Switchgear Monitoring Market

Switchgear Monitoring Market Value and Growth Analysis:

The global switchgear monitoring market is foreseen to develop up to USD 2.5 billion by 2026, with a CAGR of 9.3%, compared to USD 1.8 billion in 2021. Some of the benefits offered by Switchgear monitoring systems are preventing unforeseen failures, reducing repair costs through better fault detection, improved switchgear availability, and a more efficient, cost-effective and proactive maintenance strategy. Switchgears are employed to protect, control, and isolate electrical equipment from damage caused by power surges or fewer power fluctuations. Additionally, these systems are employed to eliminate downstream power failures as well as to de-energize equipment. Switchgear is electrical equipment employed to control, protect, and isolate electrical equipment. It is employed to shut down equipment and eliminate faults. The switchgear is made up of components such as electrical switches, fuses or circuit breakers.

The escalating call to upgrade the existing power grid in accordance with the regulatory and tax reorganization in large-scale industries will increase the prospects for the industry. The lack of reliable and efficient energy infrastructure in developing regions, together with a growing trend of the advancement of the dominant grid infrastructure in developed countries, has positively influenced business dynamics.

Switchgear Monitoring Market Recent Developments and Trends:

• Siemens launches a monitoring system for medium voltage switchboards. The system is designed to monitor the operation of the circuit breaker drive, as well as to verify the reliability of the trip system and the closed circuit.

• Eaton introduces latest switchgear monitoring and management platform to improve personnel safety and enhance system availability.

Switchgear Monitoring Market Drivers

With the escalating call for electricity, utilities are highly focusing on maximizing the reliability of electrical assets to minimize downtime while simultaneously reducing financial losses. The switchgear is one of the most vulnerable links in the electrical network infrastructure since it includes devices associated with the control and protection of the electrical system such as switches, fuses, circuit breakers and relays that are employed. However, in some cases, the board is subject to overheating due to excessive loads, normal wear and tear, and harsh environmental conditions. If left unattended, it can cause breakdowns that lead to damage to switchgear and surrounding equipment, loss of energy production and, in extreme cases, can even pose a risk to human life.

Restraints:

The COVID-19 pandemic has had a negative impact on the energy industry around the world in recent months. The electricity call curve has taken new forms, mainly in countries where the impact of the pandemic is high. The drop in electricity call is due to blockades between countries to mitigate the spread of the virus, which is likely to have a negative impact on the entire market. Furthermore, investments for the modernization of the network are also predicted to decrease during the foreseen period.

Opportunities in the Switchgear Monitoring Market:

A smart grid is a digital technology that focuses on modernizing power grids by providing two-way communication between the utility company and its customers. Worldwide power companies are increasingly investing in smart grid technologies to detect and eliminate blackouts before a blackout occurs through automatic monitoring of electrical equipment. At the end user level, smart grids can enable call flexibility and consumer participation in power system operations through distributed generation and storage.

Challenges:

The home appliance monitoring systems are foreseen to see a downfall in 2021 due to COVID-19 pandemic. Siemens has seen a sharp drop in call from China, Germany and Italy, where the impact of COVID-19 is high. This loss of call will ultimately have an impact on overall business revenue. However, the software market is estimated to have a low to moderate impact compared to hardware.

REPORT COVERAGE:

Switchgear Monitoring Market Segmentation:

By type:

• GIS
• AIS

The GIS fragment is predicted to dominate the switchgear monitoring industry throughout the foreseen period. The market for gas-insulated switchgear monitoring is driven by the escalating call for monitoring high-voltage electrical assets to avoid unplanned outages and reduce maintenance costs.

By voltage:

• High
• Medium

The high-voltage segment had the largest share of the switchgear monitoring market, by voltage in 2019. The expansion of the high-voltage segment is driven by higher call for high-voltage switchgear monitoring systems. Any defect in switching devices is likely to hamper the electricity supply of a city or an entire region.

By component:

• Hardware
• Software
• Services

By monitoring:

• Temperature
• PD
• Gas
• Others

The temperature segment had the largest share of the switchgear monitoring market in 2019. Temperature monitoring offers early detection of emerging problems, leading to quick problem identification and better maintenance than results in limited downtime or no equipment failure.

By end user:

• Utilities
• Industries
• Commercial

Switchgear Monitoring Regional Analysis:

The Switchgear Monitoring Report includes the segmentation of Regions with their respective Countries.

• North America Switchgear Monitoring Industry includes U.S, Canada.
• Europe Switchgear Monitoring Industry includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.
• Asia Pacific Switchgear Monitoring Industry includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.
• Latin America Switchgear Monitoring Industry includes Brazil, Mexico, Argentina, Chile & Rest of LATAM.
• Middle East & Africa Switchgear Monitoring Industry includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

Asia-Pacific accounted for the majority of the worldwide market for switchgear monitoring systems in 2019. China is the largest and most dynamic market in the area. It is considered to be the world's leading power transmission and distribution country. The country's main focus is to develop transmission lines capable of transferring high loads over long distances and to create a reliable electricity system nationwide. There is rapid development and expansion of renewable energy projects like wind and solar in China. Asia-Pacific has the largest share of the switchgear monitoring market due to escalated investment in the development of smart grid infrastructure, transmission and distribution expenses, escalating dependence on renewable energy production sources and infrastructure activities in the recent past. China had the largest installed generation and distribution capacity in the region due to high call for electricity supply, which led to increasing call for switchgear monitoring systems.

Switchgear Monitoring Market Key Players:

The key players operating in the global switchgear monitoring market are ABB (Switzerland), Eaton (Ireland), Schneider Electric (France), Siemens (Germany), Emerson (US), Fortive (France), Mitsubishi Electric Corporation (Japan), Senseor (France), Trafag AG (Switzerland), KONCAR-Electrical Engineering Institute, Inc. (Croatia), and others.