Switchgear Monitoring System Market Forecasts to 2030 - Global Analysis By Switchgear Type, Voltage, Component, Application, End User and By Geography

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(TM) 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
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • 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

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• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
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• Regional Segmentation
  • 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