The major factors driving the Global Switchgear Monitoring Market are increasing demand for efficient transmission and distribution control devices. Escalating demand for retrofitting of the existing electrical network and regulatory and fiscal reorganization of small-scale & large-scale industry is further expected to contribute significantly to the growth of the market. Moreover, rapid industrialization and commercial growth in emerging economies are assisting remarkably in the growth of the market. Safe operation, product compactness, and economical costs are few important factors driving the market. The emerging economies have lack efficient and reliable electric infrastructure hence they are inclining towards the advancement of the existing infrastructure of power grid which is ultimately assisting in the rising demand for switchgear monitoring.
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Furthermore, gas-insulated switchgear monitoring systems have gained importance in the current scenario. These switchgear monitoring systems consist of different applicability and product flexibility, in addition, these systems provide a wide range of applications across various industries such as distribution network, suburban infrastructure and so on. Hence the demand for the product is escalating. Moreover, key market players and manufacturers are focusing on the distribution of efficient products.
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The power industry is moving towards rapid digitalization owing to which the adoption of smart grid and secure electric infrastructure is being increased. Moreover, investments in renewable energy are growing tremendously and there is a rise in demand for safe and secure electrical distribution systems owing to which there is an escalation in the switchgear monitoring market. There is a rise in the development of data centers and communication hubs which is rising the energy consumption across the globe. For uninterrupted functioning of these hubs, an energy-efficient network is required, as government and public agencies rely heavily on real-time data which consecutively is aiding in the growth of the market.
However, the high cost at the time of installation of the system is expected to hamper the growth of the market. Increased reliability and quality assurance from switchgear manufacturers are additionally hampering the market. In the present time, many global players are jumping into the bandwagon of manufacturing of switchgear monitoring systems on accounts of which competitiveness is increased in the market. Ultimately, this has led to additional options for customers to choose from according to their requirements. Moreover, switchgear monitoring system providers have reduced the cost of their products with the increase in competition which in turn has resulted in the growth of the market.
The key players dominating the switchgear monitoring market include Schneider Electric, General Electric, ABB, Siemens AG, Eaton Corp., Emerson, Fortive, Mitsubishi Electric Corp., Trafag, Sensor, Independent Power Engineering Consultant, Koncar and others. Some of the strategies that are majorly being adopted include new products and services offering, expansion, mergers & acquisitions among others. For instance, in 2015, Hitachi a leading Japan-based electrical manufacturer has partnered with Walid Ahmad Juffali Company to develop a manufacturing unit in Jeddah, Saudi Arabia.
Global Switchgear Monitoring Market–Segmentation
By Type
- Gas-Insulated Solutions (GIS)
- Air-Insulated Solutions (AIS)
By End-User
- Utilities
- Industrial
- Commercial
- Others
Global Switchgear Monitoring Market–Regional
North America
- US
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- ABB Group
- Axzon
- Donwil Co.
- Dynamic Ratings, Inc.
- Eaton Corp.
- EFACEC Power Solutions, SGPS, S.A.
- Emerson Electric Co.
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