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Within this sector of operation, positioning strategies based on the shareholding aid in determining whether firms thrive or not in the volatile Switchgear Monitoring Market landscape. Due to growth in demand for efficient and reliable electric infrastructure among players within the Switchgear Monitoring Market it has become increasingly competitive. To get an upper hand over their competitors different corporations tend to use various methods to occupy substantial shares of their respective markets.
Another common strategy used by companies operating within the Switchgear Monitoring Market is product differentiation This means that companies do their best in making sure they come up with products which can be distinguished from similar ones already in the market due to advancement in technology incorporated into them or through development of innovative features or ability to perform highly than others. Thus, companies adapt themselves according to new customer trends while also appealing as unique from other brands serving customers’ needs differently from others thereby keeping them loyal towards company leading to retention along with increase of new customer base resulting into enlarged market share percentage.
Additionally, strategic partnerships and collaborations play a significant role when it comes to positioning firm’s shareholding within Switchgear Monitoring Market. Some businesses often try to consolidate their positions, extend capacities or simply join forces with either tech suppliers, association of leading manufacturers or even governmental agencies. Through mergers companies can be able to take advantage of the synergies they have with each other in order to access larger markets and share R&D costs. By aligning themselves with these stakeholders, corporations will not only build up their presence on the market but also lay a strong foundation for further growth.
Also, price competitiveness is another key determinant that influences positioning in terms of market share within Switchgear Monitoring Market. In a low cost demand oriented marketplace firms are supposed to offer prices below or close to competitors’ in order to remain competitive while remaining profitable at the same time. To be positioned as cost leaders, firms striving for this should mainly focus on implementation of cheap manufacturing methods; effective supply chain management and efficient distribution channels. The strategy targets potential buyers who mainly look out for lower priced goods hence attracting more clients and possibly capturing a bigger proportion of the market.
Switchgear Monitoring Market Highlights:
Switchgear monitoring market size is projected to reach USD 2.16 Billion by 2024 from an estimated USD 1.52 billion, with a CAGR of 7.86% during the forecast period.
Switchgear Monitoring Market Scenario
Switchgear is a type of electrical equipment that controls, protects, and isolates other electrical equipment. It's used to clear faults and de-energize devices. There are various examples of switchgear components, such as electrical switches, fuses, and circuit breakers. Switchgear monitoring systems assist in the monitoring of switchgear activity in substations and transformers. Because of the increase in transmission and distribution, as well as development in major industries such as manufacturing, construction, and others, the worldwide switchgear monitoring market is predicted to grow significantly throughout the forecast period.
Rising power consumption, the requirement for secure electrical distribution systems, and expanding investments in renewable energy sources are all propelling the worldwide switchgear monitoring market forward. Switchgear is in great demand in the power industry due to increased investments in transmission and distribution networks. During the forecast period, demand for switchgear monitoring systems market is expected to rise. Furthermore, due to the increased usage of renewable energy sources, the worldwide switchgear monitoring market is expected to rise rapidly throughout the forecast period.
The major factors driving the growth of the global switchgear monitoring market include rising power demand, demand for secure electrical distribution systems, and growing investments in renewable energy sources. With the increase in investments in transmission and distribution networks, there is a high demand for switchgear in the power industry. According to OECD, the cumulative power sector investment from 2017 to 2040 would approximately reach USD 5.9 trillion for transmission and USD 2.1 trillion for distribution network. Thus, the demand for switchgear monitoring systems is estimated to increase during the forecast period.
Switchgear Monitoring Market Key Players
The key players operating in the global switchgear monitoring market are ABB (Switzerland), Eaton (Ireland), Schneider Electric (France), Siemens (Germany), Emerson (US), Fortive (France), Mitsubishi Electric Corporation (Japan), Senseor (France), Trafag AG (Switzerland), KONCAR-Electrical Engineering Institute Inc. (Croatia), and Siemens (Germany).
Industry News
- El Sewedy Electric T&D awarded ABB a contract in March 2020 to deliver high-voltage gas-insulated switchgear and shunt reactors to ensure a stable power supply.
- Schneider Electric extended its production facilities in Leeds and Scarborough, UK, in February 2020 to accommodate the increased demand for renewable technology. Low-, medium-, and high-voltage switchgear is manufactured at the Leeds and Scarborough locations.
- Siemens purchased C&S Electric, one of India's largest switchgear and power equipment firms, in January 2020, with key activities in switchgear, busbar, and metering devices, to become one of India's leading switchgear manufacturers.
- TransnetBW awarded Siemens a contract for the renovation of a major substation as part of grid upgrading in November 2019. Siemens will supply gas-insulated switchgear for the 380 kV Daxlanden substation in Karlsruhe under the terms of the contract.
Key players in the switchgear monitoring market such as ABB, Schneider Electric, and Emerson are actively focusing on signing contracts and agreements with utilities and industries to supply switchgear monitoring system. Moreover, according to the Energy Information Administration (EIA), in the US, the investment in circuit protection equipment has increased by 69% over the last decade, which would result in growing opportunities for the switchgear monitoring system. The rising safety issues associated with photovoltaic systems and distributed energy resources are other factors driving the demand for switchgear monitoring systems from the utilities.
Switchgear Monitoring Market Segmentation
The global switchgear monitoring market has been segmented based on type, voltage, component, end-use, and region. On the basis of voltage, the global market is segmented into high and medium voltage. High voltage segment is expected to dominate in the market. This is because the high voltage switchgears are primarily used in power transmission over long distances, making it necessary to monitor the switchgears that are used for reliability and protection of grid infrastructure. On the basis of component, the global switchgear monitoring market is segmented into hardware and software & services. On the basis of end-use, the market is segmented into utilities, industrial, commercial, and others. The utlities segment is estimated to register the highest growth rate during the forecast period.
The global switchgear monitoring market is expected to witness substantial growth during the forecast period owing to growth of transmission & distribution, and development in key industries such as manufacturing, construction, and others. According to India Brand Equity Foundation (IBEF), increasing electrification would drive the growth of power consumption to 1,847 TWh in India by 2022.
Switchgear is an electrical equipment that is used to control, protect, and isolate electrical equipment. It is used to de-energize equipment and to clear faults. Switchgear is composed of components such as electrical switches, fuses or circuit breakers. The switchgear monitoring system helps monitor the activities of switchgear in substations and transformers.
Switchgear Monitoring Market Regional Analysis
On the basis of region, the global switchgear monitoring market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest share in the switchgear monitoring market due to the increased investments in the smart grid infrastructure development, transmission & distribution spending, growing dependence on renewable power generation sources, and infrastructural activities in recent past. China accounted for the highest installed generation and distribution capacity in the region due to the high demand for electric supply, resulting in an increased demand for switchgear monitoring systems. Similarly, growing power distribution in countries such as India, Australia, and Indonesia would drive the growth of switchgear monitoring in Asia-Pacific. Moreover, North America is expected to be the second largest market for switchgear monitoring. The US is expected to dominate the market in North America, owing to the growing transmission & distribution lines.
Intended Audience
- Switchgear manufacturers
- Power distribution companies
- Government and research organization
- Consulting companies in the power industry
- Investors and shareholders
Additionally, the global switchgear monitoring market is projected to grow at a high rate during the forecast period due to the increase in adoption of renewable energy sources. According to IEA, renewable energy sources hold the largest share of investment in power generation, owing to investments of approximately USD 350 billion, annually. Countries across the globe are shifting their focus towards renewable power generation. For instance, the Chinese government aims to spend USD 360 billion on renewable energy by 2020, leading to an increase in the demand for switchgear in the country. The growth of data centers globally would act as an opportunity for switchgear monitoring market. However, the high cost of monitoring devices along with safety regulations for SF6 switchgears, would hinder the market of switchgear monitoring market.
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