Switchgear Monitoring System Market

Switchgear Monitoring System Market Size & Share - Future Growth Expectations

The global switchgear monitoring system market size is expected to reach USD 2.7 billion by 2028 from an estimated value of USD 1.8 billion in 2023, at a CAGR of 8.4% during the forecast period. The major factors driving the growth of this market include the growing energy requirements, the incorporation of renewable energy sources, electrification and continuous grid modernization initiatives.

The switchgear monitoring system market has been witnessing significant growth due to several key factors.

  • Grid Modernization Initiatives
  • Demand for Reliable Power Supply
  • Focus on Preventive Maintenance
  • Regulatory Compliance Requirements
  • Integration of IoT and AI Technologies
  • Focus on Energy Efficiency
  • Emerging Trends in Smart Grids and DER Integration

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Grid Modernization Initiatives:

  • Many countries are investing in grid modernization projects to improve the efficiency, reliability, and resilience of their electrical grids. Switchgear monitoring systems play a crucial role in modernizing grid infrastructure by providing real-time data on the condition and performance of switchgear components. As utilities upgrade their grid infrastructure to meet the demands of a digitalized and decentralized energy system, the demand for switchgear monitoring systems is expected to increase.

Demand for Reliable Power Supply:

  • Industries, commercial buildings, and critical infrastructure facilities require reliable power supply to maintain operations and ensure safety. Switchgear monitoring systems help utilities and facility managers monitor the health and performance of switchgear equipment, detect faults or anomalies early, and implement preventive maintenance measures to minimize downtime and reduce the risk of equipment failure. The need for reliable power supply drives the adoption of switchgear monitoring systems in various sectors.

Focus on Preventive Maintenance:

  • With increasing emphasis on predictive and preventive maintenance strategies, utilities and industrial facilities are deploying monitoring systems to proactively identify potential issues and optimize maintenance schedules. Switchgear monitoring systems provide insights into the condition of switchgear components such as circuit breakers, relays, and disconnectors, enabling timely maintenance interventions to prevent costly failures and unplanned outages. The shift towards proactive maintenance practices drives the demand for switchgear monitoring solutions.

Regulatory Compliance Requirements:

  • Regulatory standards and guidelines mandate utilities and industrial facilities to monitor and maintain switchgear equipment to ensure safety, reliability, and compliance with regulatory requirements. Switchgear monitoring systems help organizations comply with industry standards such as IEC 61850, IEEE 1588, and NERC CIP by providing continuous monitoring, data logging, and reporting capabilities. The need to meet regulatory compliance requirements drives the adoption of switchgear monitoring solutions across various industries.

Integration of IoT and AI Technologies:

  • The integration of Internet of Things (IoT) and artificial intelligence (AI) technologies into switchgear monitoring systems enables advanced analytics, predictive maintenance, and remote monitoring capabilities. IoT sensors installed in switchgear equipment collect real-time data on temperature, humidity, vibration, and other parameters, which is analyzed using AI algorithms to detect patterns, anomalies, and potential failures. The adoption of IoT and AI technologies enhances the capabilities and effectiveness of switchgear monitoring systems, driving market growth.

Focus on Energy Efficiency:

  • Energy efficiency initiatives and sustainability goals drive the adoption of switchgear monitoring systems as part of energy management strategies. By monitoring electrical parameters such as voltage, current, and power consumption, switchgear monitoring systems help identify opportunities for energy savings, load optimization, and demand management. Utilities and industrial facilities deploy switchgear monitoring solutions to improve energy efficiency, reduce operational costs, and minimize environmental impact.

Emerging Trends in Smart Grids and DER Integration:

  • The integration of distributed energy resources (DERs) such as solar PV, wind, and energy storage into the grid requires advanced monitoring and control capabilities to ensure grid stability and reliability. Switchgear monitoring systems provide visibility into grid conditions, voltage levels, and power flows, enabling utilities to manage DER integration effectively and optimize grid operations. As smart grid initiatives and DER deployment continue to expand, the demand for switchgear monitoring solutions is expected to grow.

The switchgear monitoring system market is poised for continued growth as utilities, industries, and infrastructure operators recognize the importance of proactive maintenance, regulatory compliance, energy efficiency, and grid modernization. With advancements in technology, increased focus on reliability and safety, and the growing complexity of electrical systems, the demand for switchgear monitoring solutions is expected to increase across various sectors in the coming years.

Switchgear Monitoring System Market Share - Global Industry Landscape

The switchgear monitoring system market is characterized by the presence of several key players competing for market share. Some of the leading companies in the switchgear monitoring system industry include:

  • ABB (Switzerland)
  • Schneider Electric (France)
  • Siemens Energy (Germany)
  • General Electric (US)
  • Eaton (Ireland)

These companies, along with other specialized vendors and service providers, compete in the global switchgear monitoring system market by offering a variety of products, services, and solutions to meet the diverse needs of customers in the utility, industrial, and commercial sectors. Market share within the switchgear monitoring system industry may vary based on factors such as product capabilities, customer relationships, geographic presence, and technological innovations.

ABB (Switzerland)

  • ABB Ltd. is a leading power and automation technology company offering a wide range of products, services, and systems, such as Switchgears, transformers, distribution automation products, high-voltage products, power transmission systems, and grid integration systems. It offers switchgear monitoring systems under the Electrification Products segment. This segment also offers automation and services, low and medium voltage control and protection products, including low and medium-voltage products, building automation and wiring accessories, and installation materials. The segment mainly focuses on providing safer and smarter electrical flow from the substation to the socket. In addition, the portfolio includes solar power solutions, electric vehicle charging infrastructure, distribution automation products, modular substation packages, circuit breakers, control products, measuring and sensing devices, wiring accessories, intelligent home and building solutions, enclosures and cabling systems, and panelboards.

Schneider Electric (France)

  • Schneider Electric is a global energy and automation digital solutions provider focused on efficiency and sustainability. It combines energy technology, real-time automation, software, and services to target homes, buildings, data centers, infrastructure, and industries. The company offers services to various industries and sectors, such as oil & gas, mining, minerals & metals, power, food & beverage, infrastructure, waste & wastewater treatment, manufacturing, and chemicals & fertilizers.

Siemens Energy (Germany)

  • Siemens Energy is a global energy technology company that focuses on providing innovative and sustainable solutions for the generation, transmission, and distribution of power. Siemens Energy was created as an independent company out of the energy division of Siemens in April 2020. The company operates its business through two business segments which includes gas & power, and renewable energy. The company provide Switchgear Monitoring and Diagnostics under gas & Power business segment. Siemens Energy provides switchgear monitoring products through its Assetguard range of solutions.

General Electric (US)

  • General Electric is a globally operating high-tech industrial corporation that operates across the world through four main segments: Aerospace, Renewable Energy, and Power. Under its HV/MV Equipment category, there is the digital monitoring & control solutions segment, which offers products and solutions for switchgear monitoring, enhanced transformer solutions, and software & services. The monitoring solutions provided by the company help maintain the health of circuit breakers and other components present in the switchgear. GE has a presence in 170 countries and maintains research and development facilities across the globe.

Eaton (Ireland)

  • Eaton is a multinational company that offers a broad portfolio of power management solutions, including switchgear monitoring systems. The company provides monitoring and diagnostic solutions that help utilities and industrial customers optimize the performance and reliability of their electrical infrastructure.

Related Reports:

Switchgear Monitoring System Market by Type (GIS, AIS), Voltage (High & Extra High Voltage, Medium Voltage, Low Voltage), Component (Hardware, Software & Services), Monitoring, End User (Utilities, Industries, Commercial) & Region - Global Forecast to 2028

Switchgear Monitoring System Market Size,  Share & Growth Report
Report Code
EP 6944
RI Published ON
5/6/2024
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