Switchgear Monitoring System Market
Switchgear Monitoring System Market Forecasts to 2030 - Global Analysis By Switchgear Type (Gas-Insulated Switchgear (GIS) and Air-Insulated Switchgear (AIS)), Voltage (Low Voltage (LV), Controllers, Medium Voltage (MV) and High & Extra High Voltage (EHV)), Component, Application, End User and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $1.9 BN |
|
Projected Year Value (2030) |
US $3.4 BN |
|
CAGR (2024-2030) |
9.6% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Switchgear Monitoring System Market is accounted for $1.9 billion in 2024 and is expected to reach $3.4 billion by 2030 growing at a CAGR of 9.6% during the forecast period. Switchgear monitoring Systems are used to monitor and manage the status and performance of electrical switchgear equipment. It provides real-time data on parameters such as temperature, voltage, current, and pressure, enhancing the reliability and safety of power systems. The growth of SGMS is driven by the increasing demand for efficient power management, advancements in IoT and AI technologies, and the need for predictive maintenance, which is expected to boost its adoption across various industries.
According to the U.S. Energy Information Administration (EIA), the aging power infrastructure in the United States is a significant concern. Approximately 70% of the transmission lines and power transformers in the U.S. were over 25 years old, highlighting the need for modernization and monitoring solutions to ensure reliable and efficient power delivery.
Market Dynamics:
Driver:
Aging electrical infrastructure
The aging electrical infrastructure is a significant driver for the switchgear monitoring system market. As electrical systems in many regions approach or surpass their intended lifespans, the need for monitoring and maintenance increases to prevent failures and ensure reliability. This necessity drives demand for advanced switchgear monitoring systems that can offer real-time diagnostics and predictive maintenance, thus ensuring continuous power supply and enhancing the longevity of existing infrastructure.
Restraint:
High initial investment costs
High initial investment costs pose a restraint on the switchgear monitoring system market. Implementing these systems involves significant expenditure on sophisticated equipment, installation, and integration with existing infrastructure. For many utilities and industrial users, especially in emerging economies, these costs can be prohibitive. This financial barrier can slow the adoption rate, as organizations weigh the upfront expenses against long-term benefits and operational savings.
Opportunity:
Expansion in smart grid technologies
The expansion in smart grid technologies presents a substantial opportunity for the switchgear monitoring system market. Smart grids require advanced monitoring and control systems to manage the flow of electricity efficiently and reliably. Switchgear monitoring systems are integral to smart grids, providing the necessary real-time data and diagnostics to optimize grid performance, enhance energy efficiency, and reduce downtime. This trend towards smarter, more automated grids significantly boosts the demand for switchgear monitoring solutions.
Threat:
Cybersecurity risks
Cybersecurity risks are a prominent threat to the switchgear monitoring system market. As these systems become increasingly integrated with digital and IoT technologies, they become vulnerable to cyber attacks. These attacks can disrupt operations, compromise sensitive data, and cause widespread power outages. The potential for such incidents necessitates robust cybersecurity measures, increasing the complexity and cost of deploying switchgear monitoring systems, and potentially deterring some users from adopting these technologies.
Covid-19 Impact:
The COVID-19 pandemic impacted the switchgear monitoring system market by disrupting supply chains and delaying project implementations. However, the pandemic also highlighted the importance of reliable power systems, driving increased interest in remote monitoring solutions. This shift towards digitalization and remote operation during the pandemic has likely accelerated the adoption of advanced switchgear monitoring technologies in the long term.
The high voltage (HV) & extra high voltage (EHV) segment is expected to be the largest during the forecast period
The high voltage (HV) & extra high voltage (EHV) segment is expected to be the largest during the forecast period due to the critical need for reliable monitoring in high-stakes applications such as transmission and distribution networks. These systems handle substantial power loads, where failures can have significant financial and operational consequences. As a result, utilities prioritize advanced monitoring solutions to enhance reliability, prevent outages, and maintain system integrity, driving the dominance of this segment.
The software segment is expected to have the highest CAGR during the forecast period
The Software segment is expected to have the highest CAGR during the forecast period as the industry increasingly shifts towards digital solutions for real-time monitoring, data analytics, and predictive maintenance. Software solutions provide the intelligence and analytics capabilities required for efficient switchgear management, enabling utilities to make informed decisions and optimize performance. The growing emphasis on smart grids and IoT integration further propels the demand for sophisticated software, contributing to its rapid growth.
Region with largest share:
The Asia Pacific region is positioned to dominate the Switchgear Monitoring System Market due to rapid industrialization, urbanization, and significant investments in upgrading electrical infrastructure. Countries like China and India are focusing on enhancing their power grid reliability and efficiency, leading to substantial demand for advanced monitoring systems. The region's large and growing population also drives increased energy consumption, necessitating robust and reliable power distribution systems, thus contributing to its market dominance.
Region with highest CAGR:
The Asia Pacific region anticipates rapid growth in the Switchgear Monitoring System Market driven by ongoing infrastructure development, increasing adoption of smart grid technologies, and government initiatives aimed at modernizing the power sector. The region's dynamic economic growth, coupled with a strong focus on technological advancements and energy efficiency, fuels the adoption of switchgear monitoring solutions. This rapid development trajectory positions Asia Pacific as the region with the highest growth rate in this market.
Key players in the market
Some of the key players in Switchgear Monitoring System Market include ABB Ltd, Siemens AG, Schneider Electric SE, General Electric Company, Eaton Corporation, Mitsubishi Electric Corporation, Hitachi Ltd, Toshiba Corporation, Emerson Electric Co., Larsen & Toubro Limited, Schweitzer Engineering Laboratories Inc., Qualitrol Company LLC, Dynamic Ratings, Doble Engineering Company, Fortive Corporation, Kirloskar Electric Company, Crompton Greaves Ltd, Powell Industries Inc., Tavrida Electric AG and Elatec Power Distribution GmbH.
Key Developments:
In February 2024, ABB announced new ABB Value Providers authorized in South Korea for its ABB Ability™ Condition Monitoring for switchgear (SWICOM) solution, which improves reliability and reduces maintenance costs by providing real-time health status monitoring.
In February 2024, Schneider Electric launched its digitally enabled SureSeT Medium Voltage switchgear for the Canadian market, offering compact design, longer lifetime, real-time monitoring, and digital services based on asset data.
In August 2023, Siemens launched its new SIRIUS 3UG5 line monitoring relays for monitoring 3-phase grids from 200V to 690V nominal voltage and frequency monitoring from 15-70 Hz, providing more detailed grid information.
Switchgear Types Covered:
• Gas-Insulated Switchgear (GIS)
• Air-Insulated Switchgear (AIS)
Voltages Covered:
• Low Voltage (LV)
• Medium Voltage (MV)
• High & Extra High Voltage (EHV)
Components Covered:
• Hardware
• Sensors
• Software
• Service
Applications Covered:
• Temperature Monitoring
• Partial Discharge Monitoring
• Gas Monitoring
• Asset Monitoring
• Vibration Monitoring
• Arc Flash Detection
• Fault Detection and Protection
• Other Applications
End Users Covered:
• Utilities
• Industrial
• Commercial and Residential
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Switchgear Monitoring System Market, By Switchgear Type
5.1 Introduction
5.2 Gas-Insulated Switchgear (GIS)
5.3 Air-Insulated Switchgear (AIS)
6 Global Switchgear Monitoring System Market, By Voltage
6.1 Introduction
6.2 Low Voltage (LV)
6.3 Medium Voltage (MV)
6.4 High & Extra High Voltage (EHV)
7 Global Switchgear Monitoring System Market, By Component
7.1 Introduction
7.2 Hardware
7.3 Sensors
7.3.1 Data Acquisition Systems (DAS)
7.3.2 Communication Modules
7.3.3 Power Supply Units
7.4 Software
7.4.1 Monitoring Software
7.4.2 Data Analytics Software
7.4.3 Reporting Software
7.5 Service
7.5.1 Installation and Commissioning
7.5.2 Maintenance and Support
7.5.3 Consulting Services
8 Global Switchgear Monitoring System Market, By Application
8.1 Introduction
8.2 Temperature Monitoring
8.3 Partial Discharge Monitoring
8.4 Gas Monitoring
8.5 Asset Monitoring
8.6 Vibration Monitoring
8.7 Arc Flash Detection
8.8 Fault Detection and Protection
8.9 Other Applications
9 Global Switchgear Monitoring System Market, By End User
9.1 Introduction
9.2 Utilities
9.3 Industrial
9.4 Commercial and Residential
9.5 Other End Users
10 Global Switchgear Monitoring System Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 ABB Ltd
12.2 Siemens AG
12.3 Schneider Electric SE
12.4 General Electric Company
12.5 Eaton Corporation
12.6 Mitsubishi Electric Corporation
12.7 Hitachi, Ltd.
12.8 Toshiba Corporation
12.9 Emerson Electric Co.
12.10 Larsen & Toubro Limited
12.11 Schweitzer Engineering Laboratories, Inc.
12.12 Qualitrol Company LLC
12.13 Dynamic Ratings
12.14 Doble Engineering Company
12.15 Fortive Corporation
12.16 Kirloskar Electric Company
12.17 Crompton Greaves Ltd.
12.18 Powell Industries, Inc.
12.19 Tavrida Electric AG
12.20 Elatec Power Distribution GmbH
List of Tables
1 Global Switchgear Monitoring System Market Outlook, By Region (2022-2030) ($MN)
2 Global Switchgear Monitoring System Market Outlook, By Switchgear Type (2022-2030) ($MN)
3 Global Switchgear Monitoring System Market Outlook, By Gas-Insulated Switchgear (GIS) (2022-2030) ($MN)
4 Global Switchgear Monitoring System Market Outlook, By Air-Insulated Switchgear (AIS) (2022-2030) ($MN)
5 Global Switchgear Monitoring System Market Outlook, By Voltage (2022-2030) ($MN)
6 Global Switchgear Monitoring System Market Outlook, By Low Voltage (LV) (2022-2030) ($MN)
7 Global Switchgear Monitoring System Market Outlook, By Medium Voltage (MV) (2022-2030) ($MN)
8 Global Switchgear Monitoring System Market Outlook, By High & Extra High Voltage (EHV) (2022-2030) ($MN)
9 Global Switchgear Monitoring System Market Outlook, By Component (2022-2030) ($MN)
10 Global Switchgear Monitoring System Market Outlook, By Hardware (2022-2030) ($MN)
11 Global Switchgear Monitoring System Market Outlook, By Sensors (2022-2030) ($MN)
12 Global Switchgear Monitoring System Market Outlook, By Data Acquisition Systems (DAS) (2022-2030) ($MN)
13 Global Switchgear Monitoring System Market Outlook, By Communication Modules (2022-2030) ($MN)
14 Global Switchgear Monitoring System Market Outlook, By Power Supply Units (2022-2030) ($MN)
15 Global Switchgear Monitoring System Market Outlook, By Software (2022-2030) ($MN)
16 Global Switchgear Monitoring System Market Outlook, By Monitoring Software (2022-2030) ($MN)
17 Global Switchgear Monitoring System Market Outlook, By Data Analytics Software (2022-2030) ($MN)
18 Global Switchgear Monitoring System Market Outlook, By Reporting Software (2022-2030) ($MN)
19 Global Switchgear Monitoring System Market Outlook, By Service (2022-2030) ($MN)
20 Global Switchgear Monitoring System Market Outlook, By Installation and Commissioning (2022-2030) ($MN)
21 Global Switchgear Monitoring System Market Outlook, By Maintenance and Support (2022-2030) ($MN)
22 Global Switchgear Monitoring System Market Outlook, By Consulting Services (2022-2030) ($MN)
23 Global Switchgear Monitoring System Market Outlook, By Application (2022-2030) ($MN)
24 Global Switchgear Monitoring System Market Outlook, By Temperature Monitoring (2022-2030) ($MN)
25 Global Switchgear Monitoring System Market Outlook, By Partial Discharge Monitoring (2022-2030) ($MN)
26 Global Switchgear Monitoring System Market Outlook, By Gas Monitoring (2022-2030) ($MN)
27 Global Switchgear Monitoring System Market Outlook, By Asset Monitoring (2022-2030) ($MN)
28 Global Switchgear Monitoring System Market Outlook, By Vibration Monitoring (2022-2030) ($MN)
29 Global Switchgear Monitoring System Market Outlook, By Arc Flash Detection (2022-2030) ($MN)
30 Global Switchgear Monitoring System Market Outlook, By Fault Detection and Protection (2022-2030) ($MN)
31 Global Switchgear Monitoring System Market Outlook, By Other Applications (2022-2030) ($MN)
32 Global Switchgear Monitoring System Market Outlook, By End User (2022-2030) ($MN)
33 Global Switchgear Monitoring System Market Outlook, By Utilities (2022-2030) ($MN)
34 Global Switchgear Monitoring System Market Outlook, By Industrial (2022-2030) ($MN)
35 Global Switchgear Monitoring System Market Outlook, By Commercial and Residential (2022-2030) ($MN)
36 Global Switchgear Monitoring System Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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