Switchgear Monitoring System Market Insights by Emerging Trends, Future Growth, Revenue Forecast, Demand Forecast Till 2023


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Shibuya Data Count

Jun 04, 2021, 04:24 EST


Shibuya-ku, Tokyo, Japan, Japan, Jun 04, 2021, 04:24 /Comserve / -- This detailed analysis includes market size and forecasts, covering regional analysis, trends, opportunities and COVID-19 analysis. The analysis also includes key players with business strategies and key indicators that influence market growth.

The switchgear monitoring system market is projected to reach USD 2.0 billion by 2023 from an estimated USD 1.4 billion in 2018, at a CAGR of 7.83%. Growing investments in renewable energy and demand for safe and secure electrical distribution systems have increased the demand for switchgear monitoring system. However, high cost of monitoring devices and stringent regulations for SF6 switchgears could act as a restraint for the market.

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The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3: The switchgear monitoring system market is dominated by a few major players that have a wide regional presence. The leading players in switchgear monitoring system market are Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (US), and Emerson (US).

“The gas insulated switchgear segment is expected to be the fastest growing market from 2018 to 2023.”
The gas insulated switchgear (GIS) segment is expected to hold the largest market share in 2018 and is projected to be the fastest growing segment during the forecast period. They are mainly used in industrial areas to fulfill high-energy demands through a space-saving design of minimum cost. GISs are deployed in various industries, serving different needs at varying voltage levels. Many developed countries have also started improving their T&D network to ensure safety and security with the help of switchgear monitoring system.

“The hardware segment by component is expected to be the largest market from 2018 to 2023.”
The hardware segment is expected to hold the largest market share during the forecast period because these devices can be controlled or automated from the control room by the control system/software, and are essential in monitoring operations. Asia Pacific is expected to hold the largest market for hardware with rapid adoption in countries such as China and India.

“Rapid expansion of power plants and transmission lines to meet the growing electricity requirements is expected to drive the utilities segment market between 2018 and 2023.”
The utilities segment, by end-user, held the largest market share in 2018 and is estimated to be the fastest growing segment during the forecast period because the utilities segment is responsible for the generation, transmission, and distribution of electricity. Electric utilities include investor-owned and publicly-owned cooperatives and nationalized entities, which are the major providers of electricity in most of the countries, worldwide.

“Europe: The second fastest growing market for switchgear monitoring system.”
The European region is expected to be the second fastest growing market for switchgear monitoring system by 2023. The European power generation, transmission, and distribution systems are comparatively mature. Therefore, the EU is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading. This would also require replacement of switchgear from electromechanical to digital by installing switchgear monitoring system.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 60%, Tier 2- 23%, and Tier 3- 17%
By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: Asia Pacific- 30%, Europe- 23%, North America- 19%, Middle East & Africa- 15%, and South America- 13%

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"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."

Note: Others includes sales managers, marketing managers, product managers, and product engineers.

Research Coverage:
The report defines, describes, and forecasts the switchgear monitoring system, by switchgear type, component, end- user, voltage, monitoring type, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the switchgear monitoring system market.

Why Buy this Report?

  • The report identifies and addresses key markets for switchgear monitoring system, which would help manufacturers review the growth in demand.
  • The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
  • The report will help key players understand the strategies of their competitors better and help then in making better strategic decisions.

TABLE OF CONTENTS

1 INTRODUCTION 18
1.1 OBJECTIVES OF THE STUDY 18
1.2 DEFINITION 18
1.3 MARKET SCOPE 19
1.3.1 MARKET SEGMENTATION 19
1.3.2 REGIONAL SCOPE 19
1.4 YEARS CONSIDERED FOR THE STUDY 20
1.5 CURRENCY 20
1.6 LIMITATION 20
1.7 STAKEHOLDERS 21
2 RESEARCH METHODOLOGY 22
2.1 MARKET SIZE ESTIMATION 23
2.1.1 IDEAL DEMAND-SIDE ANALYSIS 23
2.1.1.1 Assumptions 23
2.1.2 SUPPLY-SIDE ANALYSIS 23
2.1.2.1 Calculation 23
2.1.3 FORECAST 24
2.2 SOME OF THE INSIGHTS OF INDUSTRY EXPERTS 25
3 EXECUTIVE SUMMARY 26
4 PREMIUM INSIGHTS 31
4.1 ATTRACTIVE OPPORTUNITIES IN THE SWITCHGEAR MONITORING SYSTEM MARKET BY 2023 31
4.2 SWITCHGEAR MONITORING SYSTEM MARKET, BY REGION 32
4.3 ASIA PACIFIC SWITCHGEAR MONITORING SYSTEM MARKET, BY MONITORING TYPE & COUNTRY 33
4.4 SWITCHGEAR MONITORING SYSTEM MARKET, BY SWITCHGEAR TYPE 33
4.5 SWITCHGEAR MONITORING SYSTEM MARKET, BY END-USER 34
4.6 SWITCHGEAR MONITORING SYSTEM MARKET, BY COMPONENT 34
4.7 SWITCHGEAR MONITORING SYSTEM MARKET, BY VOLTAGE 35
5 MARKET OVERVIEW 36
5.1 INTRODUCTION 36
5.2 MARKET DYNAMICS 36
5.2.1 DRIVERS 37
5.2.1.1 Demand for safe and secure electrical distribution systems 37
5.2.1.2 Demand for continuous monitoring of switchgears 37
5.2.1.3 Revival of investments in the construction sector 38
5.2.1.4 Growing investments in renewable energy 38
5.2.2 RESTRAINTS 39

Request to Fill The Form To get Sample Copy of This Report: https://www.sdki.jp/sample-request-106516

"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."

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