From GlobeNewswire: 2024-11-14 06:30:00

The global switchgear monitoring system market is projected to reach US$ 1,412.2 million by 2024, with a CAGR of 4.4% expected from 2024 to 2034. The main drivers are increasing spending on renewable energy and the need for safe electrical transmission systems. Infrastructure growth is also fueling demand for advanced voltage control systems.

However, high monitoring costs and cybersecurity concerns are hindering market growth. The Asia Pacific region is expected to dominate the market due to rising smart grid infrastructure costs and renewable energy reliance. North America follows closely, with the United States leading due to expanding distribution networks.

Key takeaways include the dominance of GIS segment in switchgear types and the high voltage segment in voltage levels by 2034. The United States, Canada, China, Japan, and South Korea are all expected to see significant market growth for switchgear monitoring systems. This growth is driven by the need for effective power distribution and technological advancements.

Leading players in the market driving innovation include Zebra Technologies Corporation, Schneider Electric, Qualitrol Company LLC, and GE Grid Solutions. These companies are investing in research and development to offer cutting-edge products and expand their market share through partnerships, mergers, and acquisitions.

In North America, the switchgear monitoring system market is expected to grow at a 4.6% CAGR through 2034, with the United States holding a significant market share. In East Asia, China is projected to have a 57.3% market share by 2034. Recent industry news highlights investments by Eaton, General Electric, ABB, and Schneider Electric to meet the increasing demand for electrical solutions and renewable energy products.

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