Switchgear Monitoring Market Size is Projected to Grow at a 7.86% CAGR by 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Switchgear Monitoring Market Growth Boost by Rising Electricity Generation and Demand for Secure Electrical Distribution Systems
New York, US, March 31, 2023 (GLOBE NEWSWIRE) -- The MRFR analysis reports predict that the Switchgear Monitoring Market Research Report, by Type, Component, End-Use, Voltage, and Region - Forecast Till 2030, the global market for Switchgear monitoring is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 7.86%.
Switchgear Monitoring Market Overview:
Switchgear refers to a kind of electrical equipment that isolates, protects, and controls other electrical equipment. It is in high demand in the power industry due to increased investments in transmission and distribution networks. The global market for switchgear monitoring has grown immensely in the last few years. The main parameter supporting the expansion of the market is the rising power consumption. Furthermore, the expanding investments in renewable energy sources and the need for secure electrical distribution systems are also considered crucial parameters supporting the growth of the global market.
Competitive Analysis
The listing of the prominent leaders across the global switchgear monitoring market includes players such as:
Siemens (Germany)
ABB (Switzerland)
Fortive (France)
Eaton (Ireland)
Mitsubishi Electric Corporation (Japan)
Schneider Electric (France)
Senseor (France)
Siemens (Germany)
Trafag AG (Switzerland)
Emerson (US)
KONCAR-Electrical Engineering Institute Inc. (Croatia)
The switchgear monitoring market has grown immensely in the last few years. The main parameter supporting the expansion of the market is the rising power consumption. Furthermore, the expanding investments in renewable energy sources and the need for secure electrical distribution systems are also considered crucial parameters supporting the growth of the global market. Moreover, the increased usage of renewable energy sources has caused a major increase in the demand for the market across the globe in the last few years. In addition, the rising investments in renewable energy sources have also boosted the market's development. With the rise in investments in transmission and distribution networks, there is a massive demand for switchgear in the power industry. As per the OECD, the cumulative power sector investment from 2017 to 2040 will probably attain a size of USD 5.9 trillion for transmission and USD 2.1 trillion for the distribution network. Therefore, the demand for switchgear monitoring systems will likely increase during the assessment era.
Switchgear Monitoring Market Report Scope:
Report Metrics
Details
Market Size 2030
2030: Significant value
CAGR during 2022-2030
7.86% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Voltage, Component and End-Use
Key Market Opportunities
New product launches and R&D amongst major key players
Key Market Drivers
Rising power demand
Demand for secure electrical distribution systems
Growing investments in renewable energy sources
Browse In-depth Market Research Report (111 Pages) onSwitchgear Monitoring Market:
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the high up-gradation cost linked with the aging power plants. Furthermore, the changes introduced by the arrival of the pandemic and the lack of standardization of protocols are also likely to limit the performance over the coming years.
Switchgear Monitoring Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the switchgear monitoring market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Among all the voltages, the high voltage segment is predicted to secure the leading spot across the global market for switchgear monitoring over the assessment era. The high-voltage switchgear is mainly utilized in power transmission over long distances, making it mandatory to observe the switchgear that is utilized for the reliability and protection of grid infrastructure.
Among all the components, the hardware segment is projected to ensure the main spot across the global market for switchgear monitoring over the assessment era.
Among all the end-users, the utility segment is predicted to hold the leading spot across the global market for switchgear monitoring over the assessment era. The segment will likely display the maximum growth rate over the coming years.
Switchgear Monitoring Market Regional Analysis
Based on region, the global switchgear monitoring market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
The MRFR analysis reports implying that the Asia-Pacific region is predicted to ensure the lead across the global switchgear monitoring market over the assessment era. The escalated investments in the smart grid infrastructure development are considered the primary parameter supporting the regional market expansion. Furthermore, the factors such as infrastructural activities in the recent past, growing dependence on renewable power generation sources, and transmission & distribution spending are also considered to be some of the crucial aspects backing the development of the regional market.
Given the high demand for electric supply, China registered for the maximum installed generation and distribution capacity across the region, causing a rise in demand for switchgear monitoring systems. Likewise, the rising power distribution in nations such as Indonesia, Australia, and India would boost the development of switchgear monitoring in Asia-Pacific.
The North American regional market for switchgear monitoring is anticipated to secure the second spot globally. The region has the US as the leading growth contributor, given mainly to the rising transmission & distribution lines.
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