The global switchgear monitoring system market size is projected to grow from an estimated USD 1. 3 billion in 2020 to USD 2. 1 billion by 2025, at a CAGR of 9. 7% from 2020 to 2025. The growth of this market is driven by the increasing focus toward maximizing reliability of electrical assets through early detection of failure and renewable energy integration.
New York, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Switchgear Monitoring System Market by Type, Voltage, Component, Monitoring, End User, & Region - Global Forecast to 2025" - https://www.reportlinker.com/p05751090/?utm_source=GNW
Furthermore, the growth of switchgear monitoring system is fueled by rise in investments in T&D networks for upgrading the aging infrastructure.
The GIS segment is expected to hold the largest share of the switchgear monitoring system market, by type, during the forecast period.
Gas-insulated switchgear are generally high-voltage switchgear with a rating above 36 kV.They are mostly used where space is a constraint and are the most reliable types of switchgear.
The growth of GIS segment is driven by increasing investments in renewable energy resulting in the demand for the upgrade of the existing substations or the installation of new ones are expected to drive the market for GIS.
Asia Pacific: The fastest growing market for switchgear monitoring system.
Asia Pacific is the fastest-growing market for switchgear monitoring system, followed by Europe, and North America.The growth of this region is driven by increasing T&D network expansion and industrialization projects in countries such as China, Japan, and South Korea.
For instance, The State Grid Corporation of China (SGCC) plans to invest USD 250 billion in electric power infrastructure upgrade, out of which USD 45 billion are planned to be invested in smart grids between 2018 and 2020. Korea Electric Power Corp. (KEPCO) of South Korea also plans to invest
USD 7.18 billion for nationwide smart grid infrastructure, which is to be completed by 2030. All these investments are likely to create demand for switchgear monitoring systems in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 59%, Tier 2- 26%, Tier 3- 15%
• By Designation: C-Level- 62%, D-Level- 20%, Others- 18%
By Region: North America- 20%, Europe- 25%, Asia Pacific- 30%, Middle East & Africa- 15%, , and South America- 10%
Note: The tier of the companies has been defined based on their total revenue; as of 2017: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =
The key players in the switchgear monitoring system market include companies such as ABB (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Eaton (Ireland).
The report provides a complete view of the switchgear monitoring system market across regions.It aims at estimating the market size and future growth potential of the market across different segments such as type, voltage, component, monitoring type, end user, and region.
Furthermore, the report includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
The market has been segmented based on type, voltage, component, monitoring type, end user, and region, with a focus on industry analysis (industry trends). The market share analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the switchgear monitoring system market.
Key Benefits of Buying the Report
1. The report identifies and addresses the types of monitoring that are essential for the efficient operation of switchgears
2. The report helps solution providers understand the pulse of the market and provide insights into drivers, opportunities, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
Read the full report: https://www.reportlinker.com/p05751090/?utm_source=GNW
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