PUBLISHER: The Business Research Company | PRODUCT CODE: 1480356
PUBLISHER: The Business Research Company | PRODUCT CODE: 1480356
Switchgear monitoring systems are integral components in the management and operation of electrical power systems. They are designed to ensure the efficiency, reliability and safety of electrical installations. These systems monitor the state and performance of switchgears, which include circuit breakers, switches and electrical disconnects that control, protect and isolate electrical equipment.
The switchgear monitoring system market consists of sales, by entities (organizations, sole traders and partnerships), of switchgear monitoring systems hardware, software and related services that are utilized by various stakeholders in the electrical industry, including utility companies, industrial sectors, commercial entities and more, to prevent downtime, optimize operational efficiency and enhance safety protocols.
The global switchgear monitoring system market was valued at $1,131.27 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.0%.
Rising Focus On Grid Modernization
During the historic period, rising focus on grid modernization drove the growth of the switchgear monitoring system market. Grid modernization refers to the process of updating and improving the electric grid infrastructure to enhance its efficiency, reliability and resilience. Grid modernization is essential to meet the growing demand for electricity, integrate renewable energy sources, improve reliability and efficiency and ensure the resilience of the electric grid in the face of evolving challenges. Switchgear monitoring systems are helpful for grid modernization, by providing real-time monitoring, control and diagnostics of switchgear equipment, enhancing reliability, optimizing maintenance planning, enabling remote monitoring and control and facilitating data analytics and predictive maintenance. For example, in November 2023, the United States Department of Energy, a US-based government agency, invested nearly $8.4 million to advance grid-enhancing technologies (GETs), with the aim of optimizing electricity infrastructure and facilitating grid connection with renewable resources. This funding includes $6.8 million from the Office of Electricity (OE) and $1.5 million from the Office of Energy Efficiency and Renewable Energy (EERE). Therefore, the rising focus on grid modernization supported the growth of the switchgear monitoring system market.
Focus On Innovative Products Driving Grid Reliability
Companies in the switchgear monitoring system market are developing innovative products with advanced technologies, such as digital power sensors and monitoring capabilities, to enhance the predictability of electrical grids. These innovative products enable remote monitoring of grid status, access to health monitoring features and enhanced data collection for operational insights. For instance, in November 2022, General Electric, a US-based industrial machinery manufacturing company, launched Digital HYpact Switchgear. By leveraging digital sensors and monitoring capabilities, the HYpact switchgear allows for predictive maintenance strategies, reducing downtime and operational costs. GE's digital HYpact switchgear represents a significant advancement in grid technology, offering customers a more reliable, cost-effective and environmentally friendly solution for managing electrical grids.
The global switchgear monitoring system market is highly concentrated, with a small number of large players dominating the market. The top ten competitors in the market made up 63.47% of the total market in 2022.
Switchgear Monitoring System Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global switchgear monitoring system market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider switchgear monitoring system market; and compares it with other markets.