A male electrician works in a switchboard using an electrical connection cable, connecting equipment with tools. View from the back.
Overview and Scope
A switchgear monitoring system refers to a technology-driven solution designed to monitor, manage and optimize the performance of electrical switchgear equipment within power distribution systems. It was used to enhance the management, safety and performance of electrical switchgear equipment within power distribution systems.
Sizing and Forecast
The switchgear monitoring system market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to aging infrastructure, industrialization, growing adoption of smart grid, increasing demand for reliable and efficient power transmission, increasing complexity of electrical grids.
The switchgear monitoring system market size is expected to see strong growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to growing demand for predictive maintenance and asset management solutions, adoption of digital twins, rising concerns about cybersecurity threats, demand for remote monitoring and control of switchgear. Major trends in the forecast period include predictive maintenance, cloud-based solutions, energy management, remote monitoring and control, iot integration.
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Segmentation & Regional Insights
The switchgear monitoring system market covered in this report is segmented –
1) By Component: Hardware; Software And Services
2) By Monitoring Type: Temperature Monitoring; Partial Discharge Monitoring; Gas Monitoring; Other Monitoring Types
3) By Voltage: High Voltage; Medium Voltage; Low Voltage
4) By End User: Utilities; Industries; Commercial; Other End Users
Asia-Pacific was the largest region in the switchgear monitoring system market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in switchgear monitoring system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
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Major Driver Impacting Market Growth
The increase in electricity demand is expected to drive the growth of the switchgear monitoring system market. Electricity demand refers to the amount of electricity consumed within a country, region, or sector over a specific period. Switchgear monitoring systems are utilized to oversee the condition of switchgear assets like transformers and substations. The surge in electricity demand has resulted in a greater utilization of switchgear, and monitoring systems help ensure the reliability of these assets.For example, in 2022, data published by Our World in Data, a UK-based scientific online publication organization, revealed that US electricity demand rose from 4,192.9 terawatt-hours (TWh) in 2021 to 4,338.1 TWh by 2022. Consequently, the growth in electricity demand is propelling the development of the switchgear monitoring system market.
Key Industry Players
Major players in the switchgear monitoring system market are Hitachi Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Seimens AG, ABB Ltd., Eaton Corporation PLC, Emerson Electric Co., Fuji Electric Co.Ltd., OMICRON electronics GmbH, GE Grid Solutions, LSIS Co. Ltd., KONCAR- Electrical Engineering Institute Inc., Megger Group Limited, Qualitrol Company LLC, Guangzhou Haozhi Industrial Co. Ltd., Industrial Electric Mfg. (IEM), Doble Engineering Company Pvt. Ltd., Lumel S.A, ALTANOVA Group, Donwil Company, IPEC Ltd., High Voltage Partial Discharge Ltd., Diagnostic Service Co. Limited (PDS), Nuventura Pvt. Ltd., SENSeOR SAS, PT. Tiara Vibrasindo Pratama, Dynamic Ratings Inc., Prism Power Group, OSENSA Innovations Corp., Rugged Monitoring.
The switchgear monitoring system market report table of contents includes:
1. Executive Summary
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List Of Tables :
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Switchgear Monitoring System Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Switchgear Monitoring System Market, Segmentation By Monitoring Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Switchgear Monitoring System Market, Segmentation By Voltage , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Hitachi Ltd. Financial Performance
Table 76: Mitsubishi Electric Corporation Financial Performance
Table 77: Schneider Electric SE Financial Performance
Table 78: Seimens AG Financial Performance
Table 79: ABB Ltd. Financial Performance
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