PUBLISHER: BIS Research | PRODUCT CODE: 1578776
PUBLISHER: BIS Research | PRODUCT CODE: 1578776
Asia-Pacific Switchgear Monitoring System Market: Focus on Product, Application, and Country - Analysis and Forecast, 2023-2033
Introduction to Asia-Pacific Switchgear Monitoring System Market
The Asia-Pacific switchgear monitoring system market was valued at $474.3 million in 2023 and is expected to reach $1,160.1 million by 2033, with a CAGR of 9.36% during the forecast period 2023-2033. Switchgear monitoring systems are seeing rapid expansion in the European market, fueled by important characteristics that encourage their implementation in a variety of industries. A primary driver is the increasing need for reliable and efficient power distribution solutions, as companies modernize and expand. Modern switchgear monitoring systems are essential for ensuring constant power, keeping an eye on the condition of the machinery, and averting future breakdowns. The demand for these systems is further increased by the region's emphasis on smart grid infrastructure and the incorporation of IoT technology into power networks. Modern technological advancements like real-time data analytics and sophisticated sensors improve monitoring capabilities, allowing for predictive maintenance and reducing downtime. Furthermore, the increased focus on sustainability and energy efficiency in Europe is promoting investments in monitoring systems that maximize energy use, minimize losses, and support greener operations.
Market Introduction
| KEY MARKET STATISTICS | |
|---|---|
| Forecast Period | 2023 - 2033 |
| 2023 Evaluation | $474.3 Million |
| 2033 Forecast | $1,160.1 Million |
| CAGR | 9.36% |
The market for switchgear monitoring systems in Asia-Pacific (APAC) is expanding significantly as a result of several sectors' growing need for dependable and effective power distribution systems. Power infrastructure has been modernized as a result of the region's fast industrialization and urbanization as well as the rising demand for electricity. Advanced switchgear monitoring systems are now essential as enterprises grow in order to provide a steady power supply, keep an eye on the condition of the equipment, and avert possible failures.
APAC governments are also investing in smart grid infrastructure, which is propelling the use of switchgear monitoring systems that incorporate cutting-edge technology like artificial intelligence (AI) and the Internet of Things (IoT). By enabling predictive maintenance and real-time monitoring, these systems save downtime and improve operational effectiveness. Leading nations in the modernization of their electricity distribution networks include China, India, Japan, and South Korea.
Additionally, because these systems optimize power utilization and minimize energy losses, the emphasis on sustainability and energy efficiency is increasing demand for them. Industries are spending more money on monitoring systems to comply with eco-friendly practices as a result of tighter restrictions and growing environmental concerns. All things considered, the APAC switchgear monitoring system market is expected to expand due to the region's technological advances and ongoing energy transition.
Market Segmentation:
Segmentation 1: by End User
- Utilities
- Industrial
- Commercial
- Others
Segmentation 2: by Type
- Air-Insulated Switchgear
- Gas-Insulated Switchgear
Segmentation 3: by Voltage
- Low Voltage
- Medium Voltage
- High and Extra Voltage
Segmentation 4: by Service
- Partial Discharge Monitoring
- Gas Monitoring
- Temperature Monitoring
- Others
Segmentation 5: by Country
- China
- Japan
- India
- South Korea
- Rest-of-Asia-Pacific
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different switchgear monitoring systems. Moreover, the study provides the reader with a detailed understanding of the APAC switchgear monitoring system market based on the end user (utilities, industrial, commercial, and others). Furthermore, there is a growing demand for reliable and cost-effective switchgear monitoring systems. Manufacturers can seize opportunities to design and produce next-generation switchgear equipped with advanced monitoring and diagnostic features.
Growth/Marketing Strategy: The APAC switchgear monitoring system market has seen major development by key players operating in the market, such as business expansions, partnerships, collaborations, mergers and acquisitions, and joint ventures. The favored strategy for the companies has been product developments, business expansions, and acquisitions to strengthen their position in the Europe switchgear monitoring system market.
Competitive Strategy: Key players in the APAC switchgear monitoring system market analyzed and profiled in the study involve switchgear monitoring system manufacturers and the overall ecosystem. Moreover, a detailed competitive benchmarking of the players operating in the APAC switchgear monitoring system market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, analyzing company coverage, product portfolio, and market penetration.
Some of the prominent established names in this market are:
- Hitachi Limited
- Toshiba Corporation
- HD Hyundai Electric Co., Ltd.
- Fuji Electric Co., Ltd.
Table of Contents
Executive Summary
Scope and Definition
1 Markets
- 1.1 Trends: Current and Future Impact Assessment
- 1.1.1 Trends Shaping Switchgear Monitoring System Market
- 1.1.2 Rising Demand for Electricity
- 1.1.3 Integration of Digital Technologies and Internet of Things (IoT)
- 1.2 Supply Chain Overview
- 1.2.1 Value Chain Analysis
- 1.2.2 Market Map
- 1.2.2.1 Switchgear Monitoring System Market - Product (by Type)
- 1.2.2.1.1 Air-Insulated Switchgear
- 1.2.2.1.2 Gas-Insulated Switchgear
- 1.2.2.1 Switchgear Monitoring System Market - Product (by Type)
- 1.2.3 Pricing Forecast
- 1.3 Research and Development Review
- 1.3.1 Patent Filing Trend (by Country and Company)
- 1.4 Stakeholder Analysis
- 1.4.1 Use Case
- 1.4.2 End User and Buying Criteria
- 1.4.2.1 Utility Companies
- 1.4.2.2 Industrial Facilities
- 1.4.2.3 Commercial Buildings
- 1.5 Impact Analysis for Key Global Events
- 1.5.1 COVID-19 Pandemic
- 1.5.2 Russia-Ukraine Conflict
- 1.5.3 Middle East Crises
- 1.6 Market Dynamics Overview
- 1.6.1 Market Drivers
- 1.6.1.1 Aging Electrical Infrastructure
- 1.6.1.2 Advancements in IoT and Sensor Technology
- 1.6.2 Market Restraints
- 1.6.2.1 High Implementation Costs and Complex Data Management
- 1.6.3 Market Opportunities
- 1.6.3.1 Renewable Energy Integration
- 1.6.1 Market Drivers
2 Regions
- 2.1 Regional Summary
- 2.2 Asia-Pacific
- 2.2.1 Key Market Participants in Asia-Pacific
- 2.2.2 Business Drivers
- 2.2.3 Business Challenges
- 2.2.4 Application
- 2.2.5 Product
- 2.2.6 China
- 2.2.7 Application
- 2.2.8 Product
- 2.2.9 India
- 2.2.10 Application
- 2.2.11 Product
- 2.2.12 Japan
- 2.2.13 Application
- 2.2.14 Product
- 2.2.15 South Korea
- 2.2.16 Application
- 2.2.17 Product
- 2.2.18 Rest-of-Asia-Pacific
- 2.2.19 Application
- 2.2.20 Product
3 Markets - Competitive Benchmarking & Company Profiles
- 3.1 Competitive Landscape
- 3.2 Company Profile
- 3.2.1 Toshiba Corporation
- 3.2.1.1 Overview
- 3.2.1.2 Top Products/Product Portfolio
- 3.2.1.3 Top Competitors
- 3.2.1.4 Target Customers/End-Use Industries
- 3.2.1.5 Key Personnel
- 3.2.1.6 Analyst View
- 3.2.1.7 Market Share, 2022
- 3.2.2 Hitachi, Ltd.
- 3.2.2.1 Overview
- 3.2.2.2 Top Products/Product Portfolio
- 3.2.2.3 Top Competitors
- 3.2.2.4 Target Customers/End-Use Industries
- 3.2.2.5 Key Personnel
- 3.2.2.6 Analyst View
- 3.2.2.7 Market Share, 2022
- 3.2.3 HD Hyundai Electric Co., Ltd.
- 3.2.3.1 Overview
- 3.2.3.2 Top Products/Product Portfolio
- 3.2.3.3 Top Competitors
- 3.2.3.4 Target Customers/End-Use Industries
- 3.2.3.5 Key Personnel
- 3.2.3.6 Analyst View
- 3.2.3.7 Market Share, 2022
- 3.2.4 Fuji Electric Co., Ltd.
- 3.2.4.1 Overview
- 3.2.4.2 Top Products/Product Portfolio
- 3.2.4.3 Top Competitors
- 3.2.4.4 Target Customers/End-Use Industries
- 3.2.4.5 Key Personnel
- 3.2.4.6 Analyst View
- 3.2.4.7 Market Share, 2022
- 3.2.5 Havells India Ltd.
- 3.2.5.1 Overview
- 3.2.5.2 Top Products/Product Portfolio
- 3.2.5.3 Top Competitors
- 3.2.5.4 Target Customers/End-Use Industries
- 3.2.5.5 Key Personnel
- 3.2.5.6 Analyst View
- 3.2.5.7 Market Share, 2022
- 3.2.1 Toshiba Corporation
- 3.3 Other Key Market Participants
- 3.4 Growth Opportunities and Recommendations
4 Research Methodology
- 4.1 Data Sources
- 4.1.1 Primary Data Sources
- 4.1.2 Secondary Data Sources
- 4.1.3 Data Triangulation
- 4.2 Market Estimation and Forecast
List of Figures
- Figure 1: Switchgear Monitoring System Market (by Region), $Million, 2022, 2026, and 2033
- Figure 2: Asia-Pacific Switchgear Monitoring System Market (by Type), 2022, 2026, and 2033
- Figure 3: Asia-Pacific Switchgear Monitoring System Market (by Voltage), 2022, 2026, and 2033
- Figure 4: Asia-Pacific Switchgear Monitoring System Market (by Service), 2022, 2026, and 2033
- Figure 5: Switchgear Monitoring System Market, Recent Developments
- Figure 6: Average Annual Renewable Capacity Additions, Historical, and Forecasts and IEA Net-Zero Scenario, 2009-2026
- Figure 7: Supply Chain Analysis for Switchgear Monitoring System Market
- Figure 8: Patent Filed (by Country), January 2020-December 2023
- Figure 9: Patent Filed (by Company), January 2020-December 2023
- Figure 10: Impact Analysis of Switchgear Monitoring System Market Navigating Factors, 2023-2033
- Figure 11: Projected Economic Impact of IoT: $4 Trillion to $11 Trillion Annually by 2025 in Business Terms
- Figure 12: China Switchgear Monitoring System Market, $Million, 2022-2033
- Figure 13: India Switchgear Monitoring System Market, $Million, 2022-2033
- Figure 14: Japan Switchgear Monitoring System Market, $Million, 2022-2033
- Figure 15: South Korea Switchgear Monitoring System Market, $Million, 2022-2033
- Figure 16: Rest-of-Asia-Pacific Switchgear Monitoring System Market, $Million, 2022-2033
- Figure 17: Strategic Initiatives, January 2020- February 2024
- Figure 18: Share of Strategic Initiatives, January 2020- February 2024
- Figure 19: Data Triangulation
- Figure 20: Top-Down and Bottom-Up Approach
- Figure 21: Assumptions and Limitations
List of Tables
- Table 1: Market Snapshot
- Table 2: Switchgear Monitoring System Market, Opportunities
- Table 3: Pricing Forecast of Switchgear Monitoring System Market (by Type), $/Unit, 2022-2033
- Table 4: Switchgear Monitoring System Market (by Region), Thousand Units, 2022-2033
- Table 5: Switchgear Monitoring System Market (by Region), $Million, 2022-2033
- Table 6: Asia-Pacific Switchgear Monitoring System Market (by End User), Thousand Units, 2022-2033
- Table 7: Asia-Pacific Switchgear Monitoring System Market (by End User), $Million, 2022-2033
- Table 8: Asia-Pacific Switchgear Monitoring System Market (by Type), Thousand Units, 2022-2033
- Table 9: Asia-Pacific Switchgear Monitoring System Market (by Type), $Million, 2022-2033
- Table 10: Asia-Pacific Switchgear Monitoring System Market (by Voltage), Thousand Units, 2022-2033
- Table 11: Asia-Pacific Switchgear Monitoring System Market (by Voltage), $Million, 2022-2033
- Table 12: Asia-Pacific Switchgear Monitoring System Market (by Service), Thousand Units, 2022-2033
- Table 13: Asia-Pacific Switchgear Monitoring System Market (by Service), $Million, 2022-2033
- Table 14: China Switchgear Monitoring System Market (by End User), Thousand Units, 2022-2033
- Table 15: China Switchgear Monitoring System Market (by End User), $Million, 2022-2033
- Table 16: China Switchgear Monitoring System Market (by Type), Thousand Units, 2022-2033
- Table 17: China Switchgear Monitoring System Market (by Type), $Million, 2022-2033
- Table 18: China Switchgear Monitoring System Market (by Voltage), Thousand Units, 2022-2033
- Table 19: China Switchgear Monitoring System Market (by Voltage), $Million, 2022-2033
- Table 20: China Switchgear Monitoring System Market (by Service), Thousand Units, 2022-2033
- Table 21: China Switchgear Monitoring System Market (by Service), $Million, 2022-2033
- Table 22: India Switchgear Monitoring System Market (by End User), Thousand Units, 2022-2033
- Table 23: India Switchgear Monitoring System Market (by End User), $Million, 2022-2033
- Table 24: India Switchgear Monitoring System Market (by Type), Thousand Units, 2022-2033
- Table 25: India Switchgear Monitoring System Market (by Type), $Million, 2022-2033
- Table 26: India Switchgear Monitoring System Market (by Voltage), Thousand Units, 2022-2033
- Table 27: India Switchgear Monitoring System Market (by Voltage), $Million, 2022-2033
- Table 28: India Switchgear Monitoring System Market (by Service), Thousand Units, 2022-2033
- Table 29: India Switchgear Monitoring System Market (by Service), $Million, 2022-2033
- Table 30: Japan Switchgear Monitoring System Market (by End User), Thousand Units, 2022-2033
- Table 31: Japan Switchgear Monitoring System Market (by End User), $Million, 2022-2033
- Table 32: Japan Switchgear Monitoring System Market (by Type), Thousand Units, 2022-2033
- Table 33: Japan Switchgear Monitoring System Market (by Type), $Million, 2022-2033
- Table 34: Japan Switchgear Monitoring System Market (by Voltage), Thousand Units, 2022-2033
- Table 35: Japan Switchgear Monitoring System Market (by Voltage), $Million, 2022-2033
- Table 36: Japan Switchgear Monitoring System Market (by Service), Thousand Units, 2022-2033
- Table 37: Japan Switchgear Monitoring System Market (by Service), $Million, 2022-2033
- Table 38: South Korea Switchgear Monitoring System Market (by End User), Thousand Units, 2022-2033
- Table 39: South Korea Switchgear Monitoring System Market (by End User), $Million, 2022-2033
- Table 40: South Korea Switchgear Monitoring System Market (by Type), Thousand Units, 2022-2033
- Table 41: South Korea Switchgear Monitoring System Market (by Type), $Million, 2022-2033
- Table 42: South Korea Switchgear Monitoring System Market (by Voltage), Thousand Units, 2022-2033
- Table 43: South Korea Switchgear Monitoring System Market (by Voltage), $Million, 2022-2033
- Table 44: South Korea Switchgear Monitoring System Market (by Service), Thousand Units, 2022-2033
- Table 45: South Korea Switchgear Monitoring System Market (by Service), $Million, 2022-2033
- Table 46: Rest-of-Asia-Pacific Switchgear Monitoring System Market (by End User), Thousand Units, 2022-2033
- Table 47: Rest-of-Asia-Pacific Switchgear Monitoring System Market (by End User), $Million, 2022-2033
- Table 48: Rest-of-Asia-Pacific Switchgear Monitoring System Market (by Type), Thousand Units, 2022-2033
- Table 49: Rest-of-Asia-Pacific Switchgear Monitoring System Market (by Type), $Million, 2022-2033
- Table 50: Rest-of-Asia-Pacific Switchgear Monitoring System Market (by Voltage), Thousand Units, 2022-2033
- Table 51: Rest-of-Asia-Pacific Switchgear Monitoring System Market (by Voltage), $Million, 2022-2033
- Table 52: Rest-of-Asia-Pacific Switchgear Monitoring System Market (by Service), Thousand Units, 2022-2033
- Table 53: Rest-of-Asia-Pacific Switchgear Monitoring System Market (by Service), $Million, 2022-2033
- Table 54: Market Share, 2022
