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%. As the global demand for electricity is increasing at a very high rate, to meet the rising power demands, new power plants are being installed at a rapid pace. This would drive the demand for switchgear monitoring system.
The high voltage segment is expected to hold the largest share of the switchgear monitoring system market, by voltage, during the forecast period.
The high voltage segment is estimated to dominate the switchgear monitoring system market in 2018 and is projected to have the largest market share during the forecast period. This is mainly due to the fact that high voltage switchgears are primarily used in power transmission over long distances. In the case of critical substations and switchyards of large power generation plants, switchgears are used for reliability and protection of the grid infrastructure.
The partial discharge monitoring segment is expected to be the fastest growing segment of the switchgear monitoring system market, by monitoring type, during the forecast period.
The partial discharge monitoring segment accounted for the highest CAGR during the forecast period. Partial discharge monitoring adopts various methods to detect cracks and defects in insulations such as Transient Earth Voltage (TEV), Ultra-High-Frequency (UHF), and Acoustical Emission (AE). Partial discharge monitoring includes partial discharge sensors, local readers such as RTU/PLC, HMI, data storage, and communication protocols. This system enhances operator safety and provides confidence in the reliability and safety of electrical equipment.
Asia Pacific: The leading market for switchgear monitoring system.
In this report, the switchgear monitoring system market has been analyzed with respect to 5 regions, namely, North America, South America, Europe, Asia Pacific, and the Middle East & Africa. As per the Indian Electrical and Electronics Manufacturers Association (IEEMA), the electricity generation capacity is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfil the increasing demand. Thus, there is a need for a huge investment of approximately USD 300 billion in the next 3–4 years. Also, India is undertaking a lot of smart grid and substation projects to fulfill the growing demand for energy. This would create demand for the switchgear monitoring system in the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the switchgear monitoring system market. Some of the key players are Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (US), and Emerson (US). The leading players are adopting various strategies to increase their shares in the switchgear monitoring system market.
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Source: ASDReports - Market Research
Date: Mar 18, 2019