The switchgear monitoring system global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Switchgear Monitoring System Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The switchgear monitoring system market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to aging infrastructure, industrialization, growing adoption of smart grid, increasing demand for reliable and efficient power transmission, increasing complexity of electrical grids.
The switchgear monitoring system market size is expected to see strong growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to growing demand for predictive maintenance and asset management solutions, adoption of digital twins, rising concerns about cybersecurity threats, demand for remote monitoring and control of switchgear. Major trends in the forecast period include predictive maintenance, cloud-based solutions, energy management, remote monitoring and control, iot integration.
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Scope Of Switchgear Monitoring System Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Switchgear Monitoring System Market Overview
Market Drivers –
The growth in electricity demand is expected to propel the growth of the switchgear monitoring system market. Electricity demand refers to the amount of electricity consumed by a country, region, or sector over a given period. Switchgear monitoring systems are used to monitor the condition of switchgear assets such as transformers and substations. The growth in electricity demand has led to an increase in the use of switchgear and monitoring systems help ensure the reliability of these assets. For instance, in 2022, according to the data published by Our World in Data, a UK-based scientific online publication organization, US electricity demand increased from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) by 2022. Therefore, the growth in electricity demand is driving the development of the switchgear monitoring system.
Market Trends –
Major companies operating in the switchgear monitoring system market are developing technologically advanced products such as switchgear monitors (SWGM) to offer a comprehensive solution for the condition monitoring of switchgear, attaining to increase their market presence. A switchgear monitoring system is a technology that monitors, diagnoses and controls switchgear equipment from a safe place outside the arc flash zone. For instance, in November 2021, Dynamic Rating Pty Ltd., a US-based provider of condition monitoring products and services, launched a new switchgear monitor. This innovative solution is a comprehensive condition-monitoring solution for medium-voltage switchgear. It uses various sensors to collect data on the condition of the switchgear, including waveform capture technology, partial discharge (PD) monitoring, gas analysis, temperature monitoring and vibration monitoring. Additionally, it has such features as a web-based user interface, alarms and notifications and reporting capabilities. It can help improve the reliability and safety of electrical systems by identifying potential problems before they cause outages or other damage.
The switchgear monitoring system market covered in this report is segmented –
1) By Component: Hardware; Software And Services
2) By Monitoring Type: Temperature Monitoring; Partial Discharge Monitoring; Gas Monitoring; Other Monitoring Types
3) By Voltage: High Voltage; Medium Voltage; Low Voltage
4) By End User: Utilities; Industries; Commercial; Other End Users
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Regional Insights –
Asia-Pacific was the largest region in the switchgear monitoring system market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in switchgear monitoring system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
Key Companies –
Major players in the switchgear monitoring system market are Hitachi Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Seimens AG, ABB Ltd., Eaton Corporation PLC, Emerson Electric Co., Fuji Electric Co.Ltd., OMICRON electronics GmbH, GE Grid Solutions, LSIS Co. Ltd., KONCAR- Electrical Engineering Institute Inc., Megger Group Limited, Qualitrol Company LLC, Guangzhou Haozhi Industrial Co. Ltd., Industrial Electric Mfg. (IEM), Doble Engineering Company Pvt. Ltd., Lumel S.A, ALTANOVA Group, Donwil Company, IPEC Ltd., High Voltage Partial Discharge Ltd., Diagnostic Service Co. Limited (PDS), Nuventura Pvt. Ltd., SENSeOR SAS, PT. Tiara Vibrasindo Pratama, Dynamic Ratings Inc., Prism Power Group, OSENSA Innovations Corp., Rugged Monitoring.
Table of Contents
1. Executive Summary
2. Switchgear Monitoring System Market Report Structure
3. Switchgear Monitoring System Market Trends And Strategies
4. Switchgear Monitoring System Market – Macro Economic Scenario
5. Switchgear Monitoring System Market Size And Growth
…..
27. Switchgear Monitoring System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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