Press release
Switchgear Monitoring System Market worth $2.7 Billion by 2028 | MarketsandMarkets™
The global Switchgear Monitoring System Market is expected to reach USD 2.7 billion by 2028 from USD 1.8 billion in 2023 at a CAGR of 8.4% during the 2023-2028 period according to a new report by MarketsandMarkets™. The demand to secure electrical distribution systems is the need for the continuous monitoring of switchgear, and growing investments in renewable energy offer high-growth opportunities for the market.
Gas Insulated Switchgear, by type, is expected to grow by the largest segment during the forecast period.
Based on type, the Switchgear Monitoring System Market has been segmented into gas insulated switchgear and air insulated switchgear. Monitoring systems are in high demand for the Gas insulated switchgear systems, as switchgear monitoring systems are essential for gas-insulated switchgear (GIS) to ensure its reliability, safety, and longevity. GIS is a type of high-voltage switchgear that uses sulfur hexafluoride (SF6) gas as an insulating medium. SF6 gas is a highly effective insulator, but it can also pose environmental hazards if it leaks. Therefore, it is important to monitor the SF6 gas pressure and density in GIS to ensure that it is not leaking.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=69776366
The partial discharge monitoring segment, by services segment, is expected to grow at the second fastest CAGR during the forecast period.
This report segments the Switchgear Monitoring System Market based on services into partial discharge monitoring, gas monitoring, temperature monitoring, and others. Partial discharge within switchgear poses a significant risk as it can lead to insulation breakdown, resulting in critical issues like electrical arcing and equipment failure. The implementation of partial discharge monitoring not only enhances operator safety but also instills confidence in the reliability and safety of electrical equipment.
Software is expected to be the fastest segment, by component in the Switchgear Monitoring System Market.
This report segments the Switchgear Monitoring System Market based on component into Hardware and software. The pivotal role of hardware in establishing a robust switchgear monitoring platform cannot be overstated. Hardware devices play a crucial role in overseeing, measuring, transmitting, and analyzing data across various sectors, including process and non-process industries, utilities, the commercial sector, and beyond. The continuous innovation in hardware solutions is expected to further enhance the reliability, intelligence, and adaptability of these systems across a wide range of industrial and commercial applications.
North America is expected to be the second fastest region in the Switchgear Monitoring System Industry.
The US government has set a target to reduce carbon pollution from the power sector by 32% below the 2005 levels by 2030. To achieve this, utilities in the US and Canada plan to replace and upgrade aging power infrastructure, improving reliability and power generation capacity. According to the DOE, power blackouts are costing USD 150 billion per year in North America. Most of the power infrastructure, which is unreliable, poses a threat to national security. These factors positively push the North American power distribution sector, creating growth opportunities for the Switchgear Monitoring System Markets.
Key Players
Some of the major players in the Switchgear Monitoring System Companies are ABB (Switzerland), Siemens Energy (Germany), Schneider Electric (France), General Electric (US), and Eaton (Ireland). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.
Content Source: https://www.marketsandmarkets.com/Market-Reports/switchgear-monitoring-system-market-69776366.html
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Gas Insulated Switchgear, by type, is expected to grow by the largest segment during the forecast period.
Based on type, the Switchgear Monitoring System Market has been segmented into gas insulated switchgear and air insulated switchgear. Monitoring systems are in high demand for the Gas insulated switchgear systems, as switchgear monitoring systems are essential for gas-insulated switchgear (GIS) to ensure its reliability, safety, and longevity. GIS is a type of high-voltage switchgear that uses sulfur hexafluoride (SF6) gas as an insulating medium. SF6 gas is a highly effective insulator, but it can also pose environmental hazards if it leaks. Therefore, it is important to monitor the SF6 gas pressure and density in GIS to ensure that it is not leaking.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=69776366
The partial discharge monitoring segment, by services segment, is expected to grow at the second fastest CAGR during the forecast period.
This report segments the Switchgear Monitoring System Market based on services into partial discharge monitoring, gas monitoring, temperature monitoring, and others. Partial discharge within switchgear poses a significant risk as it can lead to insulation breakdown, resulting in critical issues like electrical arcing and equipment failure. The implementation of partial discharge monitoring not only enhances operator safety but also instills confidence in the reliability and safety of electrical equipment.
Software is expected to be the fastest segment, by component in the Switchgear Monitoring System Market.
This report segments the Switchgear Monitoring System Market based on component into Hardware and software. The pivotal role of hardware in establishing a robust switchgear monitoring platform cannot be overstated. Hardware devices play a crucial role in overseeing, measuring, transmitting, and analyzing data across various sectors, including process and non-process industries, utilities, the commercial sector, and beyond. The continuous innovation in hardware solutions is expected to further enhance the reliability, intelligence, and adaptability of these systems across a wide range of industrial and commercial applications.
North America is expected to be the second fastest region in the Switchgear Monitoring System Industry.
The US government has set a target to reduce carbon pollution from the power sector by 32% below the 2005 levels by 2030. To achieve this, utilities in the US and Canada plan to replace and upgrade aging power infrastructure, improving reliability and power generation capacity. According to the DOE, power blackouts are costing USD 150 billion per year in North America. Most of the power infrastructure, which is unreliable, poses a threat to national security. These factors positively push the North American power distribution sector, creating growth opportunities for the Switchgear Monitoring System Markets.
Key Players
Some of the major players in the Switchgear Monitoring System Companies are ABB (Switzerland), Siemens Energy (Germany), Schneider Electric (France), General Electric (US), and Eaton (Ireland). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.
Content Source: https://www.marketsandmarkets.com/Market-Reports/switchgear-monitoring-system-market-69776366.html
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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