Switchgear Monitoring System Market by Component (Hardware, and Software), by Type (Air Insulated Switchgear (AIS) and Gas Insulated Switchgear (GIS)), by Voltage (Low, Medium, and High), by End User (Commercial Buildings, Chemical & Petrochemical Industry, Energy Sector, Automotive Sector, Aviation Sector, Oil & Gas Drilling Sector and Others)– Global Opportunity Analysis and Industry Forecast 2024-2030

Market Definition

The Switchgear Monitoring System Market size was valued at USD 1.56 billion in 2023 and is predicted to reach USD 2.48 billion by 2030 with a CAGR of 6.9% from 2024-2030. A switchgear monitoring system is a comprehensive technological solution designed to supervise and regulate electrical switchgear equipment efficiently. Switchgear, comprising various components such as disconnect switches, fuses, and circuit breakers, forms a crucial part of electrical distribution systems. The monitoring system employs a combination of sensors, meters, communication devices, and software to continuously monitor the condition and performance of switchgear elements.

It facilitates real-time monitoring of parameters such as voltage, current, temperature, and operational status, enabling early detection of abnormalities or potential failures. By providing remote control and management capabilities, fault detection, diagnostics, and event logging, switchgear monitoring systems enhance the reliability, safety, and efficiency of electrical distribution networks.

Market Dynamics and Trends

The switchgear monitoring system market is driven by the growing automotive industry as vehicle manufacturing facilities increasingly rely on advanced electrical distribution systems. These systems, including switchgear monitoring solutions, ensure the efficient and reliable operation of critical electrical components within automotive production plants. According to a report published by European Automobile Manufacturers Association (ACEA), the global automotive industry is expanding, with an overall annual car production of around 85.4 million.  As the automotive industry continues to embrace automation and electrification trends, the demand for switchgear monitoring systems is expected to rise, driving further growth in this market segment.

Moreover, switchgear monitoring system is used within the nuclear power sector to ensure the safety, mitigating risks, and remote monitoring within the plant. These systems ensure the proper function ability of the electrical components, minimizing the risk of malfunctions, and electrical faults. The monitoring system detects abnormalities or failures early, reducing the unexpected downtime and optimizing plant performance. Thus, with the growing energy sector particularly the nuclear power sector the demand for switchgear monitoring system rises significantly, propels the growth of the market.

However, integration complexity of switchgear monitoring system within the existing infrastructures create hindrance to the growth of the market. On the other hand, integration of advanced technologies such as IoT and AI within switchgear monitoring systems is expected to create future opportunities for the growth of the market. This integration enables real-time monitoring, predictive maintenance, and analytics, improving maintenance scheduling, reducing downtime, and enhancing overall system reliability.

Market Segmentations and Scope of the Study

The switchgear monitoring system market share is segmented on the basis of component, type, voltage, end user, and region. On the basis of component, the market is divided into hardware and software. Hardware can be further divided into sensors, communication interface, buzzers, and others. On the basis of type, the market is segmented into air insulated switchgear (AIS) and gas insulated switchgear (GIS). On the basis of voltage, the market is divided into low, medium, and high. On the basis of end user, the market is bifurcated into commercial buildings, chemical & petrochemical industry, energy sector, automotive sector, aviation sector, oil & gas drilling sector, and others. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia Pacific holds the dominant share of switchgear monitoring system market at present and is expected to continue its dominance during the forecast period. This is due to the utilization of switchgear monitoring system within the growing chemical industry within the region.   According to a report published by India Brand Equity Foundation, in August 2023, the chemical sector in India is expected to rise from USD 220 billion in the year 2022 to USD 1 trillion by 2040. As the sector is rising significantly the demand for switchgear monitoring system rises, thereby boosting the growth of the market.

Moreover, the increase in crude oil production within the Asia Pacific region is further boosting the growth of the market as switchgear monitoring system are used to enhance reliability, improvise safety, and optimize maintenance in the workplace. According to a report published by World - Energy Media, in January 2024, China's oil production increased to 208 million tons, accounting to a growth of 1.6% compared to the year 2022. With the increase in crude oil production in China the demand for the switchgear monitoring system surges significantly, propelling the growth of the market.

On the other hand, North America is showing a steady rise in the switchgear monitoring system market, due to the rising utilization of switchgear monitoring system in the real-estate sector within the region. The switchgear monitoring system are utilized efficiently to maintain the power outages, identifying potential issues, and also to reduce the downtime. It provides real time insights into the condition and performance of electric infrastructure, which empower property owners and managers to optimize energy usage. According to a report published by NAIOP, the commercial real-estate sector is growing significantly, contributing around USD 2.3 trillion in the U.S. GDP in the year 2022. As the commercial real-estate sector surges the demand for switchgear monitoring system rising significantly, thereby propelling the growth of the market.

Moreover, the switchgear monitoring system market is experiencing a growth within the region due to the rising nuclear power sector within the region. According to a report published by World Nuclear Association, the U.S. is one of the leading producers of nuclear power energy, with an overall production of 772 terawatt-hour (TWh) in 2022, which contributes approx. 18% of the total electricity generated in the country. This growth in production increases the role of switchgear monitoring system, thereby propelling the growth of the market.

Competitive Landscape

The switchgear monitoring system market comprising of various market players such as Siemens AG, ABB Ltd, Schneider Electric, Eaton, Mitsubishi Electric Corporation, Havells India Ltd., General Electric Company, Toshiba International Corporation Pty Ltd., Hitachi Energy Ltd., Fuji Electric Co., Ltd. among others. These market players are adopting various product launch and expansion of business across various regions to maintain their dominance in the switchgear monitoring system market.

For instance, in February 2024, Schneider Electric launched digitally-enabled SureSet medium voltage switchgear. This switchgear offers advanced digital capabilities for improved performance and efficiency in medium voltage applications. It is embedded with advance sensors to detect real-time problems, allowing maintenance in real time, minimizing the interruptions and enhance the productivity.

For instance, in April 2023, Siemens AG launched new sensors bushing, protection, and indication devices which connects energy system, buildings, and industries, enhancing transparency in the distribution grid. The new devices are suitable for grounded systems and provide a smart and intelligent cable connection bushing, as well as a short circuit and earth fault indicator. These devices enhance the safety and reliability of the power distribution network by providing real-time monitoring and fault detection capabilities.

Moreover, in September 2023, ABB introduced UniGear ZS1, an air-insulated medium-voltage switchgear technology, designed to tackle challenges across sectors such as oil and gas, refineries, utilities, and high-rise buildings. The product aims to enhance energy efficiency, reduce carbon emissions, and improve safety standards while monitoring the switchgear system in various industries.

KEY BENEFITS

• The report provides quantitative analysis and estimations of the switchgear monitoring system market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the switchgear monitoring system market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the switchgear monitoring system market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

KEY MARKET SEGMENTS

By Component 

• Hardware

  • Sensors 

  • Communication Interface 

  • Buzzers 

  • Others

• Software

By Type

• Air Insulated Switchgear (AIS) 

• Gas Insulated Switchgear (GIS) 

By Voltage

• Low

• Medium 

• High

By End-Users

• Commercial Buildings 

• Chemical & Petrochemical Industry 

• Energy Sector

• Automotive Sector

• Aviation Sector 

• Oil & Gas Drilling Sector 

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Test