The Global Switchgear Monitoring System Market size is expected to reach $3.1 billion by 2030, rising at a market growth of 8.1% CAGR during the forecast period.
In Asia Pacific, urbanization is associated with higher energy consumption due to the concentration of cities' residential, commercial, and industrial activities. Switchgear monitoring systems help manage and optimize regional power distribution, ensuring efficient energy usage in densely populated urban areas. Consequently, the Asia-pacific region would generate a revenue of $1.7 billion by 2022. The increasing demand for energy in the Asia Pacific region, driven by population growth and industrialization, necessitates robust and reliable electrical infrastructure. The Asia Pacific region has a heightened focus on energy efficiency and sustainability. The Asia Pacific region is experiencing rapid urbanization and significant infrastructure development. Some of the factors affecting the market are increasing aging infrastructure and modernization needs, urbanization and infrastructure development, and lack of standardization protocols and interfaces.
Aging electrical infrastructure globally requires modernization efforts. Switchgear monitoring systems are crucial in modernizing existing infrastructure by providing real-time monitoring, predictive maintenance capabilities, and digital solutions for efficient operation. Modernization efforts are aimed at improving the reliability and resilience of electrical infrastructure. The market is expanding significantly due to the increasing aging infrastructure and modernization needs. Moreover, Rapid urbanization and infrastructure development globally create a demand for reliable electrical distribution networks. Switchgear monitoring systems contribute to the development of modern urban infrastructure by ensuring the reliability of power supply. As a result of the increasing urbanization and infrastructure development, the market is anticipated to increase significantly.
However, the absence of standardized interfaces may lead to vendor lock-in, where organizations rely on a specific manufacturer's proprietary solutions. This limits flexibility and choice, making it challenging for users to switch to alternative solutions or integrate components from different vendors. Without standardized protocols, switchgear monitoring systems from different manufacturers may struggle to communicate and exchange data seamlessly. Thus, lack of standardization protocols and interfaces can slow down the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on component, the market is bifurcated into hardware and software. In 2022, the hardware segment witnessed the largest revenue share in the market. Hardware components, such as advanced sensors and monitoring devices, form the foundation of switchgear monitoring systems. The continuous innovation and expansion of sensor technologies enhance the capabilities of switchgear monitoring systems, enabling more accurate and comprehensive data collection on the condition and performance of switchgear components. The hardware segment is crucial in implementing digital substation technology, where advanced sensors, communication devices, and monitoring equipment are deployed. Digital substations leverage hardware innovations to enable more intelligent, efficient, and data-centric management of power distribution networks.
On the basis of voltage, the market is divided into low voltage, medium voltage, and high & extra high voltage. The medium voltage segment garnered a significant revenue share in the market in 2022. Medium voltage switchgear is pivotal in electrical power distribution in various industries, utilities, and infrastructure projects. Implementing switchgear monitoring systems in the medium voltage segment ensures power distribution networks' reliability, safety, and efficiency. Medium voltage switchgear is commonly used in utility substations and power generation facilities. Switchgear monitoring systems enable the smart monitoring and control of medium voltage components, supporting the implementation of intelligent grid technologies.
By services, the market is segmented into partial discharge monitoring, gas monitoring, temperature monitoring, and others. In 2022, the temperature monitoring segment registered the maximum revenue share in the market. Temperature monitoring enables the early detection of overheating issues in switchgear components. Elevated temperatures can indicate loose connections, overloaded circuits, or other anomalies. Proactive measures can be implemented to address these issues prior to their escalation into more substantial problems, made possible by early detection. Temperature monitoring enhances the overall reliability of electrical systems by identifying temperature abnormalities. Reliable switchgear is essential for continuous and safe electrical power distribution, particularly in critical infrastructure and industrial applications.
By type, the market is categorized into air insulated and gas insulated. The air insulated segment covered a considerable revenue share in the market in 2022. Air-insulated switchgear (AIS) is commonly used in critical infrastructure, such as power substations and grid networks. The reliability of these infrastructure components is paramount, and switchgear monitoring systems provide real-time insights into the condition of AIS components, ensuring their continuous and reliable operation. The remote monitoring capabilities of switchgear monitoring systems are well-suited for air-insulated switchgear deployed in various locations. Operators can monitor AIS components' performance, status, and health remotely, facilitating timely responses to issues without needing on-site presence.
Based on end user, the market is classified into utilities, industrial, commercial, and others. In 2022, the utilities segment led the market by generating highest revenue share. Switchgear monitoring systems contribute to the reliability and resilience of electrical grids operated by utilities. Utilities rely on these systems to monitor the health and performance of switchgear components, ensuring continuous power supply to customers and minimizing the impact of disruptions. Safety is a top priority in the utilities segment. Switchgear monitoring systems enhance safety by continuously monitoring switchgear components for abnormalities, potential hazards, and deviations from operating parameters, allowing utilities to take proactive measures.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.7 Billion |
| Market size forecast in 2030 | USD 3.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 8.1% from 2023 to 2030 |
| Number of Pages | 338 |
| Number of Table | 530 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Component, Type, Voltage, Services, End User, Region |
| Country scope |
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| Companies Included | 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. |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a significant revenue share in the market. North America has an aging electrical infrastructure, and utilities and industries increasingly invest in modernization efforts. North America is actively pursuing smart grid initiatives to enhance the intelligence and efficiency of the power grid. Industries in North America are adopting automation to improve operational efficiency. North America experiences extreme weather events, including hurricanes, storms, and wildfires.
Free Valuable Insights: Global Switchgear Monitoring System Market size to reach USD 3.1 Billion by 2030
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.
By Component
By Voltage
By Services
By Type
By End User
By Geography
The Market size is projected to reach USD $3.1 billion by 2030.
Urbanization and infrastructure development are driving the Market in coming years, however, Lack of standardization protocols and interfaces restraints the growth of the Market.
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.
The expected CAGR of this Market is 8.1% from 2023 to 2030.
The Gas Insulated segment is leading the Market by Type in 2022, thereby, achieving a market value of $2.1 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, thereby achieving a market value of $1.1 billion by 2030, growing at a CAGR of 8.3 % during the forecast period.
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