Switchgear Monitoring System Market Projected to Reach $5.13 Billion by 2033: BIS Research

26 Apr 2024

Switchgear monitoring systems offer multiple benefits across industries. They enable real-time monitoring of critical parameters, like temperature and gas levels, facilitating proactive maintenance and fault detection. This helps prevent costly downtime and equipment failures, boosting operational efficiency.

Moreover, these systems enhance safety by minimizing electrical accidents and ensuring compliance with regulations. By enabling predictive maintenance, they optimize maintenance schedules and extend equipment lifespan, reducing costs.

The data collected can be used for analytics, identifying opportunities for process improvement and energy efficiency optimization, leading to cost savings and environmental benefits. 

Recently, BIS Research released the Switchgear Monitoring System Market Report which covers the period from 2023 to 2033, with a base year of 2022. The market size was $2,267.2 million in 2023, projected to reach $5,132.0 million by 2033, indicating a compound annual growth rate (CAGR) of 8.51% during the forecast period. The report comprises 183 pages, including 163 tables and 31 figures, providing comprehensive insights into the switchgear monitoring system market dynamics and future trends. 

Access Market Insights

Switchgear Monitoring System Market Analysis: Drivers, Opportunities and Challenges

The following are the demand drivers for the global switchgear monitoring system market:

•    Aging electrical infrastructure 
•    Advancements in IoT and sensor technology 

The market is expected to face some limitations as well due to the following challenges: 

•    High implementation cost and complex data management

Click Here to Download Free Sample

Switchgear Monitoring System Market Segments: Overview

Segmentation 1: by End User 

•    Utilities 
•    Industrial 
•    Commercial 
•    Others 

Segmentation 2: by Type

•    Air-Insulated Switchgear 
•    Gas-Insulated Switchgear 

Segmentation 3: by Voltage

•    Low Voltage 
•    Medium Voltage 
•    High and Extra Voltage 

Segmentation 4: by Service 

•    Partial Discharge Monitoring 
•    Gas Monitoring 
•    Temperature Monitoring 
•    Others 

Segmentation 5: by Region

•    North America - U.S., Canada, and Mexico 
•    Europe - Germany, France, Spain, U.K., and Rest-of-Europe 
•    Asia-Pacific - China, India, Japan, South Korea, and Rest-of-Asia-Pacific 
•    Rest-of-the-World - Middle East and Africa and South America 

Overview: The global switchgear monitoring system market is segmented by end user, type, voltage, service, and region. Utilities represent a prominent end user, while air-insulated switchgear leads in type, and high and extra voltage dominates in voltage. Partial discharge monitoring stands out in service. North America is expected to excel in the market, driven by smart grid infrastructure growth and urbanization. Overall, these segments reflect the diverse landscape and potential growth areas within the switchgear monitoring system market. 

Access Full TOC 

Key Players in the Switchgear Monitoring System Market 

•    ABB Ltd. 
•    Siemens AG 
•    Schneider Electric 
•    Hitachi Limited 
•    Fuji Electric 
•    General Electric 
•    TIEPCO 
•    NOJA Power Switchgear Pty Ltd 
•    Eaton Corporation 
•    Havells India Pvt. Ltd. 
•    Powell Industries, Inc. 
•    Toshiba Corporation 
•    HD Hyundai Electric Co., Ltd. 
•    WEG 

Analyst Take on the Switchgear Monitoring System Market

BIS Principal Analyst: “In the evolving landscape of the switchgear monitoring system market, the integration of IoT and sensor technology stands as a pivotal driver for growth. This advancement not only addresses the pressing need for enhanced reliability and efficiency in power distribution but also opens avenues for predictive maintenance, thereby reducing operational costs significantly. As the market adapts to these technological innovations, a paradigm shift toward smarter, more resilient power infrastructure, setting the stage for unprecedented growth and development in this sector, can be witnessed. Furthermore, the abundance of data generated by switchgear monitoring systems presents opportunities for data analytics firms. Developing predictive maintenance algorithms, asset management software, and grid optimization tools can add value to utility companies and renewable energy developers.” 

Interested to know more about the growing technologies in your industry vertical? Get the latest market studies and insights from BIS Research. Connect with us at [email protected] to learn more.