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.
The floating LNG power vessel market is expected to grow from an estimated $860.1 million in 2018 to $931.6 million by 2023. In 2018, the Asia Pacific market is estimated to be the largest, followed by the Middle East & Africa. Factors such as growing population, industrialization and increasing urban business activities, and an increase in the demand for power generation are expected to drive the floating LNG power vessel market.
Global modular substation market is estimated to be at $10.78 billion in 2015 and is projected to reach $16.48 billion by 2020, at a CAGR of 8.85% from 2015 to 2020. Modular substations replace the conventional substation with modernized equipment and better power distribution in the networks. Major advantages of these solutions are lesser land requirement, automated solutions with minimal human interference, can be employed at areas with extreme environmental conditions, and lesser power theft.
The electric insulator market is expected to grow from an estimated $10.17 billion in 2018 to $13.34 billion by 2023, at a CAGR of 5.58% from 2018 to 2023. In 2018, the market in Asia Pacific is estimated to be the largest, followed by North America. Increasing investments in T&D networks, refurbishment of the existing grid networks, and growing adoption of renewable energy sources across the globe are likely to drive the electric insulator market. Increasing investments in smart grid projects and growing demand for HVDC transmission projects can lead to opportunities in the electric insulator market.
The global Power Distribution Unit Market is projected to reach $5.2 billion by 2024 from an estimated $3.7 billion in 2019, at a CAGR of 7.1% during the forecast period. The rising investments in data centers along with increasing cloud-based networking are driving the demand for power distribution units.
The global gas insulated switchgear market is projected to reach a market size of $28.09 billion by 2023, growing at a CAGR of 8.73% during the forecast period. In 2018, the market in Asia Pacific is estimated to be the largest for gas insulated switchgear, followed by Europe. This trend is expected to continue till 2023. The growth of the gas insulated switchgear market is driven by the growth in renewable power generation, increasing investments in the transmission and distribution infrastructure, the rise in energy demand, limitations of space availability in densely populated urban areas, and government initiatives toward improving electricity access.