Global Switchgear Monitoring System Market is expected to foresee significant growth. Asia Pacific to lead the growth
Global Switchgear Monitoring System Market is expected to reach the market valuation of US$ xx billion by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027) from US$ xx billion in 2020. 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.
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It is usually installed to monitor the apparatuses of the air insulated switchgear (AIS) and monitor the gas insulated switchgear (GIS). Some benefits which these systems offer include avoiding unplanned outages, reducing industrial downtimes, reducing repair costs through improved failure detection, improving switchgear availability, cost-effectiveness, and proactive maintenance strategy.
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.
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.
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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.
The COVID-19 pandemic has slowed the growth of the power industry in the current times. This is primarily due to more and more countries resorting to countrywide lockdowns to prevent further spikes in the spread of the disease. The renewable energy industry, which until recently was growing at a rapid pace, is witnessing slow growth during the past few months.
This slowdown is mainly due to economic contractions, which have resulted in the reduction of power demand from various end-use industries. With the decrease in power demand, it is estimated that there would be very negligible investments from the utilities for replacing aging grid infrastructure and new renewable installations
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Also, the power generation industry is estimated to face immediate challenges due to the COVID-19 pandemic such as difficulty in adhering to the social distancing norms, shortage of manpower, lack of parts & equipment, and discerning expenditure by end-users.
Additionally, the report provides detailed initiatives that are being taken in the field of Switchgear Monitoring System market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific dominated the Global Switchgear Monitoring System Market, accounting for nearly xx% share in 2020 due to rapid urbanization and increase in industrialization in the region.
Global Switchgear Monitoring System Market Segmentation
Market Insight, by Market Type
Market Insight, by Component
- Software & Services
Market Insight, by Voltage
Market Insight, by Monitoring
- Temperature Monitoring
- Partial Discharge Monitoring
- Gas Monitoring
Market Insight, by End User
- T&D Utilities
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- Schneider Electric
- Siemens AG
- ABB Ltd.
- General Electric
- Eaton Corporation
- Mitsubishi Electric Corporation
- Prism Power Group
- Guangzhou Haozhi Electric & Automation Co.,Ltd
- Doble Engineering Company