The global switchgear
monitoring system market is projected to reach a size of USD 2.0
billion by 2023, at a CAGR of 7.83%, from an estimated USD 1.4 billion in 2018.
Growing investments in renewable energy and demand for safe and secure
electrical distribution systems have increased the demand for switchgear
monitoring system.
The major players in the global switchgear monitoring system
market are Schneider Electric (France), Siemens AG (Germany), ABB
(Switzerland), General Electric (US), Emerson (US), Eaton Corporation (Republic
of Ireland), Koncar Electrical Engineering Institute (Croatia), Mitsubishi
(Japan), Tiara Vibrasindo Pratama (Indonesia), Trafag (Switzerland), Senseor
(France), Fortive (US), and Independent Power Engineering Consultants (UK).
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The hardware segment
is expected to be the largest contributor during the forecast period.
The switchgear monitoring system market, by component, is
segmented into hardware and software & services. The hardware segment is
expected to dominate the market by 2023. Hardware devices help control,
measure, transmit, and analyze the data in the process and non-process
industries, utilities, commercial, and other sectors. As these devices can be
controlled or automated from the control room by the control system/software,
they are essential in monitoring operations.
By end-user, the
utilities segment is expected to grow at the fastest rate during the forecast
period.
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. On
the other hand, increasing laws supporting reliable, uninterrupted power supply
is increasingly being adopted in regions such as North America and Europe which
is driving the market for switchgear monitoring system.
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Key questions
addressed by the 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 make better strategic decisions.
- The
report addresses the market share analysis of key players in market, and
with the help of this, companies can enhance their revenues in the
respective markets.
- The
report provides insights about emerging geographies for switchgear monitoring
system, and hence, the entire market ecosystem can gain competitive
advantage.
To speak to our
analyst for a discussion on the above findings, click Speak to Analyst
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
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