Switchgear Monitoring System Market

Switchgear Monitoring System Market Outlook

Revenue from switchgear monitoring system is expected to surge to US$ 1,412.2 million in 2024. With a CAGR of 4.4% from 2024 to 2034, the switchgear monitoring system market is expected to attain US$ 2,172.2 million by 2033.

With more people turning to renewable energy sources, the global switchgear system market is projected to evolve quickly. The global switchgear monitoring system market is expanding due to increased power consumption, the need for safe electrical distribution systems, and growing expenditures on renewable energy sources. In the power sector, switchgear is in great demand because of the rise in investments made in transmission and distribution networks.

Market Accelerators for Switchgear Monitoring Systems

Demand for switchgear monitoring systems is growing as vital infrastructure and industry depend more on a steady electricity supply. Switchgear monitoring systems enhance the dependability and effectiveness of electricity distribution networks.

Governments and regulatory organizations are implementing strict guidelines and rules for electricity distribution system safety, dependability, and environmental impact. Switchgear monitoring system adoption is accelerated by adhering to these standards to satisfy the requirements.

The switchgear monitoring system market is escalated by the power sector's adoption of digitalization trends and IoT integration. Remote diagnostics, data processing, and monitoring in real-time are made possible by switchgear monitoring systems.

The global focus on sustainability and energy efficiency compels demand for switchgear monitoring systems that optimize energy distribution and consumption. Switchgear monitoring facilitates the discovery of inefficiencies and enhances overall energy management.

Report Attributes	Details
Estimated Market Value (2024E)	US$ 1,412.2 million
Forecasted Market Value (2034F)	US$ 2,172.2 million
Global Market Growth Rate (2024 to 2034)	4.4%
GIS Segment Growth Rate (2024 to 2034)	4.6%
Medium Segment Growth Rate (2024 to 2034)	4.6%
North America Market Share (2024)	4.6%
East Asia Market Share (2024)	5.4%
Key Players in the Switchgear Monitoring System Market	Zebra Technologies Corporation Schneider Electric Qualitrol Company LLC GE Grid Solutions ABB Ltd KONCAR- Electrical Engineering Institute, Inc. Farsens IPEC Ltd ALTANOVA Group Haozhi Electric Industrial Electric MFG Prism Power Group Seimens (Seimens Energy) OMICRON DONWIL Fuji Electric Co., Ltd LUMEL S.A Mitsubishi Electric Corporation Megger Others

Deterrents to Adoption of Switchgear Monitoring System

The cost of sensors, communication infrastructure, and monitoring solution integration are among the major upfront capital expenditures associated with implementing switchgear monitoring systems. For some prospective users, particularly in regions where money is tight, it impedes the switchgear monitoring system market.

Interoperability issues arises from switchgear monitoring systems without established protocols and frameworks. The absence of standardization restricts options by impeding smooth communication and integration of monitoring equipment from various switchgear monitoring system manufacturers.

The advantages and capacities of switchgear monitoring systems are not often known to end users. Adoption of switchgear monitoring system is slower when there is a lack of knowledge and comprehension of the possible benefits because decision-makers are reluctant to spend money on something they do not completely grasp. This inhibits the demand for switchgear monitoring system.

Country-wise Analysis

The North America switchgear monitoring system market is anticipated to experience growth at a 4.6% CAGR through 2034. Increasing demand for switchgear monitoring systems in developed nations, particularly the United States and Canada, is the main cause of the increase. With a predicted 64.9% market share by 2034, the United States contributes to the switchgear monitoring system industry.

East Asia switchgear monitoring system sales are expected to accelerate at a 5.4% CAGR through 2034. With a 57.3% market share of switchgear monitoring systems in East Asia by 2034, China has become the leading strength in the switchgear monitoring system industry.

How Does the Future Look for Switchgear Monitoring System Market in North America?

“Cybersecurity Concerns Surge Innovation in North America Switchgear Monitoring Technologies.”

As IoT technology integration becomes popular, switchgear monitoring systems' real-time data analytics and predictive maintenance capabilities improve in the United States market. The development of switchgear monitoring solutions is accelerated by regulatory actions supporting smart grid technology, which supports the modernization of the electrical infrastructure. In 2024, the United States is likely to possess 64.6% of the market share of switchgear monitoring system.

Attribute	Details
United States Market CAGR	4.7%
United States Market Size (2024)	US$ 235.4 million
Canada Market CAGR	5.2%
Canada Market Size (2024)	US$ 73.6 million

Canada's commitment to grid modernization in response to the changing energy scenario creates opportunities for cutting-edge switchgear monitoring technologies. In line with the country's environmental objectives, switchgear monitoring systems are adopted quickly in Canada due to the emphasis on clean and sustainable energy solutions. In 2024, Canada is going to garner a 20.2% market share of switchgear monitoring system.

Which Factors Shape the Landscape of Switchgear Monitoring Systems in Asia Pacific?

“Smart City Initiatives Foster the Adoption of Switchgear Monitoring Systems in Asia Pacific.”

China's rapid urbanization and industrialization spur the adoption of switchgear monitoring systems to improve the efficiency and dependability of the power distribution infrastructure. The ambitious Belt and Road Initiative promotes power sector investments and presents opportunities for integrating state-of-the-art switchgear monitoring technologies into China's rapidly developing energy infrastructure. China is envisioned to capture 55.6% of the switchgear system market share in 2024.

Attribute	Details
China Market CAGR	5.7%
China Market Size (2024)	US$ 241.1 million
Japan Market CAGR	5.4%
Japan Market Size (2024)	US$ 129.2 million

Japan's Industry 4.0 initiatives are fostering the power sector's integration of smart technology, which in turn is accelerating the adoption of switchgear monitoring system for improved operational efficiency. Smart switchgear monitoring systems are implemented in response to the increasing significance of microgrid solutions in Japan's energy landscape. The switchgear monitoring systems enable the efficient control of decentralized power generation and distribution. Japan is anticipated to secure a 29.8% market share in 2024.

Category-wise Outlook

Based on the switchgear type, the GIS segment is estimated to hold a 59.6% market share by 2034. Simultaneously, the AIS segment is anticipated to secure a noteworthy 40.4% share by 2034, contributing significantly to the switchgear system market.

Based on voltage level, the high voltage segment marks its dominance, with a share of 42.9% by 2034. Followed by medium voltage segment acquiring a share of 33.9% by 2034.

Why is GIS the Pinnacle in Switchgear Systems Market Share?

“GIS Segment Offers Compact Design, Saving Space and Reducing Installation Footprint.”

GIS	Details
Market Size (2024)	US$ 827.5 million
Market CAGR (2024 to 2034)	4.6%

AIS	Details
Market Size (2024)	US$ 584.7 million
Market CAGR (2024 to 2034)	4.1%

In switchgear applications, the preference for GIS is driven by growing urbanization and the requirement for space-efficient solutions. Growing environmental consciousness complements GIS's environmentally friendly features and increases its commercial domination.

GIS systems are better suited for installations in densely populated areas since they occupy less space than AIS. In 2024, the GIS segment is envisioned to possess a 58.6% market share of switchgear monitoring system.

The air insulated switchgear (AIS) is a good choice for some applications since it is simple and affordable, especially in less space-constrained settings. In 2024, the AIS segment is expected to capture a 41.4% market share.

What Makes High Voltage the Frontrunner in Switchgear Systems?

“Growing Urbanization and Infrastructure Projects Fuel Demand for High-Voltage Switchgear.”

High Voltage	Details
Market Size (2024)	US$ 593.1 million
Market CAGR (2024 to 2034)	4.6%

Medium Voltage	Details
Market Size (2024)	US$ 468.9 million
Market CAGR (2024 to 2034)	4.6%

The high-voltage sector controls the switchgear monitoring market partly due to the need for application stability and reliability. High voltage predominance indicates the growing need for reliable and efficient networks for distributing electricity. An increase in the integration of renewable energy sources drives the demand for high-voltage switchgear in smart grid applications.

The demand for enhanced monitoring is driven by the prevalence of high-voltage systems in the industrial and utility sectors. In 2024, the high voltage category to capture 42.0% of the market. In 2024, the medium voltage category to possess 33.2% of the switchgear monitoring system market.

Competitive Analysis

Key players in switchgear monitoring system market include Zebra Technologies Corporation, Schneider Electric, Qualitrol Company LLC, GE Grid Solutions, ABB Ltd, KONCAR- Electrical Engineering Institute, Inc., Farsens, IPEC Ltd, ALTANOVA Group, Haozhi Electric, Industrial Electric MFG, Prism Power Group, Seimens (Seimens Energy), OMICRON, DONWIL, Fuji Electric Co., Ltd, LUMEL S.A, Mitsubishi Electric Corporation, Megger and others.

Many switchgear monitoring system vendors have concentrated on East Asia and the South Asia Pacific region due to regional policies encouraging the private sector's participation in industrial and technological advancement. Prominent switchgear monitoring system manufacturers have an advantage over local competitors due to their many patents.

The switchgear monitoring system vendors have used various expansion strategies in the switchgear monitoring system business, such as acquisitions, mergers, and partnerships. To increase their revenue share, major companies invest in research and development and bring innovative products to switchgear monitoring system market for their customers.

Recent Developments in the Switchgear Monitoring System Market:

• To address the quickly rising demand for Eaton's electrical solutions across the utility, commercial, data center, healthcare, industrial, and residential markets, the firm plans on investing more than US$ 500 million in its North American production in August 2023.
• The EU-funded IN2STEMPO project, which is creating a smart railway power grid with an integrated system that integrates smart metering, innovative power electronic components, energy management, and energy storage systems, is what led General Electric to develop the Digital HYpact switchgear in November 2022.
• In January 2020, Siemens acquired C&S Electric, a major switchgear and power equipment company in India, focusing mostly on switchgear, busbars, and metering devices, to establish itself as a top switchgear maker in the country.
• Schneider Electric and Tricolite Electrical Industries worked together on a new-generation MV switchgear Premset in February 2020. Due to this partnership, Tricolite can build, engineer, test, market, and sell products. Strong, shielded insulation and SF6-free MV switchgear are hallmarks of the Premset.
• In February 2020, Schneider Electric expanded its production facilities in Scarborough and Leeds, the United Kingdom, to meet the growing demand for renewable energy. Leeds and Scarborough are the low-, medium-, and high-voltage switchgear manufacturing sites.

Segmentation of Switchgear Monitoring System Market Research

• By Switchgear Type:

  • GIS
  • AIS

• By Voltage Level:

  • High
  • Medium
  • Low

• By Region:

  • North America
  • East Asia
  • East Asia
  • South Asia and Pacific
  • Western Europe
  • Eastern Europe
  • Middle East and Africa