The report is expected to grow from an estimated USD 1.3 billion in 2020 to USD 2.1 billion by 2025, at a CAGR of 9.7%, during the forecast period. The demand for safe and secure electrical distribution systems, the need for the continuous monitoring of switchgear, the revival of investments in the construction sector, and growing investments in renewable energy offer high-growth opportunities for the switchgear monitoring system market.
By end user, the utilities segment is the largest contributor in the switchgear monitoring system market during the forecast period.
The utilities segment is estimated to lead the switchgear monitoring system market. Asia Pacific was the largest market for utilities end user segment in 2019. This is attributed to growing investments in power infrastructure due to an increase in demand, especially from countries such as Australia, Japan, China, and South Korea of the Asia Pacific region.
By component, the hardware segment is expected to grow at the fastest rate during the forecast period.
The hardware segment accounted for the highest share of the switchgear monitoring system market, by component during the forecast period. Hardware plays a significant role in building the switchgear monitoring platform. It helps to control, measure, transmit, and analyze the data in process and non-process industries, utilities, commercial sector, and others, which will help the market for this segment to grow.
By voltage, the high voltage segment is expected to be the largest contributor during the forecast period.
The high voltage segment held the largest share of the switchgear monitoring system market in 2019. High-voltage switchgear are mostly gas-insulated switchgear, rated above 36 kV and are connected to high-voltage transmission grids. They are mostly used by different end users such as T&D utilities, large power generation plants, and railways & metros. Increasing investments in transmission and distribution networks due to the rise in demand for power and the need for an increase in the reliability of high-voltage electrical assets are expected to drive the market for this segment.
Asia Pacific is expected to be the largest and fastest-growing market during the forecast period.
Asia Pacific is estimated to be the largest and fastest growing market during the forecast period. The region has been segmented, by country, into China, Japan, South Korea, Australia, and the Rest of Asia Pacific. Countries in this region are experiencing an increase in demand for power due to rapid urbanization and increase in industrialization. To meet the growing requirement for energy efficiency and continuous power supply, the State Grid Corporation of China (SGCC) plans to invest about USD 556 billion from 2017 to 2020, of which 11.1% (about USD 62 billion) would be spent on grid technologies, including switchgear monitoring, to accommodate a large amount of renewable energy in its grid. China managed to become the major consumer of smart grid technology because of the massive transformation taking place in the country’s energy landscape. The requirement for the smart grid is further supported by China’s focus on embracing energy efficiency and clean energy along with the need to transform the nation’s power industry. China is expected to have more than 100 GW of installed wind capacity and a significant increase in its solar PV installations by 2020. Owing to this, the demand for switchgear monitoring systems would increase.
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 ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Eaton (Ireland). 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: Sep 15, 2020