Switchgear Monitoring System Market Set for Rapid Growth and Trend, by 2023

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.

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