The smart cable guard system market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2020-2029. Aging electrical network systems and advanced amenities provided by the smart cable guard systems over conventional fault detection systems, along with the growing investments in the development of reliable maintenance solutions for electrical power systems are expected to fuel the progress of this market. Faults and power outages affect the productivity and balance of small industries, firms and other assets which tend to affect economies all around the globe. According to the data collected World Data Bank, in 2019, it was estimated that the number of firms which experience electrical outages are 56.4% globally.
The market is segmented based on component into sensor injector unit, control unit, software, out of which, the sensor injector unit segment is anticipated to grab the largest share by the end of 2021 on account better efficiency of signal processing and calibration. Moreover, control unit provide accurate calculations and generate alerts in order to prevent power outages and faults and it is widely being used as an adjuvant component alongside sensor injector unit, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of application, the electric power segment in the global smart cable guard system market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that it helps with the quick maintenance and provides alerts as it assists the grid operator to act proactively in case of faults and reduces the operating cost of the distribution system.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Europe is predicted to grow at the highest CAGR over the forecast period owing to the increasing Government initiatives to adopt smart technologies including smart cable guard systems and the need to develop innovative power maintenance and alert solutions in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investment of governmental and non-governmental agencies in smart electrical systems research, accompanied by the presence of leading electrical system providers in the region. Along with this, the North America also leads in terms of developing reliable fault detection systems, which is also expected to contribute to the market growth in the region. As per the analysis of U.S Energy Information Administration, in 2018, power outage durations for U.S. electricity customers averaged 5.8 hours per customer. CLICK TO DOWNLOAD SAMPLE REPORT
The global smart cable guard market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart cable guard system market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Aging electrical network systems and increasing need for reliable fault detection systems are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2020-2029.
High installation cost of smart cable guard systems and rectification concerning voltages are estimated to hamper market growth.
The market in Europe region will provide ample growth opportunities owing to the increasing government initiatives to promote smart solutions in the region.
The major players dominating the smart cable guard system market are DNV GL AS, Enexis Netbeheer, Essar Electricals, BAUR GmbH among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, application and region.
With respect to application, the electric power segment is anticipated to hold the largest market share owing to the need for reliable power detection systems to prevent outages and partial discharges of electrical systems.
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