Global Switchgear Monitoring System Market Size study & Forecast, by Type (AIS, GIS), by Monitoring Type (Temperature Monitoring, Partial Discharge Monitoring, Gas Monitoring, Others), by Voltage (High, Medium) and Regional Analysis, 2023-2030

Global Switchgear Monitoring System Market Size study & Forecast, by Type (AIS, GIS), by Monitoring Type (Temperature Monitoring, Partial Discharge Monitoring, Gas Monitoring, Others), by Voltage (High, Medium) and Regional Analysis, 2023-2030

Global Switchgear Monitoring System Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% during the forecast period 2023-2030. Switchgear Monitoring System (SMS) is a solution designed to monitor and control switchgear equipment in electrical power systems. Switchgear refers to the combination of electrical disconnect switches, fuses, and circuit breakers used to control, protect, and isolate electrical equipment. The monitoring system provides real-time data and analytics to ensure the proper functioning, reliability, and safety of the switchgear. The key factors driving the market growth are rising demand for electricity, growing emphasis on grid modernization, and rise in renewable energy installations, such as solar and wind farms that are anticipated to create the lucrative demand for the market during the forecast period 2023-2030.

Additionally, the growing global population, urbanization, and industrialization contribute to increased electricity demand. Utilities and industries require robust switchgear monitoring systems to ensure reliable power distribution and prevent disruptions. According to Statista, in 2020, the electricity demand worldwide was 23,995 terawatt hours and it is anticipated to reach 29463 terawatt hours by 2030. As a result, the growing electricity demand globally is anticipated to support the market growth. Moreover, increasing focus on preventive maintenance, and growing awareness of energy efficiency are anticipated to create lucrative opportunities for the market. However, the high installation cost, and inadequate data storage and management concerns stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Switchgear Monitoring System Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the growing grid modernization initiatives, increasing renewable energy integration, growing emphasis on energy efficiency and sustainability. Whereas, the Asia Pacific is expected to grow with the fastest growth rate over the forecast period, owing to factors such as the growing rapid urbanization and industrialization, increasing energy consumption, and supportive government initiatives for smart grids.

Major market player included in this report are:
Siemens Energy (Germany)
ABB (Switzerland)
Schneider Electric (France)
Eaton Corporation plc (Ireland)
General Electric (US)
Mitsubishi Electric Corporation (Japan)
Emerson Electric Co. (US)
Koncar Electrical Engineering Institute, Inc (Croatia)
PT Tiara Vibrasindo Pratama (Indonesia)
Senseor (France)

Recent Developments in the Market:
 In August 2023, Eaton allocated over USD 500 million towards enhancing its North American manufacturing capabilities to keep pace with the surging demand for the company's electrical solutions in utility, commercial, data center, healthcare, industrial, and residential markets.

Global Switchgear Monitoring System Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Type, Monitoring Type, Voltage, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
AIS
GIS
By Monitoring Type:
Temperature Monitoring
Partial Discharge Monitoring
Gas Monitoring
Others
By Voltage:
High
Medium

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Siemens Energy (Germany)
ABB (Switzerland)
Schneider Electric (France)
Eaton Corporation plc (Ireland)
General Electric (US)
Mitsubishi Electric Corporation (Japan)
Emerson Electric Co. (US)
Koncar Electrical Engineering Institute, Inc (Croatia)
PT Tiara Vibrasindo Pratama (Indonesia)
Senseor (France)

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