Dublin, Oct. 24, 2024 (GLOBE NEWSWIRE) -- The "Europe Switchgear Monitoring System Market: Focus on Product, Application, and Country - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The Europe switchgear monitoring system market was valued at $660.2 million in 2023 and is expected to reach $1.51 billion by 2033, with a CAGR of 8.65% during the forecast period 2023-2033
Switchgear monitoring systems are seeing rapid expansion in the European market, fueled by important characteristics that encourage their implementation in a variety of industries. A primary driver is the increasing need for reliable and efficient power distribution solutions, as companies modernize and expand. Modern switchgear monitoring systems are essential for ensuring constant power, keeping an eye on the condition of the machinery, and averting future breakdowns.
The increasing need for dependable power distribution systems across a range of industries is driving substantial expansion in the European switchgear monitoring system market. Ensuring a consistent and effective flow of power has grown crucial as industry grow and upgrade. Switchgear monitoring systems are essential for preserving the integrity and performance of electrical machinery, seeing any problems, and averting expensive downtime.
The need for sophisticated switchgear monitoring systems is being further fueled by the growing use of smart grid infrastructure and the incorporation of Internet of Things (IoT) technology in Europe's power distribution networks. Power distribution becomes more dependable and efficient when real-time monitoring, data analysis, and predictive maintenance are made possible by these technologies.
Moreover, enterprises are investing in monitoring systems that minimize energy losses and maximize power consumption as a result of Europe's emphasis on sustainability and energy efficiency. The demand for more environmentally friendly operations and adherence to strict energy rules is fueling this market's expansion as well. The demand for more intelligent, effective, and sustainable power management solutions is projected to fuel the market for switchgear monitoring systems in Europe as long as technology improvements persist.
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different switchgear monitoring systems. Moreover, the study provides the reader with a detailed understanding of the Europe switchgear monitoring system market based on the end user (utilities, industrial, commercial, and others). Furthermore, there is a growing demand for reliable and cost-effective switchgear monitoring systems. Manufacturers can seize opportunities to design and produce next-generation switchgear equipped with advanced monitoring and diagnostic features.
Growth/Marketing Strategy: The Europe switchgear monitoring system market has seen major development by key players operating in the market, such as business expansions, partnerships, collaborations, mergers and acquisitions, and joint ventures. The favored strategy for the companies has been product developments, business expansions, and acquisitions to strengthen their position in the Europe switchgear monitoring system market.
Competitive Strategy: Key players in the Europe switchgear monitoring system market analyzed and profiled in the study involve switchgear monitoring system manufacturers and the overall ecosystem. Moreover, a detailed competitive benchmarking of the players operating in the Europe switchgear monitoring system market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
- ABB
- Siemens
- Schneider Electric
- Eaton
Market Segmentation:
End User
- Utilities
- Industrial
- Commercial
- Others
Type
- Air-Insulated Switchgear
- Gas-Insulated Switchgear
Voltage
- Low Voltage
- Medium Voltage
- High and Extra Voltage
Service
- Partial Discharge Monitoring
- Gas Monitoring
- Temperature Monitoring
- Others
Region
- Germany
- France
- Spain
- U.K.
- Rest-of-Europe
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 84 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $660.2 Million |
| Forecasted Market Value (USD) by 2033 | $1514.1 Million |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | Europe |
Key Topics Covered:
1 Markets
1.1 Trends: Current and Future Impact Assessment
1.1.1 Trends Shaping Switchgear Monitoring System Market
1.1.2 Rising Demand for Electricity
1.1.3 Integration of Digital Technologies and Internet of Things (IoT)
1.2 Supply Chain Overview
1.2.1 Value Chain Analysis
1.2.2 Market Map
1.2.2.1 Switchgear Monitoring System Market - Product (by Type)
1.2.2.1.1 Air-Insulated Switchgear
1.2.2.1.2 Gas-Insulated Switchgear
1.2.3 Pricing Forecast
1.3 Research and Development Review
1.3.1 Patent Filing Trend (by Country and Company)
1.4 Regulatory Landscape
1.5 Stakeholder Analysis
1.5.1 Use Case
1.5.2 End User and Buying Criteria
1.5.2.1 Utility Companies
1.5.2.2 Industrial Facilities
1.5.2.3 Commercial Buildings
1.6 Impact Analysis for Key Global Events
1.6.1 COVID-19 Pandemic
1.6.2 Russia-Ukraine Conflict
1.6.3 Middle East Crises
1.7 Major Developments and Ongoing Projects
1.8 Market Dynamics Overview
1.8.1 Market Drivers
1.8.1.1 Aging Electrical Infrastructure
1.8.1.2 Advancements in IoT and Sensor Technology
1.8.2 Market Restraints
1.8.2.1 High Implementation Costs and Complex Data Management
1.8.3 Market Opportunities
1.8.3.1 Renewable Energy Integration
2 Regions
2.1 Regional Summary
2.2 Europe
2.2.1 Key Market Participants in Europe
2.2.2 Business Drivers
2.2.3 Business Challenges
2.2.4 Application
2.2.5 Product
2.2.6 Germany
2.2.7 Application
2.2.8 Product
2.2.9 France
2.2.10 Application
2.2.11 Product
2.2.12 Spain
2.2.13 Application
2.2.14 Product
2.2.15 U.K.
2.2.16 Application
2.2.17 Product
2.2.18 Rest-of-Europe
2.2.19 Application
2.2.20 Product
3 Markets - Competitive Benchmarking & Company Profiles
3.1 Competitive Landscape
3.2 Company Profile
3.2.1 ABB
3.2.1.1 Overview
3.2.1.2 Top Products/Product Portfolio
3.2.1.3 Top Competitors
3.2.1.4 Target Customers/End-Use Industries
3.2.1.5 Key Personnel
3.2.1.6 Analyst View
3.2.1.7 Market Share, 2022
3.2.2 Siemens
3.2.3 Schneider Electric
3.2.4 Eaton
3.3 Other Key Market Participants
3.4 Growth Opportunities and Recommendations
4 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/mcg5o7
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