The global switchgear monitoring market size is expected to exhibit a strong 7.86% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The global switchgear monitoring market size was valued at USD 1.52 billion in 2018 and is expected to rise to a valuation of USD 2.16 billion by 2024, according to the report. The report presents a detailed, comprehensive analysis of all factors affecting the market’s movement, including an assessment of the impact of the COVID-19 pandemic on the global switchgear monitoring market trends.
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Switchgears are an electrical equipment used to control, protect, and isolate electrical equipment. They comprise components such as fuses, electrical switches, and circuit breakers. Switchgear monitoring systems can be used to monitor switchgear activity in substations and transformers. The growing investment in electrical power generation and distribution infrastructure from governments around the world is likely to be a major driver for the global switchgear monitoring market trends over the forecast period. As the global population has grown, the demand for power distribution infrastructure has also grown in line with the same. This has led to a growing demand for electrical equipment to protect and safeguard the electrical distribution and transmission systems. This is likely to be a major driver for the global switchgear monitoring market over the forecast period. Increasing urbanization in developing countries has also emerged as a major driver for the global switchgear monitoring market share over the last few years.
Increasing development of renewable energy sources is also likely to be a major driver for the global switchgear monitoring market over the forecast period. The addition of renewable energy sources in an existing power transmission and distribution network leads to a requirement of effective safeguards to protect the two different sources of energy. Mixups in the combination of renewable and conventional energy can lead to significant disturbances in the electrical network, damaging the network. This can be avoided by smart use of switchgear equipment, which helps isolate the two streams of electrical energy and thus protects the entire electrical power network.
The global switchgear monitoring market trends is segmented on the basis of type, voltage, component, end use, and region.
By type, the global switchgear monitoring market is segmented into GIS and AIS.
By voltage, the global switchgear monitoring market is segmented into high and medium. The high voltage segment dominates the global switchgear monitoring market. High voltage switchgear equipment is majorly used for long-distance transmission of electrical power.
By component, the global switchgear monitoring market is segmented into hardware, and software and services.
By end use, the global switchgear monitoring market is segmented into utilities, industrial, commercial, and others. The utilities segment is expected to exhibit the highest growth rate over the forecast period due to the increasing government investment in electrical transmission and distribution infrastructure. Increasing demand for circuit protection equipment in electrical grids is a major driver for the utilities segment of the global switchgear monitoring market.
Asia Pacific holds the largest share in the global switchgear monitoring market and is likely to retain the lead over the forecast period. Growing investment in electricity distribution and transmission equipment in Asia Pacific is a major driver for the switchgear monitoring market share in the region. The growing investment in smart grid development in Asia Pacific is also likely to be a major driver for the switchgear monitoring market in the region over the forecast period.
Leading players in the global switchgear monitoring market include Siemens, KONCAR-Electrical Engineering Institute Inc., Trafag AG, Senseor, Mitsubishi Electric Corporation, Fortive, Emerson, Schneider Electric, Eaton, and ABB. Leading players in the global switchgear monitoring market are focused on signing contracts with utilities and industries to provide their switchgear monitoring equipment to them. According to the U.S. Energy Information Administration, investment in circuit protection equipment has grown by 69% over the last decade. This is likely to remain a major driver for the global switchgear monitoring market over the forecast period.
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