Switchgear Monitoring System Market - Global Forecast to 2023

News provided by

Mar 27, 2019, 07:30 ET

DUBLIN, March 27, 2019 /PRNewswire/ -- The "Global Switchgear Monitoring System Market by Switchgear Type, Component, End-user, Voltage, Monitoring Type, and Region - Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The switchgear monitoring system market is projected to reach USD 2.0 billion by 2023 from an estimated USD 1.4 billion in 2018, at a CAGR of 7.83%.

Growing investments in renewable energy and demand for safe and secure electrical distribution systems have increased the demand for switchgear monitoring system. However, high cost of monitoring devices and stringent regulations for SF6 switchgears could act as a restraint for the market.

The gas insulated switchgear segment is expected to be the fastest growing market from 2018 to 2023.

The gas insulated switchgear (GIS) segment is expected to hold the largest market share in 2018 and is projected to be the fastest growing segment during the forecast period. They are mainly used in industrial areas to fulfill high-energy demands through a space-saving design of minimum cost. GISs are deployed in various industries, serving different needs at varying voltage levels. Many developed countries have also started improving their T&D network to ensure safety and security with the help of switchgear monitoring system.

The hardware segment by component is expected to be the largest market from 2018 to 2023.

The hardware segment is expected to hold the largest market share during the forecast period because these devices can be controlled or automated from the control room by the control system/software, and are essential in monitoring operations. Asia Pacific is expected to hold the largest market for hardware with rapid adoption in countries such as China and India.

Rapid expansion of power plants and transmission lines to meet the growing electricity requirements is expected to drive the utilities segment market between 2018 and 2023.

The utilities segment, by end-user, held the largest market share in 2018 and is estimated to be the fastest growing segment during the forecast period because the utilities segment is responsible for the generation, transmission, and distribution of electricity. Electric utilities include investor-owned and publicly-owned cooperatives and nationalized entities, which are the major providers of electricity in most of the countries, worldwide.

Europe: The second fastest growing market for switchgear monitoring system.

The European region is expected to be the second fastest growing market for switchgear monitoring system by 2023. The European power generation, transmission, and distribution systems are comparatively mature. Therefore, the EU is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading. This would also require replacement of switchgear from electromechanical to digital by installing switchgear monitoring system.

The leading players in switchgear monitoring system market are Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (US), and Emerson (US).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Switchgear Monitoring System Market During the Forecast Period
4.2 Switchgear Monitoring System Market, By Region
4.3 Asia Pacific Switchgear Monitoring System Market, By Monitoring Type & Country
4.4 Switchgear Monitoring System Market, By Switchgear Type
4.5 Switchgear Monitoring System Market, By End-User
4.6 Switchgear Monitoring System Market, By Component
4.7 Switchgear Monitoring System Market, By Voltage

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Demand for Safe and Secure Electrical Distribution Systems
5.2.1.2 Demand for Continuous Monitoring of Switchgears
5.2.1.3 Revival of Investments in the Construction Sector
5.2.1.4 Growing Investments in Renewable Energy
5.2.2 Restraints
5.2.2.1 High Cost of Monitoring Devices
5.2.2.2 Stringent Environmental and Safety Regulations for Sf6 Switchgears
5.2.3 Opportunities
5.2.3.1 Growth of Data Centers
5.2.3.2 Execution of Performance-Based Incentive Schemes and Definite Service Programs
5.2.3.3 HVDC Transmission
5.2.3.4 Aging Power Infrastructure
5.2.4 Challenges
5.2.4.1 Cybersecurity
5.2.4.2 Delays in Grid Expansion Projects

6 Switchgear Monitoring System, By Type
6.1 Introduction
6.2 GIS
6.2.1 Asia Pacific Holds the Largest Region for GIS Switchgear Monitoring System Market
6.3 AIS
6.3.1 Asia Pacific is Expected to Grow at the Fastest CAGR From 2018-2023

7 Switchgear Monitoring System Market, By Component
7.1 Introduction
7.2 Hardware
7.2.1 North America is the Second Largest Market for Hardware Segment
7.2.1.1 IED
7.2.1.1.1 Relay Devices
7.2.1.1.2 Recloser Controllers
7.2.1.1.3 Circuit Breakers
7.2.1.1.4 Switches
7.2.1.2 Distribution Network Feeders
7.2.1.3 Others
7.3 Software & Services
7.3.1 Constant Upgrades in Switchgear Monitoring Modules is Expected to Drive the Software & Service Segment

8 Switchgear Monitoring System Market, By End-User
8.1 Introduction
8.2 Utilities
8.2.1 Rising Investments in T&D Networks is Expected to Drive the Utilities Segment
8.3 Industries
8.3.1 Reduced Industrial Downtime and Improved Efficiency are Major Factors Driving Growth of Switchgear Monitoring System in Industries Segment
8.4 Commercial
8.4.1 Asia Pacific Holds the Largest Market for Switchgear Monitoring System in Commercial Segment
8.5 Others

9 Switchgear Monitoring System, By Voltage
9.1 Introduction
9.2 High Voltage
9.2.1 Asia Pacific is the Largest Market for High Voltage Switchgear Monitoring Systems
9.3 Medium Voltage
9.3.1 Asia Pacific is Expected to Grow at the Fastest CAGR During the Forecast Period

10 Switchgear Monitoring System Market, By Monitoring Type
10.1 Introduction
10.2 Temperature Monitoring
10.2.1 North America is the Second Largest Market for Temperature Monitoring Segment
10.3 Partial Discharge Monitoring
10.3.1 Improved Reliability, Safety and Efficiency are Major Factors Driving the Partial Discharge Monitoring Segment
10.4 Others

11 Switchgear Monitoring System Market, By Region
11.1 Introduction
11.2 Asia Pacific
11.2.1 China
11.2.1.1 Increasing Investment in Digital Substation and Switchgear is Expected to Drive the Chinese Market
11.2.2 India
11.2.2.1 GIS Segment is Expected to Dominate the Indian Market
11.2.3 Japan
11.2.3.1 Strong Emphasis on Energy Efficiency and Security Through Smart Grids is Expected to Drive the Japanese Market
11.2.4 Australia
11.2.4.1 Rising Investment in Renewables, Distribution Infrastructure and Connectivity Will Drive the Australian Switchgear Monitoring System
11.2.5 Rest of Asia Pacific
11.2.5.1 Indonesia, Singapore and Malaysia are Expected to Lead the Rest of Asia Pacific Market
11.3 North America
11.3.1 US
11.3.1.1 Large Planned Capex in Power Generation Infrastructure Will Drive the US Market
11.3.2 Canada
11.3.2.1 GIS Segment is Expected to Be the Fastest Growing Market in Canada
11.3.3 Mexico
11.3.3.1 Investments in Electric Power Infrastructure and Smart Grid Have Created Opportunity for the Mexican Market
11.4 Europe
11.4.1 Germany
11.4.1.1 Investments in Renewables, Government FocUS on Energy Efficiency, and Replacement Opportunity
11.4.2 UK
11.4.2.1 GIS Segment is Expected to Dominate the UK Switchgear Monitoring Market
11.4.3 Russia
11.4.3.1 Strong Investment in T&D Infrastructure is Expected to Drive the Russian Market
11.4.4 France
11.4.4.1 Utilities Segment is Expected to Dominate the French Market
11.4.5 Rest of Europe
11.4.5.1 Italy and Spain are Expected to Lead the Rest of Europe Market
11.5 Middle East & Africa
11.5.1 Saudi Arabia
11.5.1.1 GIS Segment is Expected to Be the Fastest Growing Market in Saudi Arabia
11.5.2 UAE
11.5.2.1 Utilities Segment is Expected to Dominate the UAE Switchgear Monitoring Market
11.5.3 Kuwait
11.5.3.1 Strong Investment in Power Generation and Distribution is Likely to Drive the Kuwaiti Market
11.5.4 South Africa
11.5.4.1 Rising Investment in Power Capacity Addition and Energy Efficiency Will Drive the South African Market
11.5.5 Rest of Middle East & Africa
11.5.6 Qatar, Nigeria and Algeria are Expected to Drive the Rest of Middle East & Africa Market
11.6 South America
11.6.1 Brazil
11.6.1.1 GIS Segment is Expected to Dominate the Brazilian Switchgear Monitoring Market
11.6.2 Argentina
11.6.2.1 Utilities Segment Will Dominate the Argentinian Switchgear Monitoring Market
11.6.3 Rest of South America
11.6.3.1 Ecuador, Bolivia, Uruguay and Chile are Expected to Lead the Rest of South America Market

12 Competitive Landscape
12.1 Overview
12.2 Market Share Analysis
12.3 Competitive Scenario
12.3.1 New Product Development
12.3.2 Mergers & Acquisitions
12.3.3 Contracts & Agreements

13 Company Profiles

ABB
Eaton
Emerson
Fortive
General Electric
Independent Power Engineering Consultants
Koncar - Electrical Engineering Institute. Inc
Mitsubishi Electric Corporation
Schneider Electric
Senseor
Siemens AG
Tiara Vibrasindo Pratama
TrafAG

For more information about this report visit https://www.researchandmarkets.com/research/nkslwz/switchgear?w=5

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets