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. Growing demand for continuous switchgear monitoring across various verticals of the industry is also one of the key factors driving the growth of the target market. Intelligent switchgear monitoring systems have increased performance and minimized industrial downtime, thereby fostering the development of the worldwide market for switchgear monitoring systems across different industrial verticals.
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. The switchgear control system tracks the distribution in the power transmission system of electric current and heat build-up. In particular, the switchgear monitoring system helps to detect an unusual increase in temperature at a specific location that may indicate corrosion or some other form of defect.
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Switchgear Monitoring System Market: Key Players
- General Electric
- KONCAR – Electrical Engineering Institute, Inc
- Mitsubishi Electric Corporation
- Schneider Electric
- Tiara Vibrasindo Pratama
- Trafag AG
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 centers 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. A major phenomenon has been digitalization in the power sector, fueling the adoption of smart and stable electrical infrastructure. In order to improve fiscal, regulatory, and technological proximity, data analysis coupled with digitalization has been confirmed. Besides, the growth of communication hubs and data centers has also increased the energy consumption rate. As major government and public entities rely on real-time data analysis to stimulate the software segment of the switchgear monitoring device sector, the powerful energy network is now the key to continuous operations of these hubs.
High Voltage segment to grow with the highest CAGR during 2020-30
Switchgear Monitoring System Market is segmented by voltage as high voltage and medium voltage. The high voltage segment held, by voltage in 2019, the largest share of the market for switchgear monitoring systems. The growth of the high voltage segment is driven by the higher demand for high voltage switchgear monitoring systems. The electricity supply to an entire city or area is likely to be impeded by any fault in switchgear systems. During the forecast period, the high-voltage segment market in Asia Pacific is projected to rise at the highest CAGR. Growing investments in transmission and distribution networks are expected to drive the market for this segment due to the rise in power demand and the need to improve the reliability of high-voltage electrical assets.
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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 fewer 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. Infrastructure innovations worldwide are likely to generate demand for the market for switchgear systems. Complex and costly infrastructure needs voltage regulations to efficiently distribute electricity, which has further generated the need for the market for switchgear monitoring systems. Technologically, the advanced electric insulation switchgear monitoring system has gained market interest and will increase demand in the near future.
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 licensing 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. Besides, a major investment is required to replace the current aging grid infrastructure and to incorporate the entire new solution with the same combination of hardware and software. Besides, an advanced grid communication network is needed, which with many utilities is still not available. Therefore, many utilities are also hesitant to use switchgear monitoring systems in developed nations.
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Switchgear Monitoring System Market report also contains analysis on:
Switchgear Monitoring System Market Segments:
- By Component:
- Software and Services
- By Voltage:
- High Voltage
- Medium Voltage
- By End-User:
- Energy and Utilities
- Banking, Financial Services, and Insurance
- Information Technology and Telecommunications
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