Switchgear Monitoring System Market: Current Analysis and Forecast (2021-2027)
The switchgear monitoring system is a set of equipment used to keep a track of the condition of switchgear and detect any defects in switchgear to prohibit possible failure of switchgear system which may cause unwanted power outages. It is usually installed to monitor the apparatuses of the air insulated switchgear (AIS) and monitor the gas insulated switchgear (GIS). Some benefits which these systems offer include avoiding unplanned outages, reducing industrial downtimes, reducing repair costs through improved failure detection, improving switchgear availability, cost-effectiveness, and proactive maintenance strategy. Moreover, they are also regarded environmentally benign because they help to limit the leakage of the greenhouse gas SF6, further enhancing the overall market outlook. Switchgear Monitoring Market provides advantages in grid distribution including energy savings through reduced usage, improved customer service and more accurate bills, fraud detection and technical losses, and many more. The rising need for continuous monitoring of switchgear across various business verticals, the rising investments for efficient and reliable renewable energy and in T&D networks for upgrading the aging infrastructure, are some factors driving the target market's rise. However, some of the restraints in the market include high capital requirement for installing switchgear monitoring systems, stringent environmental and safety regulations for SF6 switchgears which are some factors impeding the growth of this market all over the world.
Based on type, the market is segmented into GIS and AIS. The GIS segment grabbed XX% market share of the Global Switchgear Monitoring System Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as they are mainly used in industrial areas to fulfill high-energy demands through a space-saving design of minimum cost.
Based on component type, the market is segmented into Hardware & Software & Services. In 2020, the Hardware segment dominated the Switchgear Monitoring System Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) as it helps to control, measure, transmit, and analyze the data in process and non-process industries, utilities, commercial sector, and others.
Based on voltage type, the market is classified into High and medium. The High voltage segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as high-voltage switchgear are mostly gas-insulated switchgear, rated above 36 kV and are connected to high-voltage transmission grids. They are mostly used by different end users such as T&D utilities, large power generation plants, and railways & metros.
Based on monitoring type, the market is classified into Temperature Monitoring, Partial Discharge Monitoring, Gas Monitoring and others. The temperature segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as temperature monitoring offers the early detection of incipient problems, which leads to the rapid identification of issues and better maintenance resulting in a little or no downtime associated with switchgear failure.
Based on end user type, the market is classified into T&D Utilities, Industries, Commercial and others. The T&D Utilities segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 as this segment is responsible for the transmission, and distribution of electricity and there is a rapid expansion of power plants and transmission lines to meet the growing electricity.
For a better understanding of the market adoption of Switchgear Monitoring System, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of increase in demand for power due to rapid urbanization and increase in industrialization in the region.
Some of the major players operating in the market include Schneider Electric, Siemens AG, ABB Ltd., General Electric, Eaton Corporation etc. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions.