The switchgear monitoring system market is projected to reach $2.0 billion by 2023 from an estimated $1.4 billion in 2018, at a CAGR of 7.83%.
Growing investments in renewable energy and demand for safe and secure electrical distribution systems have increased the demand for switchgear monitoring system.
However, high cost of monitoring devices and stringent regulations for SF6 switchgears could act as a restraint for the market, this is according to Research and Markets.
The gas insulated switchgear (GIS) segment is expected to hold the largest market share in 2018 and is projected to be the fastest growing segment during the forecast period.
The components are mainly used in industrial areas to fulfill high-energy demands through a space-saving design of minimum cost.
GISs are deployed in various industries, serving different needs at varying voltage levels. Many developed countries have also started improving their T&D network to ensure safety and security with the help of switchgear monitoring system.
The hardware segment is expected to hold the largest market share during the forecast period because these devices can be controlled or automated from the control room by the control system/software, and are essential in monitoring operations.
Asia Pacific is expected to hold the largest market for hardware with rapid adoption in countries such as China and India.
Demand for switchgear monitoring systems
The utilities segment, by end-user, held the largest market share in 2018 and is estimated to be the fastest growing segment during the forecast period because the utilities segment is responsible for the generation, transmission, and distribution of electricity.
The European region is expected to be the second fastest growing market for switchgear monitoring system by 2023.
The European power generation, transmission, and distribution systems are comparatively mature.
Therefore, the EU is focusing on upgrading its aging infrastructure, integrating renewable energy sources such as solar and wind power, and building interconnections to enable more efficient power and energy trading.
This would also require replacement of switchgear from electromechanical to digital by installing switchgear monitoring system.
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