Press release
Strong Growth Projected: Switchgear Monitoring System Market to Reach $2.35B by 2028, Growing at 9.9% CAGR
Switchgear Monitoring System Market Report
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.
Market Overview -
A switchgear monitoring system refers to a technology-driven solution designed to monitor, manage and optimize the performance of electrical switchgear equipment within power distribution systems. It was used to enhance the management, safety and performance of electrical switchgear equipment within power distribution systems.
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Rising Electricity Demand Fuels Growth In The Switchgear Monitoring System Market
The growth in electricity demand is expected to propel the growth of the switchgear monitoring system market. Electricity demand refers to the amount of electricity consumed by a country, region, or sector over a given period. Switchgear monitoring systems are used to monitor the condition of switchgear assets such as transformers and substations. The growth in electricity demand has led to an increase in the use of switchgear and monitoring systems help ensure the reliability of these assets. For instance, in 2022, according to the data published by Our World in Data, a UK-based scientific online publication organization, US electricity demand increased from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) by 2022. Therefore, the growth in electricity demand is driving the development of the switchgear monitoring system.
Competitive Landscape -
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.
Emphasis On Advanced Switchgear Monitors For Comprehensive Condition Monitoring
Major companies operating in the switchgear monitoring system market are developing technologically advanced products such as switchgear monitors (SWGM) to offer a comprehensive solution for the condition monitoring of switchgear, attaining to increase their market presence. A switchgear monitoring system is a technology that monitors, diagnoses and controls switchgear equipment from a safe place outside the arc flash zone. For instance, in November 2021, Dynamic Rating Pty Ltd., a US-based provider of condition monitoring products and services, launched a new switchgear monitor. This innovative solution is a comprehensive condition-monitoring solution for medium-voltage switchgear. It uses various sensors to collect data on the condition of the switchgear, including waveform capture technology, partial discharge (PD) monitoring, gas analysis, temperature monitoring and vibration monitoring. Additionally, it has such features as a web-based user interface, alarms and notifications and reporting capabilities. It can help improve the reliability and safety of electrical systems by identifying potential problems before they cause outages or other damage.
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Key Segments -
The switchgear monitoring system market covered in this report is segmented -
1) By Component: Hardware; Software And Services
2) By Monitoring Type: Temperature Monitoring; Partial Discharge Monitoring; Gas Monitoring; Other Monitoring Types
3) By Voltage: High Voltage; Medium Voltage; Low Voltage
4) By End User: Utilities; Industries; Commercial; Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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