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Rising Electricity Demand Fuels Growth In The Switchgear Monitoring System Market: A Significant Driver Propelling The Switchgear Monitoring System Market In 2025
Switchgear Monitoring System Market
What Is the Current Switchgear Monitoring System Market Size and Its Estimated Growth Rate?
In recent times, the market size of the switchgear monitoring system has seen robust expansion. The market is projected to rise from a value of $1.57 billion in 2024 to $1.69 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 7.7%. This rise throughout the historical phase can be accredited to several factors such as the aging infrastructure, booming industrialization, escalated adoption of smart grids, a the rising demand for reliable and high-quality power transmission, and the increased intricacy of electrical grids.
The market size for switchgear monitoring systems is projected to witness significant expansion in the coming years. The market is forecasted to reach up to $2.31 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.2%. Factors driving this growth in the forecast duration include increasing need for predictive maintenance and asset management solutions, use of digital twins, heightened worries about cybersecurity threats, and the need for remote monitoring and control of switchgear. Forecast period trends also comprise of predictive maintenance, adoption of cloud-based tools, energy management, remote supervision and control, and IoT integration.
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How Are Emerging Segments Shaping the Switchgear Monitoring System Market Landscape?
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 Growth Factors Are Influencing Switchgear Monitoring System Market Expansion?
The surge in demand for electricity is anticipated to push the switchgear monitoring system market's growth. The term "electricity demand" refers to the volume of electricity utilized by a particular country, region, or sector over a specified timeframe. Switchgear monitoring systems, utilized to track the status of switchgear assets like transformers and substations, have seen increased usage due to the growth in electricity demand. These systems ensure the dependability of these assets. For example, data published by the UK-based scientific online publication organization, Our World in Data, in 2022 revealed that electricity demand in the US escalated from 4,192.9 TWh (terawatt-hour) in 2021 to 4,338.1 TWh (terawatt-hour) in 2022. Hence, the rise in electricity demand is stimulating the evolution of the switchgear monitoring system. Switchgear Monitoring System Market Driver: Boosting Aging Power Infrastructure Is Contributing to The Switchgear Monitoring Systems Market's Growth
Who Are the Dominant Players Across Different Switchgear Monitoring System Market Segments?
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 Trends Are Driving Growth in The Switchgear Monitoring System Market?
Major firms in the switchgear monitoring system market are concentrating on the invention of novel solutions such as Medium Voltage (MV) switchgear monitoring systems. These assist in bolstering reliability, enhancing performance, and cutting down on servicing expenses. Medium voltage (MV) switchgear monitoring devices are the state-of-the-art technology employed in meticulously observing the functionality and state of switchgear within electric circuits. They track parameters including temperature, current, and voltage for safe, effective functioning, and allow for predictive maintenance. For example, Schneider Electric Se, a company based in France, unveiled their SureSeT Medium Voltage (MV) switchgear in February 2024. Schneider Electric's SureSeT Medium Voltage switchgear, compact in design, lessens CO2 emissions by 25% and incorporates digital operations for live monitoring, predictive upkeep, and improved operational efficiency. The product is constructed to create more room and deliver increased uptime with superior condition observation and distant access.
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Which Geographic Regions Are Expected to Dominate the Switchgear Monitoring System Market in the Coming Years?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Switchgear Monitoring System Market?
2. What is the CAGR expected in the Switchgear Monitoring System Market?
3. What Are the Key Innovations Transforming the Switchgear Monitoring System Industry?
4. Which Region Is Leading the Switchgear Monitoring System Market?
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