Report Overview
GCC and South Asia Switchgear Monitoring System Market size- Industry Trends & Forecast Report 2027.
GCC and South Asia switchgear monitoring system market is estimated to have reached USD 208.2 billion by 2020 and is further projected to reach USD 910.9 billion by 2027, growing at a CAGR of 25.5% during 2021-2027 (forecast period). The switchgear monitoring system market is likely to grow in the forecast timeframe due to its growing applications in various fields. The switchgear temperature monitoring protects critical equipment, and issues alert timely for the safety wellbeing. It helps in controlling the incidents and the challenges faced by medium-voltage switchgear operators, which are sudden and unpredictable. The sudden rise in temperature of switchgear components is one of the major challenges which can be overcome by the
GCC and South Asia Switch Gear Monitoring System Market Overview:
In an electric force framework, switchgear is made from electrical detach switches, wires, or circuit breakers, which are used to control, ensure, and segregate electrical hardware. Switchgear is utilized both to de-empower gear and permit work to be done and to clear faults downstream. Switchgear is a device mainly used to control, regulate, and switch on or off the electrical circuit in the electrical power system. The switches, relays, circuit breakers, current and potential transformer, indicating instrument, lightning arresters, and control panels are significant examples of the switchgear devices. The switchgear framework is legitimately connected to the flexible framework. It is set in both the high and low voltage parts of the force transformer. It is utilized for de-stimulating the hardware for testing and upkeep and for clearing the issue.
GCC and South Asia Switchgear Monitoring System Market Forecast and Trends
Growth Drivers
Digitalization across the power industry
Digitalization in Power Generation is completely transforming the work systems in monitoring switch gears systems. The power plants are nowadays becoming smarter and smarter by digitally integrating assets to make the work easier in the power industry. In recent years, energy, water, and labor costs got declined, which is benefiting the power industry growth. Digitization has proven to be extremely helpful in improving the performance and reliability of switchgear as the smart switchgear allows grid optimization and enhance performance, efficiency while minimizing both transmissions as well as operational losses. Thus, digitization drives switch gears to another new level of efficiency as monitoring and analyzing of information becomes more reliable and lower monthly maintenance costs.
Rising Demand for Secured Electrical Transmission & Distribution Network
The expansion and upgrading are augmented in electric power transmission and distribution network as it is the important link between generating stations and customers. The increasing loads and aging equipment are now stressing the system and developing the risk of widespread blackouts. Additionally, modern society depends on the reliable and economic delivery of electricity. The switchgear monitoring system market would be benefited from these rising demands for secured electrical transmission. The adaptation of Modernization in electric transmission and distribution systems could alleviate all these concerns. The numerous transmission line security monitor systems have been designed now, which provides a means for real-time monitoring of physical threats and damage to electrical transmissions such as line towers, switch gears, and conductors.
Restraint
Government Policies on Smart Grid for switchgear
A smart grid is known as a system that can facilitate suppliers in acquiring real-time energy information that they may require and utilize this information to enable supply, storage, consumption, and transaction of electric energy in specific amounts at the right time. The electrical industry is undoubtedly considered to be one of the most conservative in regard to enhancing techniques such as including high voltage and medium voltage switchgear. The governments across the various countries have enacted several supportive policies and mandates that focus on the implementation of smart grids. This leads to spreading awareness about energy conversation. The regulations surge the demand for the smart grid market in application areas, which includes industrial, commercial, and residential sectors. Additionally, heavy investments are being made for the development of the smart grid for switchgear by the government.
Impact of COVID-19 in industry
The power industry is fundamental for driving financial development, particularly in developing business sectors. The achieving Sustainable Development Goal (SDG) 7-ensures admittance to reasonable, dependable, and feasible energy across the world. A switchgear monitoring system is one of the essential systems that is largely used in the power industry. Coronavirus has affected many industries in the market, especially by promoting a decrease in demand, financial stress, and ultimately disturbances to the power supply chains. The power industry is one of the industries that got severely impacted by the COVID-19 pandemic.
The continuous COVID-19 pandemic has affected the switchgear business universally. Because of the current situation, different organizations in the force area across locales need to close their assembling offices and administrations as nations imposed partial or full lockdown methodology to manage the pandemic. The organizations over the district have likewise suspended or postponed the significant force ventures. Moreover, the COVID-19 pandemic has likewise affected the continuous tasks and the whole supply chain of the switchgear market business. For instance, the power sector continues to struggle amid pandemics. The South Asian countries like India have suffered payment delays in the past month, more particularly by the State-owned distribution companies such as Discoms. It is also likely to witness a bankruptcy of large generation capacities and inconsistency of vexatious regulations.
GCC and South Asia Switchgear Monitoring System Market: By Deployment
Switchgear by deployment is categorized into standalone and integrated. The standalone switchgear device can function independently of other hardware and is not integrated into another device. It also has a software program that does not require any software other than the operating system to run. With the growing technologies and advancements in the market, standalone switchgear is becoming very popular. Additionally, standalone switchgear can function without losing its convenient assembly and maintenance features and can adapt to the market's different characteristics. Switchgear of integrated deployment makes it possible to implement all commonly-used substation configurations using compact, standardized modules. It also leads to low operating costs, requires minimal maintenance requirements, and an extended service-life of the system.
GCC and South Asia Switchgear Monitoring System Market: Regional Insight
GCC region has been segmented, by country, into UAE, Saudi Arabia Qatar, Bahrain, Oman, and Kuwait. UAE is the largest and fastest-growing country in the market as they have the capabilities for high investments in new technology developments and the country is also expected to scale up the manufacturing and distribution rate for switchgear in the forecast timeframe. Saudi Arabia is expected to have a large share of the switchgear monitoring system market as the country plays a major role in stabilizing the region's energy supply along with offsetting fluctuating power generation from renewable energy sources. On the other hand, APAC region has been segmented, by country, into India, Sri Lanka, Pakistan, Bangladesh, Myanmar. India is the largest and fastest-growing market in the South Asia region. Sri Lanka is known to be the leading country and contributes majorly as an end-user for switchgear. The country generally focuses on forming good transmission lines that are capable of high-load transfer over long distances.
Recent Development
On 06 Mar 2020: Open software platform to accelerate smart energy strategy development. With the introduction of its latest Software Developer Portal, ABB has reiterated its commitment to smart energy innovation, designed to enable the creation of innovative data-driven energy solutions for buildings.
On 20 Sept 2020: ABB states and revealed how with the help of digital technology, switchgear, and businesses can optimize the operating costs and generate good savings of up to 30 percent. Additionally, it also guides plant operators on how digital switchgear can be able to overcome the hidden costs of traditional switchgear and can improve the ability to analyze and act on the data.
Competitive landscape
GCC and South Asia switchgear monitoring system market is fragmented owing to the presence of number of companies that provides varied switch gear monitoring system products. However, the companies that hold the majority share of switchgear monitoring system market are ABB, Schneider Electric, Siemens, Eaton, Emerson Electric Co, Fortive, Mitsubishi Electric, Tiara Vibrasindo Prtama, Koncar Electric Engineering Insttues, SENSors, Trafag AG, Fujitec, Pacific Microsytem, Qualitrol Company LLC and other prominent players.
In the switch gear monitoring system market, prominent market participants compete based on price and product quality. Small and medium-sized market players are expected to show considerable improvements in the foreseeable future, given the moderate level of capital expenditure needed to set up a business. The large-sized companies, however, are likely to aim for India expansion, in a bid to gain a more considerable brand reputation.
By Component
? Hardware
? Software
? Services
By Deployment
? Standalone
? Integrated
By End use
? Utilities
? Oil & gas, Industries
? Commercial
? Others
By Region
? GCC
o Saudi Arabia
o UAE
o Qatar
o Kuwait
o Bahrain
o Oman
? South Asia
o India
o Sri Lanka
o Pakistan
o Bangladesh
o Myanmar
o Rest of South Asia
