Switchgear Monitoring System Market by Type (GIS, AIS), Voltage (High & Extra High Voltage, Medium Voltage, Low Voltage), Component (Hardware, Software & Services), Monitoring, End User (Utilities, Industries, Commercial) & Region - Global Forecast to 202

Switchgear Monitoring System Market by Type (GIS, AIS), Voltage (High & Extra High Voltage, Medium Voltage, Low Voltage), Component (Hardware, Software & Services), Monitoring, End User (Utilities, Industries, Commercial) & Region - Global Forecast to 2028

The switchgear monitoring system market is estimated to grow from USD 1.8 Billion in 2023 to USD 2.7 Billion by 2028; it is expected to record a CAGR of 8.4% during the forecast period. The demand for switchgear monitoring systems is rising due to increasing energy needs, integration of renewable energy sources, deployment of smart grids and digitalization, electrification of sectors like transportation, and ongoing grid modernization efforts.

“Low Voltage: The fastest segment of the switchgear monitoring system market, by voltage.”

Based on voltage type, the switchgear monitoring system market has been split into thress types: Low Voltage, Medium voltage and High & Extra High voltage. The adoption of low voltage is growing and is expected to be the fastest segment. low voltage switchgear plays a crucial role in controlling and distributing electrical power within a facility. This innovative solution is meticulously designed to enhance operational efficiency, safety, and reliability by providing real-time insights into the status of the low voltage switchgear. Offering features such as fault detection, remote accessibility, and energy efficiency optimization, the monitoring system ensures proactive maintenance, minimizing downtime and optimizing energy usage driving the low voltage segmnt market.

“Air insulated switchgear segment is expected to emerge as the second-fastest segment based on type.”

Based on type, the switchgear monitoring system market has been segmented into Air insulated switchgear and Gas insulated switchgear industrial. The Air insulated switchgear segment is expected to be the second-fastest segment. The market for air-insulated switchgear monitoring systems is driven by rising demand for medium-voltage switchgear monitoring systems across end-user sectors such as utilities, industries, commercial, and others. Additionally, The simplicity of AIS design contributes to its affordability, while its pollution-free nature aligns with environmentally conscious practices. The uncomplicated construction and easy maintenance procedures make AIS a preferred option in scenarios where straightforward operation and reliability further contributes to the prominence of the air insulated switchgear segment in this market.

“Europe is expected to be the second largest region in the switchgear monitoring system market.”

Europe is expected to be the second largest region in the switchgear monitoring system markets between 2023–2028. The market in Europe comprises Germany, UK, France, Italy, Russia, Rest of Europe countries. The region is experiencing rise in the investments in renewable power generation and high growth in industrialization are expected to propel market growth. Also, upgradation of T&D network to have a positive impact on the market

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%

By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%

By Region: North America- 27%, Europe- 20%, Asia Pacific- 33%, the Middle East & Africa- 12%, and South America- 8%

Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The switchgear monitoring system market is dominated by a few major players that have a wide regional presence. The leading players in the refinery and petrochemical filtration market are ABB (Switzerland), Siemens Energy (Germany), Schneider Electric (France), General Electric (US), and Eaton (Ireland).

Research Coverage:

The report defines, describes, and forecasts the global Switchgear monitoring system market, by type, by component, by voltage, by servces, end user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the switchgear monitoring system market.

Key Benefits of Buying the Report

Rise in grid investments and growing demand for reliable and continuous power supply drive the demand. Factors such as delays in procurement and installation of electrical equipment due to complex regulatory and environment authorizations procedures and implementation of stringent regulations hinder market growth. Continuous increase in power generation capacity and increasing developments of smart grids and growing digitalization offer lucrative opportunities in this market. Supply-chain constraints and requirement for high technical expertise to develop and install power cables are major challenges faced by countries in this market.

Product Development/ Innovation: The trends such as Intelligent switchgear are groundbreaking advancements in the industry, integrating advanced sensing capabilities and connectivity for improved control and data analysis. It enhances the monitoring and predictive analytics process by incorporating intelligent electronic devices (IEDs), including smart circuit breakers, sensors, and microprocessor-based relays and meters. Additional sensors like humidity, temperature, vibration, motion, noise, and light provide crucial data for assessing equipment health.

Market Development: The development of smart grids is essential to achieve shared goals for energy security, economic development, and climate change mitigation. Smart grids enable increased demand response and energy efficiency, integration of variable renewable energy resources into the power grid infrastructure while reducing peak demand and stabilizing the electricity system.

Market Diversification: ABB launched Low Voltage Switchgear Digital enables real-time access to electrical distribution data, empowering you for Industry 4.0 and unlocking possibilities in intelligent devices, IoT and cloud technology. It is designed for ABB's low voltage switchgear portfolio.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like ABB (Switzerland), Siemens Energy (Germany), Schneider Electric (France), General Electric (US), and Eaton (Ireland) among others in the switchgear monitoring system market.