Market Research Future (MRFR) projects the switchgear monitoring market size is projected to reach USD 2.16 Billion at a CAGR of 7.86% from 2019 to 2024 (forecast period).
Multiple Factors Contributing to Market Growth
Rising power consumption, desire for secure electrical distribution systems, and expanding investments in renewable energy sources are the primary drivers driving the worldwide switchgear monitoring market's growth. The power sector is experiencing a surge in demand for switchgear as investments in transmission and distribution networks expand. According to the OECD, cumulative power sector investment from 2017 to 2040 will be around USD 5.9 trillion for transmission and USD 2.1 trillion for distribution networks. As a result, demand for switchgear monitoring systems is expected to rise during the forecast period.
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Furthermore, the worldwide switchgear monitoring market is expected to expand rapidly during the forecast period due to an increase in the usage of renewable energy sources. According to the IEA, renewable energy sources account for the majority of investment in power generation, accounting for around USD 350 billion per year. Countries all over the world are changing their focus to renewable energy generation. For example, the Chinese government planned to invest USD 360 billion in renewable energy in 2020, increasing demand for switchgear in the country. The global expansion of data centers will provide an opportunity for the switchgear monitoring market.
The global switchgear monitoring industry has been segmented based on type, voltage, component, and end-use.
On the basis of voltage, the global switchgear monitoring market has been segmented into high and medium voltage.
On the basis of components, the global switchgear monitoring market has been segmented into hardware and software & services.
On the basis of end-use, the global switchgear monitoring market has been segmented into utilities, industrial, commercial, and others.
APAC to Dominate the Global Market
Due to rising investments in smart grid infrastructure development, transmission and distribution spending, growing reliance on renewable power generating sources, and infrastructural activity in recent years, Asia Pacific owns the greatest share of the switchgear monitoring market. Due to the strong demand for electric supply, China accounted for the most installed generating and distribution capacity in the region, resulting in an increased demand for switchgear monitoring systems. Similarly, rising power distribution in nations such as India, Australia, and Indonesia would stimulate expansion in Asia Pacific switchgear monitoring.
The key players active in the global switchgear monitoring market are ABB (Switzerland), Fortive (France), Eaton (Ireland), Schneider Electric (France), Siemens (Germany), Emerson (US), Mitsubishi Electric Corporation (Japan), Senseor (France), Trafag AG (Switzerland), KONCAR-Electrical Engineering Institute, Inc. (Croatia), and Siemens (Germany).
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ABB, Schneider Electric, and Emerson, among other key competitors in the switchgear monitoring market, are actively focusing on negotiating contracts and agreements with utilities and businesses to deliver switchgear monitoring systems. Furthermore, according to the Energy Information Administration (EIA), investment in circuit protection equipment has surged by 69 percent in the United States over the last decade, implying additional prospects for the switchgear monitoring system. Another reason driving utility demand for switchgear monitoring systems is the growing safety concerns related to photovoltaic systems and distributed energy resources.
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