Switchgear Monitoring System Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Type (GIS, AIS); Component Type (Hardware, Software & Services); Voltage Type (High, Medium); Monitoring Type (Temperature Monitoring, Partial Discharge Monitoring, Gas Monitoring, Others); End-Use Sector (T&D Utilities, Industries, Commercial, Others); Region and Country

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172

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129

Report ID:

UMEP21371

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Report Description
Table of content
Research Methodology

Report Description

Switchgear Monitoring System Market
Switchgear Monitoring System Market

The Switchgear monitoring system is a monitoring and diagnostic unit, which provides mechanical and electrical health status of a fleet lineup. It employs a variety of sensors and software to monitor, diagnose, and control switchgear devices from a pre-specified safe location outside the arc flash boundary. Switchgear monitoring system provides an on-line continuous monitoring into the condition of the equipment. High voltage switchgear monitoring system monitors various values of switchgear apparatuses such as circuit breakers, earthing switches, disconnectors, and instrument transformers. The growth of Switchgear Monitoring System Market expanded significantly over recent years, underpinned by increase in digitization in the power industry, increased focus on reliability of electric assets through the early detection of failure, and increasing demand for power across globally. For instance, as per ExxonMobil, global energy demand reaches 675 quadrillion BTUs in 2040, up ~20 percent versus 2017, reflecting a growing population and rising prosperity.

Other factors which are leading the growth of this market are growth of data centers, execution of performance-based incentive systems and definite service programs, the increasing focus towards maximizing reliability of electrical assets through early detection of failure, the growing demand for retrofitting of existing electrical network in line with regulatory and fiscal reorganization across the large-scale industries and the rising inclination towards the advancement of prevailing grid infrastructure across developed nations will further propel the market growth.

Schneider Electric, Siemens AG, ABB Ltd., General Electric, Eaton Corporation etc. are some of the prominent players operating in the Global Switchgear Monitoring System Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Switchgear Monitoring System applications.

Insights Presented in the Report

“Amongst type, GIS segment holds the major share.”

Based on type, the market is segmented into GIS and AIS. The GIS segment grabbed XX% market share of the Global Switchgear Monitoring System Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as they are mainly used in industrial areas to fulfill high-energy demands through a space-saving design of minimum cost.

“Amongst component type, Hardware dominated the market in 2020.”

Based on component type, the market is segmented into Hardware & Software & Services. In 2020, the Hardware segment dominated the Switchgear Monitoring System Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) as it helps to control, measure, transmit, and analyze the data in process and non-process industries, utilities, commercial sector, and others.

“Amongst voltage type, High dominated the market in 2020.”

Based on voltage type, the market is classified into High and medium. The High voltage segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as high-voltage switchgear are mostly gas-insulated switchgear, rated above 36 kV and are connected to high-voltage transmission grids. They are mostly used by different end users such as T&D utilities, large power generation plants, and railways & metros.

“Amongst monitoring type, Temperature Monitoring dominated the market in 2020.”

Based on monitoring type, the market is classified into Temperature Monitoring, Partial Discharge Monitoring, Gas Monitoring, and others. The temperature segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as temperature monitoring offers the early detection of incipient problems, which leads to the rapid identification of issues and better maintenance resulting in a little or no downtime associated with switchgear failure.

“Amongst End User type, T&D Utilities segment dominated the market in 2020.”

Based on end user type, the market is classified into T&D Utilities, Industries, Commercial and others. The T&D Utilities segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as this segment is responsible for the transmission, and distribution of electricity and there is a rapid expansion of power plants and transmission lines to meet the growing electricity. 

“Asia Pacific represents as the largest market in the Global Switchgear Monitoring System Market.”

For a better understanding of the market adoption of Switchgear Monitoring System, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of increase in demand for power due to rapid urbanization and increase in industrialization.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional & country-level analysis of the industry

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 1.1.Market Definitions
 1.2.Objective of the Study
 1.3.Limitation
 1.4.Stake Holders
 1.5.Currency Used in Report
 1.6.Scope of the Global Switchgear Monitoring System Market Study

 

 2.1.Research Methodology for the Global Switchgear Monitoring System Market
  2.1.1.Main Objective of the Global Switchgear Monitoring System Market

 

 7.1.GIS
 7.2.AIS

 

 8.1.Hardware
 8.2.Software & Services

 

 9.1.High
 9.2.Medium

 

 10.1.Temperature Monitoring
 10.2.Partial Discharge Monitoring 
 10.3.Gas Monitoring 
 10.4.Others

 

 11.1.T&D Utilities
 11.2.Industries
 11.3.Commercial
 11.4.Others

 

 12.1.North America Switchgear Monitoring System Market 
  12.1.1.United States
  12.1.2.Canada
  12.1.3.Rest of North America
 12.2.Europe Switchgear Monitoring System Market 
  12.2.1.Germany
  12.2.2.France
  12.2.3.United Kingdom
  12.2.4.Italy
  12.2.5.Spain
  12.2.6.Rest of Europe
 12.3.Asia Pacific Switchgear Monitoring System Market
  12.3.1.China
  12.3.2.Japan
  12.3.3.India
  12.3.4.Australia
  12.3.5.Rest of Asia Pacific
 12.4.Rest of World Switchgear Monitoring System Market 
 13.1.Market Drivers
 13.2.Market Challenges
 13.3.Impact Analysis
 17.1.Demand Side Analysis
 17.2.Supply Side Analysis
  17.2.1.Top Product Launches
  17.2.2.Top Business Partnerships
  17.2.3.Top Business Expansions, Investments and Divestitures
  17.2.4.Top Merger and Acquisitions

 

 19.1.Porter’s Five Forces Analysis
  19.1.1.Bargaining power of Supplier
  19.1.2.Bargaining power of Buyer
  19.1.3.Industry Rivalry
  19.1.4.Availability of Substitute
  19.1.5.Threat of new Entrants
 19.2.Competitive Landscape
  19.2.1.Company Shares, By Revenue

 

 20.1.Schneider Electric 
 20.2.Siemens AG
 20.3.ABB Ltd. 
 20.4.General Electric
 20.5.Eaton Corporation
 20.6.Mitsubishi Electric Corporation
 20.7.Prism Power Group
 20.8.Guangzhou Haozhi Electric & Automation Co.,Ltd
 20.9.SENSeOR 
 20.10.Doble Engineering Company

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Switchgear Monitoring System were the three major steps undertaken to create and analyze the adoption of Switchgear Monitoring System across various segments in North America, Europe, Asia Pacific, & Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Switchgear Monitoring System sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Switchgear Monitoring System through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Switchgear Monitoring System Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are as type, component, voltage, monitoring, and end user. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Switchgear Monitoring System in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Switchgear Monitoring System. Further, we conducted factor analysis using dependent and independent variables like increasing power demand and the need for monitoring technologies like Switchgear Monitoring System. Historical trends and their year-on-year impact on the market size and share in the recent past was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Switchgear Monitoring System Market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of Switchgear Monitoring System across the major markets
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Switchgear Monitoring System Market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Switchgear Monitoring System Market
Switchgear Monitoring System Market

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Global Switchgear Monitoring System Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, component, voltage, monitoring, and end user verticals.

The main objective of the Switchgear Monitoring System Market Study

The current & future market trends of Switchgear Monitoring System were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Switchgear Monitoring System in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of type, component, voltage, monitoring, and end user verticals
  • Defined analysis of the regulatory framework for the Global Switchgear Monitoring System industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Switchgear Monitoring System for the major regions & countries
  • Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
  • Company profiles of the Switchgear Monitoring System Market players and the growth strategies adopted by them to sustain in the fast-growing market
  • Deep dive regional & country-level analysis of the industry