Report Ocean has released a research study titled “Switchgear Monitoring System Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Switchgear Monitoring System Market is valued approximately at USD 1.3 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 9.7% over the forecast period 2021-2027. Switchgear is a type of electrical equipment that controls, protects, and isolates other electrical equipment. It’s used to clear faults and de-energize equipment. Electrical switches, fuses, and circuit breakers are examples of switchgear components. Switchgear control systems assist in the monitoring of switchgear functions in substations and transformers. Switchgear control systems are also considered environmentally friendly because they help in the prevention of SF6 gas leakage, which is a greenhouse gas. The global switchgear monitoring system market is expected to benefit from this.
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Switchgear, which includes devices associated with power system control and security such as switches, fuses, circuit breakers, and relays that are used to control, secure, and isolate electrical equipment to allow the continuous and reliable supply of electricity, is one of the most vulnerable links in the power grid infrastructure. Renewable energy sources account for the largest share of investment in power generation, according to the IEA, with annual investments of about USD 350 billion. Countries all over the world are turning their attention to renewable energy production. However, High capital requirement for installation, may impede market growth over the forecast period of 2021-2027.
Geographically, in 2019, the Asia Pacific region had the largest share of the global switchgear monitoring device market. China, Japan, South Korea, Australia, and the Rest of Asia Pacific are the countries involved the region. China is the region’s largest and fastest-growing market. China is commonly considered as the world’s pioneer in power transmission and distribution. The country is primarily focused on building transmission lines capable of transferring heavier concentrations over long distances and establishing a reliable power system across the country. Renewable energy projects such as wind and solar are rapidly expanding and growing in China.
Major market player included in this report are:
Konar-Electrical Engineering Institute
Schneider Electric
High Voltage Partial Discharge (Hvpd)
Rugged Monitoring
Power Diagnostic Service
Doble Engineering
General Electric
Tiara Vibrasindo Pratama
Siemens
Mitsubishi Electric
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MARKET OVERVIEW
Certainly! Here’s an in-depth analysis of the Switchgear Monitoring System (SMS) market.
- Increasing Demand for Reliable Power Distribution: The SMS market is experiencing growth due to the rising need for uninterrupted power supply across industries, utilities, and commercial sectors. Switchgear systems play a vital role in ensuring continuous electricity distribution and preventing downtime.
- Transition towards Smart Grids and Digitalization: The global shift towards smart grids and digitalization in the energy sector is propelling the adoption of SMS. These systems enable real-time monitoring, analysis, and control of switchgear components, optimizing grid performance and reliability.
- Focus on Preventive Maintenance and Asset Optimization: SMS facilitates predictive and preventive maintenance strategies for switchgear equipment. Continuous monitoring of parameters like temperature, humidity, and partial discharge aids in early fault detection, reducing maintenance costs and extending equipment lifespan.
- Integration of Advanced Sensor Technologies: Advancements in sensor technologies are driving SMS innovation. Integration of sensors for temperature, vibration, gas, and moisture levels enables comprehensive monitoring, allowing for predictive maintenance and minimizing failures.
- Emphasis on Condition-based Monitoring: Condition-based monitoring capabilities within SMS are gaining prominence. Analyzing the condition of switchgear components in real-time aids in identifying potential faults and taking corrective actions before critical failures occur.
- Adoption of IoT and Cloud-based Solutions: IoT-enabled SMS, combined with cloud-based platforms, allows remote monitoring and data analytics. This integration enables predictive insights, historical data analysis, and remote diagnostics for efficient decision-making and maintenance planning.
- Cybersecurity and Data Privacy Concerns: With increased connectivity and digitization, ensuring robust cybersecurity measures is crucial. Protecting SMS from cyber threats and unauthorized access is essential to safeguard critical infrastructure and sensitive data.
- Compliance with Industry Standards and Regulations: Adherence to industry standards and regulations (such as IEC, ANSI, and IEEE) is fundamental for SMS providers. Compliance ensures the reliability, safety, and performance of switchgear systems, fostering trust among stakeholders.
- Market Expansion in Emerging Economies: Emerging economies experiencing rapid industrialization and infrastructure development are witnessing increased demand for SMS. The expansion of these markets presents opportunities for SMS providers to cater to evolving needs.
- Focus on Sustainable and Energy-efficient Solutions: Manufacturers are focusing on developing environmentally friendly and energy-efficient SMS solutions. Implementing sustainable technologies aligns with global environmental initiatives and promotes energy conservation in the power sector.
The detailed segments and sub-segment of the market are explained below:
By Type:
GIS
AIS
By Component:
Hardware
Software & Services
By Voltage:
High
Medium
By Monitoring Type:
Temperature Monitoring
Partial Discharge Monitoring
Gas Monitoring
Others
By End user:
Utilities
Industries
Commercial
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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