PUBLISHER: The Business Research Company | PRODUCT CODE: 1415705
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415705
“Switchgear Monitoring System Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on switchgear monitoring system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for switchgear monitoring system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The switchgear monitoring system market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A switchgear monitoring system is a technology-driven solution created to oversee, control, and optimize the performance of electrical switchgear equipment within power distribution systems. Its purpose is to enhance the management, safety, and overall performance of electrical switchgear equipment in power distribution systems.
Switchgear monitoring systems consist of three primary components such as hardware, software, and services. Hardware refers to the physical elements of an electrical system required for its operation or for executing specific functions. The hardware elements utilized in switchgear monitoring systems encompass components such as fuses, relays, circuit breakers, potential and current transformers, isolators, indicating devices, and lightning arresters. These systems employ various monitoring techniques, including temperature monitoring, partial discharge monitoring, and gas monitoring, among others, to oversee switchgear equipment at high, medium, and low voltage levels. These monitoring systems find extensive applications in utilities, industries, commercial settings, and other relevant sectors.
The switchgear monitoring systems market research report is one of a series of new reports from The Business Research Company that provides switchgear monitoring systems market statistics, including switchgear monitoring systems industry global market size, regional shares, competitors with switchgear monitoring systems market share, detailed switchgear monitoring systems market segments, market trends and opportunities and any further data you may need to thrive in the switchgear monitoring systems industry. This switchgear monitoring systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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.
The switchgear monitoring system market is anticipated to experience growth driven by the increasing demand for electricity. Electricity demand signifies the quantity of electrical power consumed within a specific country, region, or sector over a defined timeframe. Switchgear monitoring systems play a pivotal role in overseeing the condition of critical switchgear assets like transformers and substations. The surge in electricity demand has led to a higher utilization of switchgear, and monitoring systems have become instrumental in ensuring the reliability of these crucial assets. As an illustration, in 2022, data from Our World in Data, a UK-based scientific online publication, revealed that the United States witnessed an upswing in electricity demand, rising from 4,192.9 TWh (terawatt-hours) in 2021 to 4,338.1 TWh in 2022. Consequently, the growth in electricity demand is a driving force behind the advancement of switchgear monitoring systems.
The growing prevalence of aging power infrastructure is set to drive the expansion of the switchgear monitoring system market in the future. Switchgear monitoring systems are specialized technological and software solutions used for overseeing and managing electrical switchgear equipment. These systems offer advantages such as preventive maintenance, enhanced safety and reliability, compliance with regulations, and the extension of the operational lifespan of critical equipment, all of which are particularly beneficial for aging power infrastructure. As of February 2023, over 70% of the U.S. energy grid is more than 25 years old, rendering it increasingly vulnerable to severe weather events that become more frequent and intense over time. Consequently, the rise of aging power infrastructure is a key factor propelling the growth of the switchgear monitoring system market.
The restricted availability of skilled professionals has the potential to impede the growth of the switchgear monitoring system market during the forecast period. Setting up and maintaining switchgear monitoring systems necessitates the involvement of proficient experts well-versed in electrical engineering, software development, and data analytics. However, the limited pool of such skilled professionals poses a significant challenge to the expansion of the switchgear monitoring market. For example, as of September 2023, the U.S. Bureau of Labor Statistics has reported that unemployment rates in technology-related fields increased in tandem with the overall U.S. unemployment rate, which rose from 3.5% in July to 3.8% in August. This resulted in a total of 6.4 million unemployed individuals, signifying an increase of 514,000 in the number of unemployed people. Consequently, the constrained availability of skilled professionals is acting as a deterrent to the growth of the switchgear monitoring system market.
A prevailing trend in the switchgear monitoring system market is the growing emphasis on developing technologically advanced products, such as switchgear monitors (SWGM), to expand market presence and profitability. These systems offer comprehensive solutions for monitoring switchgear conditions, allowing remote control from a safe location beyond the arc flash zone. For example, in November 2021, Dynamic Rating Pty Ltd., a US-based provider of condition monitoring products and services, unveiled an innovative switchgear monitor. This cutting-edge solution provides comprehensive condition monitoring for medium-voltage switchgear by utilizing various sensors to gather data on switchgear condition, including waveform capture technology, partial discharge (PD) monitoring, gas analysis, temperature monitoring, and vibration monitoring. Additionally, it features a web-based user interface, alarms, notifications, and reporting capabilities, contributing to improved reliability and safety of electrical systems by identifying potential issues before they lead to outages or damage.
In March 2021, Siemens AG, a Germany-based industrial manufacturing giant, completed the acquisition of C&S Electric Ltd. for $285 million. This strategic move aimed to bolster Siemens' presence in the Indian market, gain access to new technologies, and expand its manufacturing capacity. C&S Electric Ltd. is an India-based provider of switchgear, power protection, feeder protection, and monitoring solutions.
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 .
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
The countries covered in the switchgear monitoring system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The switchgear monitoring system market consists of revenues earned by entities by providing services such as system integration, customization, predictive maintenance, sensor deployment, diagnostics and troubleshooting and software upgrades. The market value includes the value of related goods sold by the service provider or included within the service offering. The switchgear monitoring system also includes sales of communication devices, data processing units, remote control and automation tools, power management equipment, online switchgear monitoring solutions and switchgear temperature monitoring solutions. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.