Switchgear Monitoring System Market Size and Trends by 2031

Analyst Perspective

The switchgear monitoring system market has grown over the past few years and is expected to witness substantial growth over the next years of the forecast period. The growth can be attributed to the rise in adoption of the systems in various industries and the increase in demand for efficient and reliable energy distribution systems. Technological advancement allows for more advanced systems to be introduced, further enhancing the capabilities of the switchgear monitoring systems. The one possible restraint on the market is the high cost of monitoring the systems.

Market Overview

The switchgear monitoring system is an electrical disconnect switch, fuses, and circuit breakers that are used to control, isolate, and protect the electrical equipment. The system is used to de-energize equipment and clear faults downstream. The modernization of various industries and the increase in system integration are favorable factors aiding market growth. The market is expected to grow with a CAGR of over 7.9% during the forecast period 2024-2031.

Market Driver

Growing demand for solutions to minimize component failure and enhance reliable power supply

To tackle the challenges for grid owners, utilities, and industrial customers, the demand for switchgear monitoring systems is rising. Challenges such as the same levels of performance from aging equipment and operating that equipment at higher performance levels affect its lifespan, and reliability can result in equipment failure in the most critical situations. The switchgear monitoring system is adopted for many utility and industrial applications for the protection and control of medium voltage systems. In addition, it further helps to ensure an efficient and uninterrupted power supply. It provides continuous online condition-based monitoring for switchgear.

Market Scope

The "Global Switchgear Monitoring System Market Analysis to 2031" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the switchgear monitoring system market with detailed market segmentation by type, component, end-user, voltage, monitoring type, and geography. The report provides key statistics on the market status of the leading switchgear monitoring system market players and offers key trends and opportunities in the market.

Market Segmentation

The global switchgear monitoring system market is segmented on the basis of type, components, end-user, voltage, monitoring type, and geography. Based on type, the global switchgear monitoring system market is segmented into GIS and AIS. On the basis of components, the market is segmented into hardware, software, and services. Based on end-users, the switchgear monitoring system market is segmented into utilities, industries, commercial, and others. Based on voltage, the switchgear monitoring system market is segmented into high voltage and medium voltage. Based on monitoring type, the market is segmented into temperature monitoring, partial discharge monitoring, and others.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from 2021-2031 with respect to five major regions, namely North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The switchgear monitoring system market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally, along with the current trends and opportunities prevailing in the region.

The report analyzes factors affecting the market from both the demand and supply side. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis for all five regions, namely North America, Europe, APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the switchgear monitoring system market in these regions.

MARKET PLAYERS

The report covers key developments in the switchgear monitoring system market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players in the switchgear monitoring system market are anticipated to have lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the switchgear monitoring system market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information for the last 3 years, and key developments in the past five years.

• Siemens Energy
• Schneider Electric
• Rugged Monitoring
• Hitachi
• Koncar Electric Engineering Institute, Inc.
• ALTANOVA GROUP
• Mitsubishi Electric Corporation
• ABB
• Eaton
• General Electric

Switchgear Monitoring System Report Scope