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Markets and Markets, the world's second largest market research institution, recently released a report that the global switchgear monitoring system market is expected to grow from $1.
4 billion in 2018 to $2 billion in 2023, with a compound annual growth rate of 7.
83%.
With the high rate of global electricity demand, new power plants are being installed
at a rapid pace to meet the growing demand for electricity.
This will drive the demand
for switchgear monitoring systems.
In terms of voltage level, the high voltage segment is expected to account for the largest share
of the switchgear monitoring system market.
This is because high-voltage switchgear is mainly used for power transmission
over long distances.
In the case of critical substations and switchstations in large power plants, switchgear is used for the reliability and protection
of grid infrastructure.
In terms of type, the partial discharge monitoring segment is expected to be the fastest growing segment
of the switchgear monitoring systems market during the forecast period.
The partial discharge monitoring segment has the highest CAGR during the
forecast period.
Partial discharge monitoring employs various methods to detect cracks and defects in insulation, such as transient ground voltage (TEV), ultra-high frequency (UHF), and acoustic emission (AE).
Partial discharge monitoring includes partial discharge sensors, local readers such as RTU/PLC, HMI, data storage, and communication protocols
.
The system enhances operator safety and provides confidence
in the reliability and safety of electrical equipment.
From the perspective of regional market, Asia Pacific will be the largest regional market
for switchgear monitoring systems during the forecast period.
The Asia-Pacific market represented by China and India will significantly boost the demand
during the forecast period.
According to forecasts by the Electrical and Electronic Manufacturers Association of India (IEEMA), power generation capacity is expected to increase from 200 GW in 2010 to 800 GW in 2032 to meet growing demand
.
Therefore, a huge investment
of about $300 billion will be required in the next 3-4 years.
In addition, India is undertaking a large number of smart grid and substation projects to meet the growing energy demand
.
This will create a demand
for switchgear monitoring systems in the region.
From a corporate perspective, the world's leading suppliers of switchgear monitoring systems include Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (USA) and Emerson (USA).
Markets and Markets, the world's second largest market research institution, recently released a report that the global switchgear monitoring system market is expected to grow from $1.
4 billion in 2018 to $2 billion in 2023, with a compound annual growth rate of 7.
83%.
With the high rate of global electricity demand, new power plants are being installed
at a rapid pace to meet the growing demand for electricity.
This will drive the demand
for switchgear monitoring systems.
In terms of voltage level, the high voltage segment is expected to account for the largest share
of the switchgear monitoring system market.
This is because high-voltage switchgear is mainly used for power transmission
over long distances.
In the case of critical substations and switchstations in large power plants, switchgear is used for the reliability and protection
of grid infrastructure.
In terms of type, the partial discharge monitoring segment is expected to be the fastest growing segment
of the switchgear monitoring systems market during the forecast period.
The partial discharge monitoring segment has the highest CAGR during the
forecast period.
Partial discharge monitoring employs various methods to detect cracks and defects in insulation, such as transient ground voltage (TEV), ultra-high frequency (UHF), and acoustic emission (AE).
Partial discharge monitoring includes partial discharge sensors, local readers such as RTU/PLC, HMI, data storage, and communication protocols
.
The system enhances operator safety and provides confidence
in the reliability and safety of electrical equipment.
From the perspective of regional market, Asia Pacific will be the largest regional market
for switchgear monitoring systems during the forecast period.
The Asia-Pacific market represented by China and India will significantly boost the demand
during the forecast period.
According to forecasts by the Electrical and Electronic Manufacturers Association of India (IEEMA), power generation capacity is expected to increase from 200 GW in 2010 to 800 GW in 2032 to meet growing demand
.
Therefore, a huge investment
of about $300 billion will be required in the next 3-4 years.
In addition, India is undertaking a large number of smart grid and substation projects to meet the growing energy demand
.
This will create a demand
for switchgear monitoring systems in the region.
From a corporate perspective, the world's leading suppliers of switchgear monitoring systems include Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (USA) and Emerson (USA).
