NEW YORK, Feb. 26, 2021 /PRNewswire/ -- Global switchgear monitoring system sales are set to be valued at US$ 1.21 Bn in 2021, according to the latest research by Persistence Market Research, a research and consulting firm. The report estimates the market to expand at over 4% CAGR over the next ten years. The COVID pandemic had a huge impact on this space in 2020, where demand for switchgear monitoring experienced a sudden drop. But it is estimated that the market will bounce back in 2021 and get back to its normal growth trajectory.
Demand for switchgear monitoring systems is the result of excessive use and sales of switchgear. Energy generation and more demand for energy across the globe is impacting the market share of switchgear and monitoring systems. Urbanization and industrial development in developing countries is creating more scope for the growth of the market, and development of the automation sector will complement demand for switchgear monitoring systems in future.
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Key Takeaways from Switchgear Monitoring System Market Study
- Increase in global electricity production and high usage of renewable sources of energy are boosting the growth of the energy and utility sector, which is the main factor driving demand for switchgear, and thereby creating significant demand for switchgear monitoring systems.
- Through research & development, new techniques are making the market competition tougher. Prime manufacturers are focusing on eco-friendly and convenient monitoring systems for users to access.
- Switchgear monitoring systems offer extra safety to components and assets in industries by predetermining the risk of upcoming failure or breakdown.
- Rapid urbanization and industrialization is one of the main driving factors for market grows. The industry sector is one the biggest markets for switchgear monitoring systems, with close to one-third market share.
- East Asia and South Asia Pacific hold significant shares in the global switchgear monitoring system market; these regions have many developing countries where the energy & utility sector is growing and creating huge demand for switchgear monitoring systems.
- Automation in the transportation industry has increased the usage of switchgear. Thus, the transportation sector is demanding more switchgear monitoring systems.
- Gas insulated switchgear are in high demand, but many manufacturers are creating updates in air insulated switchgear to promote safety and eco-friendly systems.
- Demand in the U.S. is projected to expand at a CAGR of over 3%, while that is China will race ahead at close to 6% CAGR.
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Competitive Landscape Switchgear Monitoring System Market
The global switchgear monitoring system market is highly competitive at regional as well as global levels. The market is highly consolidated, and some of the key players included in the report are Schneider Electric, Mitsubishi Electric Corporation, GE Grid Solutions, ABB Ltd, Siemens, and others. Top companies operating in the market are occupying hefty shares in terms of revenue. With compliance to governmental standards and regulations, these companies have a global brand presence. Key manufacturers are updating their technologies to improve their market share across regions.
Switchgear Monitoring System Market Report Conclusion
Demand for switchgear monitoring systems has shown significant growth over the years. Competition has grown among manufacturers, and they are aiming to provide monitoring systems that give real-time working conditions of switchgear with convenient and easy access. East Asia & South Asia Pacific hold a larger portion of the market share.
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