Global switchgear monitoring system sales are set to be valued at US$ 1.21 Bn in 2021, according to the latest research by Persistence Market Research, a research and consulting firm. The report estimates the market to expand at over 4% CAGR over the next ten years. The COVID pandemic had a huge impact on this space in 2020, where demand for switchgear monitoring experienced a sudden drop. But it is estimated that the market will bounce back in 2021 and get back to its normal growth trajectory.
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Demand for switchgear monitoring systems is the result of excessive use and sales of switchgear. Energy generation and more demand for energy across the globe is impacting the market share of switchgear and monitoring systems. Urbanization and industrial development in developing countries is creating more scope for the growth of the market, and development of the automation sector will complement demand for switchgear monitoring systems in future.
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Key Takeaways from Switchgear Monitoring System Market Study
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