Switchgear Monitoring System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Switchgear Monitoring System Market: Introduction
The demand for switchgear monitoring systems has increased due to soaring investments in renewable energies and in demand for safe, secure electricity distribution systems. The switchgear is defined as a combination of electrical disconnecting switches, breakers, protective relays and other components like interconnectors. Using the switchgear, electric current can be continuously transferred and current overload, short circuit and insulator failure protected. It has been designed for safeguarding, controlling and isolating electrical networks, sub-stations and other electric equipment.
In high voltage substations a high-voltage switchgear, used in power services, is installed. This switchgear is classified as an air-insulated switchgear. With global energy demand growing at a very high rate, new power plants have been installed at a fast speed to meet rising demand for electricity. This would greatly drive demand in the global switchgear monitoring system market.
Global Switchgear Monitoring System Market: Notable Developments
Some of the notable developments in the global switchgear monitoring system market that are likely to impact the market are:
Higher demand for renovation and robust adoption of advanced distribution networks will have a positive impact on the U.S. market size. Restoring electric grids throughout the war-torn regions of Syria, Sudan and Iraq will further complement the growth of the industry. In 2017, the World Bank announced a 4-million USD investment in coherence with the Vanuatu II Rural Electrification Project to expand power grid infrastructure throughout the Pacific Island.
The industry outlook will also be complemented by increasing investments in improved technological and product performance. A key share the global market was held by gas-insulated units in 2017. The key parameters that make its deployment preferable over other available alternatives are minimum maintenance, low space requirements, high dielectric strength and increased reliability.
The product penetration will further increase increased spatial constraints along with a growing focus on energy-efficient distribution networks. The Finnish Smart Tampere Project, which provides remote support by smart lighting, video and current public transport systems, was launched jointly in 2017 by Nokia and Elisa.
Key vendors operating in the global switchgear monitoring system market are Schneider Electric, ABB, IntelliSAW, Mitsubishi Electric Corporation, and Independent Power Engineering Consultants.
Global Switchgear Monitoring System Market Dynamics
Support from Administration and Government to Support Development
The global switchgear monitoring system market will be strengthened by a higher focus on energy efficiency and the integration of different transmission links. Increased community-based electricity programs and increased institutional private investment. Government-supported sustainable residential infrastructure and rapid urbanization will enhance industry growth. Permanent networking smart control initiatives that complement distributed generation technologies will further increase demand for products. In addition, the shift towards energy conservation and strict environmental regulations will fuel global market growth. The product demand will continue to embark on swift progress in smart grid technology and increasing focus on an energy-efficient environment.
Asia Pacific to Register High Growth Potential
Increasing legislation in the areas of North America and Europe which drive the switchgear monitoring system market are being adopted increasingly in support of the reliable and continuous supply of power. Many developed countries also have begun improvements to their T&D network with switchgear surveillance systems to ensure safety and security. In the coming years, the largest market is estimated in Asia Pacific. There are many smart grid and substation projects by countries such as China and India to meet growing energy demand. The switchgear monitoring system market in the region would therefore be driven.
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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