NEW YORK, Aug. 17, 2018 (GLOBE NEWSWIRE) -- The global smart cable guard system market is expected to witness a CAGR of 31.7% from 2018 to 2024. Aging electrical network assets and additional advantages of this technology over traditional fault detection systems is expected to propel the market growth over the forecast period. Moreover, government support for installation of advanced power infrastructure across the globe is likely to give impetus to the market growth during 2018-2024.

Smart cable guard system comprises of sensor injector units (SIU) and control units (CU) placed at the end of the cable. This system is capable of detecting partial discharges (PDs) or faults with a location accuracy of 1% of the cable length, and notifying the grid operator. The system is used for networks with low or high grounding impedance to effectively minimize power failures and increase the overall efficiency of the distribution system. Smart cable guard technology assists the grid operator to act proactively in case of faults and reduces the operating cost of the distribution system.

Key findings from the report:

  • The global smart cable guard system market is likely to experience a CAGR of 31.7% from 2018-2024
  • The electric power segment is expected to experience the fastest CAGR over the forecast period
  • Europe is expected to register the highest CAGR over the forecast period
  • Some of the key companies operating in the market include DNV GL AS; Alliander N.V.; Locamation; Enexis Netbeheer; Essar Electricals; High Voltage, Inc.; Surgetek; BAUR GmbH; Vinçotte; and Telemetrics, among others

Electric Power Industry : High potential market for smart cable guard system

Electric power industry is expected to experience the fastest CAGR during 2018 -2024. This trend can be attributed to the demand for reliable electric power supply. Increasing transmission and distribution infrastructure has resulted in an intricate network which is hard to repair and maintain in case of breakdowns. Smart cable guard system detects partial discharges or faults and sends notification to the operator. This real-time insight assists in reducing outage duration, thereby cutting overall operating cost of the system. Electric power segment is the most prominent industry for this market and is likely to give impetus to the market growth.   

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Smart cable guard system market - Regional insight

Geographically, Europe is likely to witness the fastest CAGR during 2018-2024. The growth in the region can be attributed to initiatives taken by the local governments to promote adoption of new technologies in order to save energy and minimize losses during transmission. Moreover, presence of key players in the region such as DNV GL AS, Locamation, and Alliander N.V. is also expected to propel the market growth during the forecast period.

The report segments smart cable guard system market on the basis of components, end use industry, and region.

By Components

  • Sensor Injector Unit
  • Control Unit
  • Software

By End Use Industry

  • Healthcare
  • Electric Power
  • Telecommunication
  • Small Industries
  • Others

Region                                                                                                                                                                                   

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Middle East and Africa (MEA)
  • Central and South America

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