- The utilities segment is expected to grow at the fastest rate in the switchgear monitoring system.
- The high voltage segment is expected to be the largest segment of the switchgear monitoring system.
- The partial discharge monitoring segment is expected to be the fastest growing segment of the switchgear monitoring system.
The switchgear monitoring system market is projected to reach $2.0 billion by 2023 from an estimated $1.4 billion in 2018, at a CAGR of 7.83% from 2018 to 2023. As the global demand for electricity is increasing at a very high rate, to meet the rising power demands, new power plants are being installed at a rapid pace. This would drive the demand for switchgear monitoring system.
Asia Pacific: The leading market for switchgear monitoring system
Asia Pacific is estimated to be the leading market from 2018 to 2023. Countries such as China and India are undertaking a lot of smart grid and substation projects to fulfil the growing demand for energy. This would drive the switchgear monitoring system market in the region.
As per the Indian Electrical and Electronics Manufacturers Association (IEEMA), the electricity generation capacity is expected to increase from 200 GW in 2010 to over 800 GW by 2032 to fulfil the increasing demand. Thus, there is a need for a huge investment of approximately $300 billion in the next 3–4 years. Also, India is undertaking a lot of smart grid and substation projects to fulfill the growing demand for energy. This would create demand for the switchgear monitoring system in the region.
The utilities segment is expected to grow at the fastest rate in the switchgear monitoring system
Utilities segment is responsible for the generation, transmission, and distribution of electricity. Electric utilities include investor-owned and publicly-owned cooperatives and nationalized entities, which are the major providers of electricity in most of the countries, worldwide. On the other hand, increasing laws supporting reliable, uninterrupted power supply is increasingly being adopted in regions such as North America and Europe which is driving the market for switchgear monitoring system.
The high voltage segment is expected to be the largest segment of the switchgear monitoring system
The high voltage segment is estimated to dominate the switchgear monitoring system market in 2018 and is projected to have the largest market share during the forecast period. This is mainly due to the fact that high voltage switchgears are primarily used in power transmission over long distances. In the case of critical substations and switchyards of large power generation plants, switchgears are used for reliability and protection of the grid infrastructure.
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The partial discharge monitoring segment is expected to be the fastest-growing segment of the switchgear monitoring system
The partial discharge monitoring segment accounted for the highest CAGR during the forecast period. Partial discharge monitoring adopts various methods to detect cracks and defects in insulations such as Transient Earth Voltage (TEV), Ultra-High-Frequency (UHF), and Acoustical Emission (AE). Partial discharge monitoring includes partial discharge sensors, local readers such as RTU/PLC, HMI, data storage, and communication protocols. This system enhances operator safety and provides confidence in the reliability and safety of electrical equipment.
- In December 2018, IntelliSAW launched a new family of sensors designed for LV asset monitoring, leveraging its Integrated Near-Field Coupling (iNFC™) technology.
- In December 2018, ABB won a contract from Fingrid to upgrade one of Helsinki’s substations, to meet the increased demand for power, improve power reliability, and assist transmission system operators in the country. The scope of the contract includes outdoor air insulated switchgear (AIS) installation with its gas insulated switchgear (GIS) technology. In addition to the supply, ABB will also install modular switchgear monitoring (MSM) devices onto the GIS to enable online condition monitoring of the circuit breakers.
- In April 2017, ABB launched a new series for molded circuit breakers, the new SACE Tmax XT that offers metering and connectivity features, high performance, protection at up to 1,600 A.
- In May 2017, Schneider Electric won a contract from Neoen (France) to deliver 1,500 V central inverters, transformer, monitoring, and medium voltage switchgear solutions to solar projects.
The major players in the global switchgear monitoring system market are Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (US), Emerson (US), Eaton Corporation (Republic of Ireland), Koncar Electrical Engineering Institute (Croatia), Mitsubishi (Japan), Tiara Vibrasindo Pratama (Indonesia), Trafag (Switzerland), Senseor (France), Fortive (US), and Independent Power Engineering Consultants (UK).