The Latin America, Middle East and Africa Switchgear Monitoring System Market would witness market growth of 9.6% CAGR during the forecast period (2023-2030).
Utilities and power generation companies utilize switchgear monitoring systems to manage and monitor electrical networks. These systems enhance the reliability of power generation and distribution by providing insights into the condition of switchgear components and facilitating timely maintenance. The oil and gas industry relies on switchgear monitoring systems to ensure the uninterrupted operation of critical equipment, such as pumps, compressors, and control systems. These systems contribute to the safety and reliability of electrical infrastructure in remote and challenging environments. Switchgear monitoring systems are applied in transportation infrastructure, including railways and airports, to ensure the reliable operation of electrical systems that power signalling, lighting, and other critical components. Monitoring helps prevent disruptions and ensures the safety of transportation networks.
Switchgear monitoring systems, including solar and wind farms, are integral to renewable energy plants. They help monitor and control the distribution of power generated by renewable sources, ensuring the electrical grid's stability, and facilitating the integration of clean energy into existing systems. Large commercial buildings, such as office complexes, shopping malls, and data centers, leverage switchgear monitoring systems to maintain a reliable power supply. These systems optimize energy usage, prevent electrical failures, and ensure uninterrupted operations in critical environments.
Saudi Arabia has placed ACWA Power in its Vision 2030 goal of eliminating oil from its power generation strategy. Saudi Arabia intends to generate 50 percent of its electricity from renewable sources and 50 percent from gas by 2030. Due to these aspects, the switchgear monitoring system market will expand across the LAMEA region in upcoming years.
The Brazil market dominated the LAMEA Switchgear Monitoring System Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $72.5 million by 2030. The Argentina market is showcasing a CAGR of 10.2% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 9.3% during (2023 - 2030).
Based on Component, the market is segmented into Hardware, and Software. Based on Voltage, the market is segmented into High & extra High Voltage, Medium Voltage, and Low Voltage. Based on Services, the market is segmented into Temperature Monitoring, Gas Monitoring, Partial Discharge Monitoring, and Others. Based on Type, the market is segmented into Gas Insulated, and Air Insulated. Based on End User, the market is segmented into Utilities, Industrial, Commercial, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Switchgear Monitoring System Market is Projected to reach USD 3.1 Billion by 2030, at a CAGR of 8.1%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Siemens Energy AG, ABB Group, Schneider Electric SE, Eaton Corporation PLC, General Electric Company, Mitsubishi Electric Corporation, Emerson Electric Co., OSENSA Innovations Corp., Doble Engineering Company (Esco Technologies Inc.), IPEC Ltd.
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