Switchgear Monitoring System Market is Projected to Reach US$ 2,172.2 Million with a 4.4% CAGR by 2034 | Fact.MR Report
Rockville, MD , Nov. 14, 2024 (GLOBE NEWSWIRE) -- The global switchgear monitoring system market size projected to reach US$ 1,412.2 million in 2024. The switchgear monitoring system sales are expected to witness a CAGR of 4.4% from 2024 to 2034. By 2034, the switchgear monitoring system demand is anticipated to reach a valuation of US$ 2,172.2 million.
Increasing expenditures in renewable energy, and the growing need for safe electrical transmission and distribution systems are the main factors propelling the global switchgear monitoring system market.
The infrastructure sector is anticipated to witness a rise in demand for switchgear monitoring system as infrastructure develops. The demand for switchgear monitoring systems has increased due to the necessity of voltage controls for effective power distribution on complex and costly infrastructure. Demand is rising due to consumer interest in electrically insulated switchgear monitoring systems that are technologically advanced.
Many constraints, such as the high monitoring costs connected with switchgear monitoring systems, are directly impeding the switchgear system market growth. End users are concerned about safety because wireless switchgear monitoring systems are highly susceptible to cyberattacks.
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Regional Outlook:
Due to rising costs for smart grid infrastructure expansion, transmission, and administration, as well as growing reliance on renewable energy sources and infrastructure projects. The Asia Pacific is expected to command the switchgear monitoring system market.
Due to the excessive development in electricity supply, China has significant installed creation and distribution capabilities in the zone, which has advanced demand for switchgear monitoring systems. Similarly, growing power distribution in nations like Australia, Japan, and India encourages the growth of switchgear monitoring in the Asia Pacific.
According to estimations, North America is the second significant switchgear system market. Due to the country's expanding distribution networks and channelling, the switchgear monitoring system market in North America is predicted to flourish in the United States.
Key Takeaways:
- The GIS segment in the switchgear type category to grab a share of 59.6% by 2034.
- In the voltage level category, the high voltage segment to acquire a market share of 42.9% by 2034.
- The GIS segment in the switchgear type category to exhibit a CAGR of 4.6% from 2024 to 2034.
- In the voltage level category, the high voltage segment to develop at a CAGR of 4.6% between 2024 and 2034.
- The United States switchgear monitoring system sales is anticipated to accelerate at a CAGR of 4.7% from 2024 to 2034.
- Canada switchgear system market to evolve at a CAGR of 5.2% through 2034.
- Mexico switchgear monitoring system market is anticipated to boost at a CAGR of 3.6% between 2024 and 2034.
- China switchgear monitoring system industry are expected to surge at a CAGR of 5.7% through 2034.
- Japan switchgear monitoring system market to exhibit a CAGR of 5.4% through 2034.
- South Korea switchgear monitoring system industry is anticipated to accelerate at a CAGR of 4% between 2024 and 2034.
“The switchgear monitoring system market is expected to expand significantly because of the growing need for effective power distribution. The market expansion is driven by growing attention to grid dependability and IoT technology improvements, providing switchgear monitoring system vendors with opportunities to innovate and gain market share.” comments an analyst
Leading Players Driving Innovation in the Switchgear Monitoring System Market:
Zebra Technologies Corporation, Schneider Electric, Qualitrol Company LLC, GE Grid Solutions, ABB Ltd, KONCAR- Electrical Engineering Institute, Inc., Farsens, IPEC Ltd, ALTANOVA Group, Haozhi Electric, Industrial Electric MFG, Prism Power Group, Siemens (Siemens Energy), OMICRON, DONWIL, Fuji Electric Co., Ltd, LUMEL S.A, Mitsubishi Electric Corporation, Megger, Others
Competitive Landscape
Various techniques, including partnerships, mergers, and acquisitions, have been employed by switchgear monitoring system vendors in the industry to expand. Significant switchgear monitoring system providers invest in research and development and launch cutting-edge items for their clients to boost their revenue share.
Country-wise Analysis :
Through 2034, the switchgear monitoring system market in North America is projected to develop at a 4.6% CAGR. The primary driver of the increase is the growing need for switchgear monitoring systems in industrialised countries, especially the US and Canada. The United States is a contributor to the switchgear monitoring system industry, with a projected 64.9% market share by 2034.
Sales of switchgear monitoring systems in East Asia are anticipated to grow at a 5.4% CAGR until 2034. By 2034, China is expected to hold a 57.3% market share in East Asia for switchgear monitoring systems, making it the industry leader.
Switchgear Monitoring System Industry News:
- Eaton plans to invest over US$ 500 million in its North American manufacturing in August 2023 to keep up with the rapidly growing demand for its electrical solutions in the utility, commercial, data center, industrial, residential, and healthcare sectors.
- A smart railway power grid with an integrated system that integrates smart metering, innovative power electronic components, energy management, and energy storage systems is developed by General Electric as part of the EU-funded IN2STEMPO project, which was launched in November 2022.
- In March 2020, El Sewedy Electric T&D awarded ABB a contract to provide high-voltage gas-insulated switchgear and shunt reactors for a steady power supply.
- Schneider Electric plans to grow its manufacturing operations in Leeds and Scarborough, the United Kingdom, in February 2020 to meet the rising demand for renewable energy. Leeds and Scarborough manufacture low-, medium-, and high-voltage switchgear.
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