PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1397876
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1397876
Scope of the Report | |
---|---|
Years Considered for the Study | 2021-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Billion) |
Segments | Product type, pressure, end-use industry, distribution channel, and region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
The switchgear monitoring system market is estimated to grow from USD 1.8 Billion in 2023 to USD 2.7 Billion by 2028; it is expected to record a CAGR of 8.4% during the forecast period. The demand for switchgear monitoring systems is rising due to increasing energy needs, integration of renewable energy sources, deployment of smart grids and digitalization, electrification of sectors like transportation, and ongoing grid modernization efforts.
"Low Voltage: The fastest segment of the switchgear monitoring system market, by voltage."
Based on voltage type, the switchgear monitoring system market has been split into thress types: Low Voltage, Medium voltage and High & Extra High voltage. The adoption of low voltage is growing and is expected to be the fastest segment. low voltage switchgear plays a crucial role in controlling and distributing electrical power within a facility. This innovative solution is meticulously designed to enhance operational efficiency, safety, and reliability by providing real-time insights into the status of the low voltage switchgear. Offering features such as fault detection, remote accessibility, and energy efficiency optimization, the monitoring system ensures proactive maintenance, minimizing downtime and optimizing energy usage driving the low voltage segmnt market.
"Air insulated switchgear segment is expected to emerge as the second-fastest segment based on type."
Based on type, the switchgear monitoring system market has been segmented into Air insulated switchgear and Gas insulated switchgear industrial. The Air insulated switchgear segment is expected to be the second-fastest segment. The market for air-insulated switchgear monitoring systems is driven by rising demand for medium-voltage switchgear monitoring systems across end-user sectors such as utilities, industries, commercial, and others. Additionally, The simplicity of AIS design contributes to its affordability, while its pollution-free nature aligns with environmentally conscious practices. The uncomplicated construction and easy maintenance procedures make AIS a preferred option in scenarios where straightforward operation and reliability further contributes to the prominence of the air insulated switchgear segment in this market.
"Europe is expected to be the second largest region in the switchgear monitoring system market."
Europe is expected to be the second largest region in the switchgear monitoring system markets between 2023-2028. The market in Europe comprises Germany, UK, France, Italy, Russia, Rest of Europe countries. The region is experiencing rise in the investments in renewable power generation and high growth in industrialization are expected to propel market growth. Also, upgradation of T&D network to have a positive impact on the market
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 27%, Europe- 20%, Asia Pacific- 33%, the Middle East & Africa- 12%, and South America- 8%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The switchgear monitoring system market is dominated by a few major players that have a wide regional presence. The leading players in the refinery and petrochemical filtration market are ABB (Switzerland), Siemens Energy (Germany), Schneider Electric (France), General Electric (US), and Eaton (Ireland).
The report defines, describes, and forecasts the global Switchgear monitoring system market, by type, by component, by voltage, by servces, end user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the switchgear monitoring system market.
Key Benefits of Buying the Report