Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Global Switchgear Monitoring System Market by Type (GIS, AIS), Voltage (High & Extra High Voltage, Medium Voltage, Low Voltage), Component (Hardware, Software & Services), Monitoring, End User (Utilities, Industries, Commercial) & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive analysis of the global switchgear monitoring system market forecasts significant growth over the next five years, jumping from a valuation of $1.8 billion in 2023 to $2.7 billion by 2028. This represents a robust Compound Annual Growth Rate (CAGR) of 8.4% throughout the forecast period.
The expansion of the market is largely driven by an uptick in global energy demands, a burgeoning integration of renewable energy, and significant strides towards grid modernization. The electrification of sectors such as transportation, coupled with the transition to smart grid deployment and digitalization, is also expected to bolster market growth significantly.
Low Voltage Segment Poised for Rapid Growth within the Switchgear Monitoring System Industry
The analysis divides the switchgear monitoring system market into three segments based on voltage type: Low Voltage, Medium Voltage, and High & Extra High Voltage. Among these, the Low Voltage segment is showcased as the fastest growing. Low voltage switchgear is integral to the processes of controlling and distributing electrical power, offering increased operational efficiency, fault detection, remote management, and energy optimization which, in turn, promote a proactive maintenance approach.
Air Insulated Switchgear to Register Noteworthy Expansion
When delving into the market based on type, the research report categorizes the market into Gas Insulated Switchgear (GIS) and Air Insulated Switchgear (AIS). The AIS segment is anticipated to emerge as the second-fastest-growing category in the market. Attributes such as the relatively simple design of AIS that translates into affordability, ease of maintenance, and environmental friendliness are attributed as key factors contributing to its increased adoption.
Europe to Secure Strong Position in Global Switchgear Monitoring System Marketplace
Within the regional landscape, Europe is expected to maintain its position as the second-largest market in the switchgear monitoring system sector. Countries across the region, including Germany, the United Kingdom, France, Italy, and Russia, are experiencing increased investment in renewable energy generation, thereby propelling market growth. A mounting need for the modernization of transmission and distribution networks is also aiding market expansion in Europe.
The comprehensive report offers an exhaustive examination of the competitive terrain, highlighting key players and their strategic positions within the market. A highly empirical approach, including in-depth interviews with industry participants and subject-matter experts, sheds light on a broad spectrum of market nuances.
- Rise in Grid Investments: An increase in grid investments coupled with the need for a reliable power supply underscores market demand.
- Product Innovation: Progressions in Intelligent switchgear and heightened demand for smart circuit breakers and sensors emphasize the market's innovative trajectory.
- Market Development: The emergence and expansion of smart grids play a pivotal role in shaping market dynamics, facilitating efficient energy utilization and grid stability.
- Market Diversification: New product launches that integrate IoT and intelligent device capabilities denote a trend toward diversification.
- Competitive Assessment: Insight into the strategic undertakings of market leaders provides clarity on the competitive landscape.
The findings of this report are poised to provide stakeholders with essential insights into the switchgear monitoring system market's future trajectory, driven by both technological advancements and rising energy demands globally.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 202 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.8 Billion |
| Forecasted Market Value (USD) by 2028 | $2.7 Billion |
| Compound Annual Growth Rate | 8.4% |
| Regions Covered | Global |
Premium Insights
- Growing Deployment of Smart Grids and Increasing Digitalization to Drive Market
- Utilities Segment and China Held Largest Shares of Asia-Pacific Switchgear Monitoring System Market in 2022
- Gas-Insulated Switchgear Segment to Account for Larger Market Share in 2028
- Hardware to Secure Larger Market Share in 2028
- High and Extra High Voltage Segment to Dominate Market Throughout Forecast Period
- Temperature Monitoring Segment to Command Market in 2028
- Utility Segment to Command Market in 2028
Case Study Analysis
- Use of Deep Learning Technology-based Monitoring System to Detect Switchgear Faults at Medium Voltage
- Adoption of Time-Of-Light Measurement Technique to Avoid Mc Switchgear Failure
- Installation and Commissioning of Temperature Monitoring Technology on Circuit Breakers to Prevent Electrical Asset Failure
Technology Analysis
- Surface Acoustic Wave (Saw) Technology
- Intelligent Switchgear
Market Overview
Drivers
- Shift from Conventional Maintenance Methods to Condition-based Services
- Strengthened Power Distribution Infrastructure
- Rising Use of Electric Distribution and Transmission Systems Powered by Renewable Energy Sources
Restraints
- High Installation Cost
Opportunities
- Growing Deployment of Smart Grids
Challenges
- Inadequate Data Storage and Management Concerns
- Susceptibility of Switchgear Monitoring Systems to Cyber Threats
- Trends/Disruptions Impacting Customers' Businesses
Companies Mentioned
- ABB
- Altanova Group
- Doble Engineering Company
- Dynamic Ratings
- Eaton
- Emerson Electric Co.
- General Electric
- Ipec Ltd.
- Koncar - Electrical Engineering Institute Ltd.
- Megger
- Mitsubishi Electric Corporation
- Monitra Ltd.
- Nuventura GmbH
- Osensa Innovations
- Pds
- Pt. Tiara Vibrasindo Pratama
- Rugged Monitoring
- Schneider Electric
- Senseor - Wika Group
- Siemens Energy
For more information about this report visit https://www.researchandmarkets.com/r/d5o23h
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