Press release
Key Switchgear Monitoring System Market Trend for 2025-2034: Innovations in Medium Voltage (MV) Switchgear Monitoring Systems
Switchgear Monitoring System Market Growth
There has been robust growth in the switchgear monitoring system market size in the past few years. The market will escalate from $1.57 billion in 2024 to $1.69 billion in 2025, presenting a compound annual growth rate (CAGR) of 7.7%. The factors contributing to this growth during the historic period include aging infrastructure, industrialization, the rising implementation of the smart grid, amplified demand for dependable and effective power transmission, and increasing complexity of electrical grids.
The market for switchgear monitoring systems is projected to witness robust expansion in the upcoming years, with an estimated valuation of $2.31 billion by 2029, reflecting a compound annual growth rate (CAGR) of 8.2%. This expected surge over the forecast period can be linked to factors such as increased demand for predictive maintenance and asset management solutions, the use of digital twins, escalating cybersecurity threat concerns, and the need for remote control and monitoring of switchgear. The forecast period is also predicted to see trends such as predictive maintenance, cloud-based solutions, energy management, remote control and monitoring, and IoT integration emerging prominently in this market.
What Is Stimulating Growth in the Switchgear Monitoring System Market?
The surge in the requirement of electricity is anticipated to accelerate the expansion of the market for switchgear monitoring systems. The term "electricity requirement" pertains to the electricity use by a particular country, area, or industry over a specified duration. Switchgear monitoring systems are employed to check the status of switchgear components like transformers and substations. The surge in the requirement of electricity has led to more usage of switchgear and its monitoring systems, bolstering the constancy of these components. For example, Our World in Data, a UK-based scientific online publication agency, reported in 2022 that the demand for electricity in the US rose from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) in 2022. Thus, the surge in the requirement of electricity is boosting the growth of the switchgear monitoring system. Aging power systems are being enhanced, which is expected to push forward the expansion of the switchgear monitoring system market. A switchgear monitoring system is a specialised technological and software solution that is utilised to manage and monitor electrical switchgear equipment. Switchgear monitoring systems aid in preventive maintenance, enhance safety and reliability, stick to rules, and prolong the lifespan of vital equipment, all of which are beneficial for aging power systems. For example, as per CNBC LLC, a US-based media agency, in February 2023, over 70% of the energy grid in the US has been operating for more than 25 years, making it more prone to storms that are becoming stronger. As such, the enhancement of aging power systems is accelerating the growth of the switchgear monitoring system market.
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Which Key Market Leaders Are Driving Switchgear Monitoring System Industry Growth?
Major companies operating 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.
What Are the Emerging Trends in the Switchgear Monitoring System Industry?
Major corporations in the switchgear monitoring system market are concentrating on the creation of new solutions, such as medium voltage (MV) switchgear monitoring systems, which aim to improve dependability, boost performance, and slash maintenance costs. Medium voltage (MV) switchgear monitoring systems are tools employed to check the relative efficiency and state of switchgear within electric networks. They keep tabs on elements like temperature, electricity flow, and voltage to confirm reliable and effective operation while supporting preventive upkeep. For example, in February 2024, Schneider Electric Se, a firm based in France, introduced their SureSeT Medium Voltage (MV) switchgear. The compact design of Schneider Electric's SureSeT Medium Voltage switchgear reduces the CO2 footprint by 25% and incorporates digital functions for live monitoring, predictive upkeep, and improved operating efficiency. This solution is architectured to maximize space usage while extending uptime through sophisticated monitoring conditions and remote access.
What Are the Main Segments in the Switchgear Monitoring System Market?
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
Subsegments:
1) By Hardware: Sensors, Controllers, Communication Devices, Displays
2) By Software: Monitoring Software, Analytics Software, Management Software
3) By Services: Installation Services, Maintenance Services, Consulting Services
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Which Geographic Area Leads the Switchgear Monitoring System Market?
Asia-Pacific was the largest region in the switchgear monitoring system market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in switchgear monitoring system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
What Is Covered In The Switchgear Monitoring System Global Market Report?
- Market Size Analysis: Analyze the Switchgear Monitoring System Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Switchgear Monitoring System Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Switchgear Monitoring System Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Switchgear Monitoring System Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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