Switchgear Monitoring System Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3482
Switchgear Monitoring System Market size has witnessed growth subject to the increasing demand for efficient transmission and distribution control devices. Growing demand for retrofitting of existing electrical network in line with regulatory and fiscal reorganization across the large-scale industries will augment the industry outlook. Lack of reliable and efficient electric infrastructure across the developing regions coupled with rising inclination toward the advancement of prevailing grid infrastructure across developed nations have further positively influenced the business dynamics.
Voltage ratings in the current industry scenario, acts as a standard industry protocol for the installation of switchgear monitoring units across residential establishments, large-scale industrial peripherals and utilities. The global switchgear monitoring system market in the recent years, have witnessed significant upsurge on account of rapid commercial growth and retrofitting of small-scale industries across emerging nations. Product compactness, safe operation, and economical costs are few indispensable parameters driving the industry potential.
Gas insulated switchgear monitoring system market in the current regime, have gained prominence owing to diverse applicability & product versatility across distribution infrastructure. These devices offer wide application across diverse industries ranging from LV suburban infrastructure to utility-based distribution network. With rise in integration, industry manufactures & players have streamlined their focus toward the development and effecient distribution of the products.
Digitalization across the power industry has been a significant phenomenon, fueling the adoption of smart and secure electric infrastructure. Data analysis coupled with digitalization has verified to increase the economic, regulatory and technical proximities. Moreover, development of communication hubs and data centers have also elevated the rate of energy consumption. Henceforth, efficient energy network is the key for continuous operations of these hubs as major government and public agencies depend on the real time data analysis which in turn will stimulate the switchgear monitoring system market.
The switchgear monitoring system market across Africa, Asia Pacific and Middle East has witnessed significant growth on account of increasing demand for efficient, secure & reliable T&D structures. Rising demand for refurbishment of traditional electrical infrastructure coupled with increasing fund allocation across the energy network will complement the business potential. In 2018, regulators across Saudi Arabia planned to invest of over USD 130 Billion across its Energy and Water (E&W) projects.
Eminent industry participants across the switchgear monitoring system market includes Schneider Electric, General Electric, ABB, Siemens AG, Eaton, Emerson, Fortive, Mitsubishi Electric Corporation, Trafag, Senseor, Independent Power Engineering Consultant, Koncar and others.
Industry participants across the switchgear monitoring system market are concentrating more towards strategic expansions which includes merger & acquisition and joint ventures to expand their business presence. Hitachi, in 2015 entered into a JV with Walid Ahmad Juffali Company to develop a manufacturing unit in Jeddah, Saudi Arabia.
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