Switchgear monitoring system market to reach $2 B by 2023
The switchgear monitoring system market is projected to reach $2 B by 2023 from an estimated $1.4 B in 2018, at a CAGR of 7.83%.
The switchgear monitoring system market is projected to reach $2 B by 2023 from an estimated $1.4 B 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.
The gas insulated switchgear (GIS) 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.
Asia Pacific is expected to hold the largest market for hardware with rapid adoption in countries such as China and India.
The European region is expected to be the second fastest growing market for switchgear monitoring system by 2023.
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 companies that are key players in this industry are ABB, Eaton, Emerson, Fortive, General Electric, Independent Power Engineering Consultants, Koncar – Electrical Engineering Institute. Inc, Mitsubishi Electric Corporation, Schneider Electric, Senseor, Siemens AG, Tiara Vibrasindo Pratama, TrafAG.
Source: ESI Africa, Research and Markets
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