DUBLIN--(BUSINESS WIRE)--The "Switchgear Monitoring System Market Report" has been added to ResearchAndMarkets.com's offering.

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%

The growth of this market is driven by the increasing focus toward maximizing the reliability of electrical assets through early detection of failure and renewable energy integration. Furthermore, the growth of switchgear monitoring system is fueled by a 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 the 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 systems, 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.

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).

Market Dynamics

Drivers

• Increasing Focus Toward Maximizing Reliability of Electrical Assets Through Early Detection of Failure
• Renewable Energy Integration

Restraints

• High Capital Requirement for Installing Switchgear Monitoring Systems

Opportunities

• Growing Investments in Smart Grid Technologies
• Replacement of Aging Grid Infrastructure

Challenges

• Risk of Cybersecurity Attacks
• Impact of COVID-19

Trends

• Revenue Shift & New Revenue Pockets for Switchgear Monitoring System Manufacturers

Companies Mentioned

• ABB
• Altanova
• Doble Engineering
• Dynamic Rating
• Eaton
• Fortive
• General Electric
• High Voltage Partial Discharge (Hvpd)
• Independent Power Engineering Consultants
• Konear-Electrical Engineering Institute
• Meggers
• Mitsubishi Electric
• Nuventura
• Osensa
• Power Diagnostic Service
• Rugged Monitoring
• Schneider Electric
• Senseor
• Siemens
• Tiara Vibrasindo Pratama

For more information about this report visit https://www.researchandmarkets.com/r/mdm73l

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