Global Switchgear Monitoring System Market Size, Share & Trends Analysis Report By Component (Hardware, and Software), By Voltage, By Services, By Type (Gas Insulated, and Air Insulated), By End User, By Regional Outlook and Forecast, 2023 - 2030

Global Switchgear Monitoring System Market Size, Share & Trends Analysis Report By Component (Hardware, and Software), By Voltage, By Services, By Type (Gas Insulated, and Air Insulated), By End User, By Regional Outlook and Forecast, 2023 - 2030

The Global Switchgear Monitoring System Market size is expected to reach $3.1 billion by 2030, rising at a market growth of 8.1% CAGR during the forecast period.

In Asia Pacific, urbanization is associated with higher energy consumption due to the concentration of cities' residential, commercial, and industrial activities. Switchgear monitoring systems help manage and optimize regional power distribution, ensuring efficient energy usage in densely populated urban areas. Consequently, the Asia-pacific region would generate a revenue of $1.7 billion by 2022. The increasing demand for energy in the Asia Pacific region, driven by population growth and industrialization, necessitates robust and reliable electrical infrastructure. The Asia Pacific region has a heightened focus on energy efficiency and sustainability. The Asia Pacific region is experiencing rapid urbanization and significant infrastructure development. Some of the factors affecting the market are increasing aging infrastructure and modernization needs, urbanization and infrastructure development, and lack of standardization protocols and interfaces.

Aging electrical infrastructure globally requires modernization efforts. Switchgear monitoring systems are crucial in modernizing existing infrastructure by providing real-time monitoring, predictive maintenance capabilities, and digital solutions for efficient operation. Modernization efforts are aimed at improving the reliability and resilience of electrical infrastructure. The market is expanding significantly due to the increasing aging infrastructure and modernization needs. Moreover, Rapid urbanization and infrastructure development globally create a demand for reliable electrical distribution networks. Switchgear monitoring systems contribute to the development of modern urban infrastructure by ensuring the reliability of power supply. As a result of the increasing urbanization and infrastructure development, the market is anticipated to increase significantly.

However, the absence of standardized interfaces may lead to vendor lock-in, where organizations rely on a specific manufacturer's proprietary solutions. This limits flexibility and choice, making it challenging for users to switch to alternative solutions or integrate components from different vendors. Without standardized protocols, switchgear monitoring systems from different manufacturers may struggle to communicate and exchange data seamlessly. Thus, lack of standardization protocols and interfaces can slow down the growth of the market.

Component Outlook

Based on component, the market is bifurcated into hardware and software. In 2022, the hardware segment witnessed the largest revenue share in the market. Hardware components, such as advanced sensors and monitoring devices, form the foundation of switchgear monitoring systems. The continuous innovation and expansion of sensor technologies enhance the capabilities of switchgear monitoring systems, enabling more accurate and comprehensive data collection on the condition and performance of switchgear components. The hardware segment is crucial in implementing digital substation technology, where advanced sensors, communication devices, and monitoring equipment are deployed. Digital substations leverage hardware innovations to enable more intelligent, efficient, and data-centric management of power distribution networks.

Voltage Outlook

On the basis of voltage, the market is divided into low voltage, medium voltage, and high & extra high voltage. The medium voltage segment garnered a significant revenue share in the market in 2022. Medium voltage switchgear is pivotal in electrical power distribution in various industries, utilities, and infrastructure projects. Implementing switchgear monitoring systems in the medium voltage segment ensures power distribution networks' reliability, safety, and efficiency. Medium voltage switchgear is commonly used in utility substations and power generation facilities. Switchgear monitoring systems enable the smart monitoring and control of medium voltage components, supporting the implementation of intelligent grid technologies.

Services Outlook

By services, the market is segmented into partial discharge monitoring, gas monitoring, temperature monitoring, and others. In 2022, the temperature monitoring segment registered the maximum revenue share in the market. Temperature monitoring enables the early detection of overheating issues in switchgear components. Elevated temperatures can indicate loose connections, overloaded circuits, or other anomalies. Proactive measures can be implemented to address these issues prior to their escalation into more substantial problems, made possible by early detection. Temperature monitoring enhances the overall reliability of electrical systems by identifying temperature abnormalities. Reliable switchgear is essential for continuous and safe electrical power distribution, particularly in critical infrastructure and industrial applications.

Type Outlook

By type, the market is categorized into air insulated and gas insulated. The air insulated segment covered a considerable revenue share in the market in 2022. Air-insulated switchgear (AIS) is commonly used in critical infrastructure, such as power substations and grid networks. The reliability of these infrastructure components is paramount, and switchgear monitoring systems provide real-time insights into the condition of AIS components, ensuring their continuous and reliable operation. The remote monitoring capabilities of switchgear monitoring systems are well-suited for air-insulated switchgear deployed in various locations. Operators can monitor AIS components' performance, status, and health remotely, facilitating timely responses to issues without needing on-site presence.

End-User Outlook

Based on end user, the market is classified into utilities, industrial, commercial, and others. In 2022, the utilities segment led the market by generating highest revenue share. Switchgear monitoring systems contribute to the reliability and resilience of electrical grids operated by utilities. Utilities rely on these systems to monitor the health and performance of switchgear components, ensuring continuous power supply to customers and minimizing the impact of disruptions. Safety is a top priority in the utilities segment. Switchgear monitoring systems enhance safety by continuously monitoring switchgear components for abnormalities, potential hazards, and deviations from operating parameters, allowing utilities to take proactive measures.

Regional Outlook

Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a significant revenue share in the market. North America has an aging electrical infrastructure, and utilities and industries increasingly invest in modernization efforts. North America is actively pursuing smart grid initiatives to enhance the intelligence and efficiency of the power grid. Industries in North America are adopting automation to improve operational efficiency. North America experiences extreme weather events, including hurricanes, storms, and wildfires.

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.

The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Siemens Energy AG, ABB Group, Schneider Electric SE, Eaton Corporation PLC, General Electric Company, Mitsubishi Electric Corporation, Emerson Electric Co., OSENSA Innovations Corp., Doble Engineering Company (Esco Technologies Inc.), IPEC Ltd.

Strategies Deployed in Switchgear Monitoring System Market

Oct-2023: Siemens Energy AG, a part of Siemens AG, has added more eco-friendly and digital equipment to its collection of medium-voltage switchgear. This helps make power grids cleaner and more environmentally friendly. The newest switchgear, called the F-gas-free blue GIS, supports the move towards sustainable grids ahead of upcoming regulations. Siemens has also upgraded the 8DAB 24 and improved the NXPLUS C 24, focusing on making them more industrialized and capable of handling higher power ratings of up to 24kV and 2500A.

Sep-2023: Schneider Electric SE has entered into a partnership with JS ElectroMec Ltd, an electric panel builder and supplier of medium and low voltage automation based in Tanzania. Through this partnership JS Electromec will locally produce IEC-Standard Prisma iPM electrical switchboards, introducing safe, reliable, and cloud-connected switchgear for buildings and industries in Tanzania.

Apr-2023: ABB India, a subsidiary of the ABB Group, has inaugurated its new state-of-the-art factory in Nashik. With this expansion, ABB's production capacity for Gas Insulated Switchgear (GIS) will double, allowing the company to manufacture both primary and secondary GIS at this facility. The aim is to cater to various industries, including power distribution, smart cities, data centers, transport (metro, railways), tunnels, ports, highways, and other infrastructure developments.

Feb-2023: Mitsubishi Electric Corporation has entered into an agreement to purchase Scibreak AB, a Swedish-based company specializing in the development of direct current circuit breakers (DCCBs). Under this acquisition, Mitsubishi Electric intends to leverage Scibreak's technology and expertise to spearhead the market commercialization of DCCBs. This move aims to fortify its global HVDC system business, playing a role in advancing carbon neutrality by fostering the wider adoption of renewable energy.

Nov-2022: GE Renewable Energy, a subsidiary of General Electric Company, has announced the launch of a new 123kV, 16.7Hz HYpact switchgear for DB Energie GmbH. Developed as part of the EU-funded IN2STEMPO project, this digital hybrid compact switchgear is a first-of-its-kind. The flexible digital HYpact solution can be used in various applications, from mobile substations to onshore wind substations. Its goal is to enhance the predictability of the electrical network, thereby lowering operational costs for customers by mitigating unpredictability.

Nov-2022: IPEC Ltd. has officially inaugurated its regional branch in Saudi Arabia, named IPEC KSA, or IPEC Advanced for Maintenance L.L.C. Situated in Riyadh, Kingdom of Saudi Arabia, the establishment of this new office aims to provide enhanced local support to customers and partners. IPEC KSA is set to deliver specialized services and support personnel to the Kingdom of Saudi Arabia and the broader Middle East region. Their expertise spans various Condition Based Maintenance techniques, including IPEC's Advanced On-line PD Monitoring and Testing Solutions.

May-2022: Schneider Electric SE has launched its SureSeT MV switchgear offering for the North American market. The enhanced solution, supported by the innovative and award-winning EvoPacT circuit breaker, supersedes the Schneider Electric Masterclad solution in primary switchgear applications. It provides a more compact, robust, and intelligent alternative for overseeing digital day-to-day operations. The SureSeT solution aims to meet the growing customer demand for space optimization and operational efficiency.

Aug-2021: Doble Engineering Company has successfully concluded the acquisition of the assets of Phenix Technologies, a company specializing in the manufacturing of high voltage test systems and components. With this acquisition, Doble aims to broaden its range of high voltage testing and measurement equipment catering to commercial and industrial sectors. The high voltage electrical testing products, solutions, and expertise acquired from Phenix are synergistic with Doble's existing offerings, allowing for an expanded customer base and enhanced service capabilities.

Jun-2021: ABB Australia Pty Ltd, a subsidiary of the ABB Group, has unveiled a new range of low-voltage digital switchgear designed for power distribution and motor control. The MNS Digital design complies with IEC standards, and the assembly for MNS switchgear is of a scalable design, enabling ABB to provide integrated solutions for evolving business environments.

Oct-2020: The ABB Group has unveiled PrimeGear ZX0, a gas-insulated switchgear (GIS) designed to meet the rising need for compact electrical solutions in densely populated mega cities globally. The new PrimeGear ZX0 offers a choice between SF6 or environmentally friendly gas mixtures such as Dry Air or AirPlus. This advancement provides customers in diverse sectors, including utilities, industry, and infrastructure, the flexibility to transition to an eco-efficient insulation gas at any stage throughout the switchgear's lifespan.

Jul-2019: Eaton Corporation PLC has completed the acquisition of Innovative Switchgear Solutions, Inc., a manufacturer of medium-voltage electrical equipment. With this acquisition, Innovative Switchgear Solutions will complement Eaton's portfolio of medium-voltage switchgear solutions.

Scope of the Study

Market Segments covered in the Report:

By Component

• Hardware
• Software

By Voltage

• High & extra High Voltage
• Medium Voltage
• Low Voltage

By Services

• Temperature Monitoring
• Gas Monitoring
• Partial Discharge Monitoring
• Others

By Type

• Gas Insulated
• Air Insulated

By End User

• Utilities
• Industrial
• Commercial
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Siemens Energy AG
• ABB Group
• Schneider Electric SE
• Eaton Corporation PLC
• General Electric Company
• Mitsubishi Electric Corporation
• Emerson Electric Co.
• OSENSA Innovations Corp.
• Doble Engineering Company (Esco Technologies Inc.)
• IPEC Ltd.

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