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Primary Catalyst Driving Switchgear Monitoring System Market Evolution in 2025: Rising Electricity Demand Fuels Growth In The Switchgear Monitoring System Market Driver
Switchgear Monitoring System Market Share
The surge in electricity demand is likely to be a significant contributor to the expansion of the switchgear monitoring system market. The term 'electricity demand' represents the volume of electricity a particular region, sector or country utilises within a certain time frame. State-of-the-art switchgear monitoring systems are employed to track the performance and maintenance of switchgear assets, for instance, transformers and substations. The surge in electricity consumption has brought about an uptick in switchgear use and these monitoring systems are crucial to ensuring the reliability of these assets. For instance, research from the UK-based scientific online publisher, Our World in Data, indicates that US electricity demand increased from 4,192.9 TWh in 2021 to 4,338.1 TWh in 2022. Consequently, this rise in electricity demand is acting as a catalyst for the evolution and subsequent growth of the switchgear monitoring system market. Aging power infrastructure is a growing concern, which is anticipated to stimulate further growth in the switchgear monitoring system market. These monitoring systems incorporate both specialist technology and software solutions, responsible for the management and maintenance of electrical switchgear equipment. One of the main benefits of these monitoring systems is that they facilitate proactive maintenance and improve the safety and reliability of the power infrastructure. In addition, they help meet regulatory standards and prolong the lifespan of crucial equipment - these are all critical elements in managing aging power infrastructure. For example, according to CNBC LLC, a U.S. based media company, as of February 2023, over 70% of the U.S. energy grid is more than 25 years old and hence, more vulnerable to increasingly powerful storms. Thus, the aging power infrastructure and its associated challenges are boosting the demand for the switchgear monitoring system market.
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What Is the projected market size and growth rate for the switchgear monitoring system market?
There has been a robust expansion in the market size of the switchgear monitoring systems in the past few years. The market is projected to rise from $1.57 billion in 2024 to $1.69 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.7%. The substantial growth during the historical period can be credited to factors such as outdated infrastructure, advancing industrialization, escalating adoption of the smart grid, amplified demand for efficient and dependable power transmission, and the increasing intricacies of electrical grids.
The market for switchgear monitoring systems is projected to experience robust expansion in the coming years, reaching a valuation of $2.31 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 8.2%. The upward trend during the prediction period can be credited to an increasing need for predictive maintenance, digital twins adoption, growing cyber security threat awareness, and the requirement for remote switchgear monitoring and control. The forecast period will predominantly be characterized by developments such as predictive maintenance, cloud-based solutions, energy management, remote monitoring and control, and integration with the Internet of Things (IoT).
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What new trends are reshaping the switchgear monitoring system market and its opportunities?
Switchgear monitoring system market's large-scale corporations are placing their emphasis on the creation of innovative solutions, such as Medium Voltage (MV) switchgear monitoring systems. These solutions can bolster reliability, amplify performance, and cut down maintenance expenses. Medium Voltage (MV) switchgear monitoring technology is instrumental in examining switchgear's status and performance in electric grids, monitoring vital parameters like temperature, current, and voltage. These technologies help to maintain efficient, safe operations while enabling anticipatory maintenance. For instance, in February 2024 Schneider Electric Se, a company based in France, rolled out their SureSeT Medium Voltage (MV) switchgear. This product from Schneider Electric embodies a compact design which curtails the CO2 footprint by a quarter. In addition, it incorporates digital processes for real-time monitoring, predictive upkeep, and augmented operational efficiency. The product has been crafted to make optimum use of space, and avail increased uptime, all made possible by advanced condition tracking and remote accessibility.
What major market segments define the scope and growth of 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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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
Which key market leaders are driving the 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.
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What Is Covered In The Switchgear Monitoring System Global Market Report?
•Market Size Forecast: Examine the switchgear monitoring system market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the switchgear monitoring system market for a structured understanding.
•Key Players Overview: Analyze major players in the switchgear monitoring system market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the switchgear monitoring system market.
•Segment Contributions: Evaluate how different segments drive overall growth in the switchgear monitoring system market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the switchgear monitoring system market.
•Industry Challenges: Identify potential risks and obstacles affecting the switchgear monitoring system market.
•Competitive Landscape: Review strategic developments in the switchgear monitoring system market, including expansions, agreements, and new product launches.
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