Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Smart Cable Guard System Market size was valued at USD 1.93 billion in 2024 and is likely to cross USD 9.03 billion by 2037, expanding at more than 12.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of smart cable guard system is estimated at USD 2.14 billion.
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 smart cable guard system 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.
Smart Cable Guard System Sector: Growth Drivers and Challenges
Growth Drivers
- Aging Electrical Network Assets
- Growing Need for Reliable Systems to Prevent Partial Discharges and Faults
- Cost Effective Maintenance Solution
Challenges
- Rectification Concerning Voltage Levels
- High Installation Cost of Smart Cable Guard Systems
Smart Cable Guard System Market: Key Insights
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
12.6% |
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Base Year Market Size (2023) |
USD 1.71 billion |
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Forecast Year Market Size (2036) |
USD 8 billion |
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Regional Scope |
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Smart Cable Guard System Segmentation
The smart cable guard system 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 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.
Our in-depth analysis of the global market includes the following segments:
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By Component |
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By Application |
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Customize this ReportSmart Cable Guard System Industry - Regional Synopsis
Geographically, the smart cable guard system market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Europe industry is set to dominate majority revenue share by 2037, owing to increasing government initiatives to adopt smart technologies including smart cable guard systems and 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 smart cable guard system 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.
Companies Dominating the Smart Cable Guard System Landscape
- DNV GL AS
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Alliander N.V.
- Enexis Netbeheer
- Essar Electricals
- BAUR GmbH
- Surgetek
In the News
Author Credits: Dhruv Bhatia
- Report ID: 2927
- Published Date: Dec 23, 2024
- Report Format: PDF, PPT
