028,” the Switchgear Monitoring
Systems Market is expected to rise in the upcoming years due to the increasing
demand for electricity supply and the need for efficient power distribution.
There are various factors likely to propel the demand for the global switchgear
monitoring systems market in the upcoming years, such as the demand for safe power
distribution systems, increasing investments in renewable energy sources, and
the rising demand for electricity. There is a high demand for switchgear in the
power industry due to rising investments in transmission and distribution
networks. According to the Organization for Economic Co-operation and
Development (OECD), total investments in the energy sector between 2017 and
2040 are expected to rise by USD5.9 trillion in transmission and USD2.1
trillion in distribution networks. As a result, the demand for switchgear
monitoring systems is expected to increase during the forecast period.
Significant demand for the
switchgear monitoring system has been captured by the advent of voltage
regulations. HVDC transmission systems are favored for sending bulk power over
long distances, with fewer power losses. The advancement of the HVDC
transmission system is likely to generate growth opportunities for the global
market for switchgear monitoring systems. Additionally, the growing investment
in renewable energy is another factor likely to increase demand for switchgear
monitoring systems in the upcoming years. 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 demand for the market.
The implementation of smart and
stable electrical infrastructure is being fueled by rising digitalization in
the power industry. It is also contributing to the development of new data
centers and communication hubs, resulting in an increase in the energy
consumption rate. Additionally, for the continuous operation of data hubs, a
more efficient energy network infrastructure is required. Thus, this is expected
to increase the demand for switchgear monitoring systems during the upcoming
years. 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 are fostering the growth of the
target market.
Browse over XX market data
Figures spread through XX Pages and an in-depth TOC on the "Global
Switchgear Monitoring Systems Market."
The Global Switchgear Monitoring
Systems market is divided into component, type, voltage, end user, region and
competitive landscape. Based on component, the market is divided into hardware
and software. Based on type, the market is segmented into gas-insulated
switchgear and air-insulated switchgear. Based on voltage, the market is
segmented into high voltage and medium voltage. Based on end user, the market
is segmented into utilities, industries, commercial, and others.
Based on voltage, the high
voltage segment held the largest market share in 2022 and is expected to
register a significant CAGR during the forecast period. Many companies and
power plants have machines with high electrical potential, which require the
use of high-voltage equipment, such as high-voltage circuit breakers and
subsequent high-voltage switchgear monitoring systems.
Based on type, the gas-insulated
switchgears segment had the largest market share in 2022. The switchgear
monitoring systems market is driven by the growing demand for monitoring
high-voltage electrical equipment to avoid unplanned outages and reduce maintenance
costs. Additionally, Asia Pacific is estimated to have the largest market share
in the global switchgear monitoring systems market, followed by Europe,
as industries and utilities must adhere to strict standards and codes to ensure
a reliable power supply and avoid hazards.
Key market
players in the global switchgear monitoring systems market include:
- ABB
Ltd
- Schneider
Electric SE
- General
Electric Company
- Siemens
AG
- Eaton
Corporation plc
- Mitsubishi
Electric Corporation
- Emerson
Electric Co
- Qualitrol
Company LLC
- Tiara
Vibrasindo Pratama
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“The Global Switchgear Monitoring
Systems Market is expected to rise in the upcoming years due to the increasing
demand for reliable power supply, growing investment in renewable energy,
rising adoption of smart grid technologies, among others across the globe.
Additionally, the growth of digitization in the electricity industry promotes
the implementation of smart and safe electricity infrastructure, leading to the
creation of new communication centers and data centers. Therefore, the rate of
energy consumption is likely to increase. Moreover, a more efficient energy
grid is necessary for the continuous power supply to data centers. Furthermore,
switchgear monitoring systems are also considered environmentally friendly as
they help prevent the leakage of SF6 gas, which is considered a greenhouse gas.
Therefore, the market for switchgear monitoring systems across the globe is expected
to rise in the forecast period 2024-2028F.”.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Switchgear Monitoring Systems
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028, By Component (Hardware and Software), By Type (Gas-Insulated
Switchgear and Air-Insulated Switchgear), By Voltage (High Voltage and Medium
Voltage), By End User (Utilities, Industries, Commercial, Others), By Region,
Competition,” has evaluated the future growth potential of global
switchgear monitoring systems market and provides statistics and information on
market structure, size, share, and future growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in the global
switchgear monitoring systems market.
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