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Global Switchgear Monitoring System Market Analysis and Review By Switchgear Type (GIS, AIS) By Voltage Level (High, Medium, Low)
[235 Pages] According to Persistence Market Research, the Switchgear Monitoring System Market revenue totalled US$ 1,262.9 Mn for 2022. The demand for Switchgear Monitoring System will accelerate with the top 5 market players holding more than 70% market share on value basis of the Switchgear Monitoring System Market in 2022. The overall Switchgear Monitoring System Market is expected to reach US$ 2,047.0 Mn by 2033, growing at a CAGR of 4.5 % from 2023 to 2033.
Due to rising demand for secured electrical transmission and distribution system, continuous monitoring of switchgear system, increased investments in renewable energy are some of the key factors boosting the global switchgear monitoring system market.
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Global Switchgear Monitoring System Market Size (2022A) |
US$ 1,262.9 Mn |
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Global Switchgear Monitoring System Market Size (2023E) |
US$ 1,318.1 Mn |
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Projected Switchgear Monitoring System Market Value (2033F) |
US$ 2,047.0 Mn |
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Value CAGR (2023-2033) |
4.5% |
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Collective Value Share: Top 3 Countries (2022) |
27.7% |
Demand for switchgear systems in the infrastructure industry is anticipated to increase as infrastructure throughout the world evolves. Voltage controls are required for proper power distribution on the intricate and expensive infrastructure, which has in tune increased the market demand for switchgear monitoring systems. Consumer interest in technologically improved switchgear monitoring systems with electrical insulations will increase demand in the near future.
Since new technologies are being introduced, many manufacturers are investing in the research and development of monitoring systems to offer end users better and environmentally friendly systems. The primary goal of switchgear monitoring systems is to obtain precise data on the switchgear's functioning conditions at any given time. Wireless technology, in conjunction with sensors, is able to meet this need. In order to support market expansion manufacturers are also creating technologies like SF6-free monitoring systems which are using pure air and solid insulation technology for the more sustainable solutions. They are designed to cater to all critical power distribution applications in primary and secondary energy networks.
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Historically, the Switchgear Monitoring System market witnessed a CAGR of 2.3% from 2017 to 2022, with regions such as North America, Europe, and South Asia & Pacific holding a significant part of the global market.
Switchgear monitoring systems are mostly utilised in industrial settings and energy distribution facilities to ensure the safety of machinery and other components. Since last few, these monitoring systems have also been utilised in the railway transportation.
The capacity for producing energy has increased significantly throughout time and is now expanding quickly which leads to surge in the sales of switchgear monitoring system. In today's world, it is crucial to raise environmental awareness and increase resource efficiency. The use of offshore wind energy is significantly assisting in addressing these issues. A new generation of wind power facilities outfitted with cutting-edge technologies is necessary to meet the rising demand for electricity.
The global switchgear monitoring system Market is expected to grow at a CAGR of roughly 4.5% over the Forecasting Period.
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Get a Customized VersionThe need for switchgear monitoring systems is increasing to reduce the risk of short circuits and breakdowns and to ensure the security and long life of switchgear. The range and need for switchgear and associated monitoring systems are growing as a result of ongoing industrial expansion and urbanisation in developing nations. Additionally, the need for Switchgear monitoring systems is increasing due to the expansion of the energy and utility industries and, to a considerable extent, wireless technology.
Switchgear monitoring systems are used to prevent the leakage of SF6 gas, which are consider as greenhouse gas. The market for switchgear monitoring systems is anticipated to be drive by this factor.
Around the world, there are about 500,000 towns and villages without access to dependable, affordable power. Switchgear monitoring systems can be installed in a particular regional or national energy system with the additional goal of stabilising the grid to reduce the likelihood that the electrical components would fail. This would increase the safety of the electricity supply. According to these advantages consumer demand will increase for these systems and propel the switchgear monitoring system market.
There are many factors which are directly impacting the growth of Switchgear monitoring system market like high monitoring cost associated with the switchgear monitoring system, which highly impede the growth of market. There is high risk for cyberattacks in the wireless switchgear monitoring systems which cause safety concerns for end users of switchgear monitoring system.
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Why is China a Huge Market for Switchgear Monitoring Systems?
According to the Persistence Market Research Analysis, throughout the projected period, East Asia is expected to continue to be one of the key lucrative markets. The expansion of Renewable Energy projects like wind and solar in the region is one of the key factors promoting.
The utility sector is expected to have the fastest growth for switchgear monitoring systems over the next several years because China is one of the top producers of electronic goods on the international market.
What Makes Canada an Emerging Market in North America?
A greater growth rate is expected for the Canada market for switchgear monitoring systems until 2033. The main cause is the country's industrial growth and the advancement of electric equipment, which would increase the number of switchgear installations and drive-up market for switchgear monitoring systems.
How is India Faring in the Switchgear Landscape?
Considering that the energy and utilities sector has grown to be a significant end user in the nation, India is a sizable marketplace for switchgear monitoring systems. India is predicted to grow steadily at a CAGR of XX% from 2023 to 2033, which is a significant growth rate when compared to South Asia & Pacific.
Which Type of Switchgear Monitoring System is Most Widely Used by Voltage Level?
In most places, high voltage level switchgear monitoring systems are used. A lot of businesses and power plants have high electric potential machinery, which necessitates the use of high voltage devices like high voltage level switchgear and subsequently high voltage level switchgear monitoring systems. Through 2033, this market segment will maintain its more than 40% market share.
Which End-use Industry Demands the Highest Requirement for Switchgear Monitoring Systems?
By End Use Industry, Energy and Utility sector will account for more than two-third of market share in the market. The demand for switchgear monitoring systems from this industry will stay high due to the ongoing rise in the energy generation and distribution sectors.
Due to regional regulations that support the private sector's involvement in industrial and technological growth, the prominent share of market players have focused on East Asia and the South Asia Pacific area. Additionally, big players have a lot of patents, which provides them an advantage over regional players.
The Switchgear Monitoring System industry has witnessed a range of expansion tactics employed by market players in recent years, include acquisitions, mergers, and collaborations. Industry participants are spending in R&D and introducing new items to the market for their clients in order to enhance their revenue share.
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Attribute |
Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2017-2022 |
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Market Analysis |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By Switchgear Type
By Voltage Level
By Monitoring Type
By Component
By End User
By Region
The global Switchgear Monitoring System market is estimated to be valued at over US$ US$ 1,262.9 Mn as of 2022.
Switchgear Monitoring System market is projected to increase at 4.5% CAGR and is expected to be valued at around US$ US$ 2,047.0 Mn by 2033 end.
Zebra Technologies Corporation, Schneider Electric, Qualitrol Company LLC, GE Grid Solutions, ABB Ltd, Farsens, IPEC Ltd, ALTANOVA Group, Haozhi Electric, Industrial Electric MFG are the top players in the global Switchgear monitoring system market.
Germany, China, U.S., India, and Japan are driving most of the demand for Switchgear Monitoring System market
The market in Germany is set to expand at XX% CAGR during the coming forecasted period.
China, the U.S., and Germany are major producers and exporters of Switchgear Monitoring System market
China is slated to hold a XX% share of the global market by 2033.
