CHICAGO, Dec. 13, 2023 /PRNewswire/ -- Switchgear Monitoring System Market is expected to reach USD 2.7 billion by 2028 from USD 1.8 billion in 2023 at a CAGR of 8.4% during the 2023-2028 period according to a new report by MarketsandMarkets. The demand to secure electrical distribution systems is the need for the continuous monitoring of switchgear, and growing investments in renewable energy offer high-growth opportunities for the market.
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158 - Tables
55 - Figures
208 - Pages
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Switchgear Monitoring System Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $1.8 billion |
Estimated Value by 2028 | $2.7 billion |
Growth Rate | Poised to Grow at a CAGR of 8.4% |
Largest Market | Asia Pacific |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product type, pressure, end-use industry, distribution channel, and region |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Key Market Opportunities | Continuous increase in power generation capacity |
Key Market Drivers | Growing demand for reliable and continuous power supply |
Gas Insulated Switchgear, by type, is expected to grow by the largest segment during the forecast period.
Based on type, the Switchgear Monitoring System Market has been segmented into gas insulated switchgear and air insulated switchgear. Monitoring systems are in high demand for the Gas insulated switchgear systems, as switchgear monitoring systems are essential for gas-insulated switchgear (GIS) to ensure its reliability, safety, and longevity. GIS is a type of high-voltage switchgear that uses sulfur hexafluoride (SF6) gas as an insulating medium. SF6 gas is a highly effective insulator, but it can also pose environmental hazards if it leaks. Therefore, it is important to monitor the SF6 gas pressure and density in GIS to ensure that it is not leaking.
The partial discharge monitoring segment, by services segment, is expected to grow at the second fastest CAGR during the forecast period.
This report segments the Switchgear Monitoring System Market based on services into partial discharge monitoring, gas monitoring, temperature monitoring, and others. Partial discharge within switchgear poses a significant risk as it can lead to insulation breakdown, resulting in critical issues like electrical arcing and equipment failure. The implementation of partial discharge monitoring not only enhances operator safety but also instills confidence in the reliability and safety of electrical equipment.
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Software is expected to be the fastest segment, by component in the Switchgear Monitoring System Market.
This report segments the Switchgear Monitoring System Market based on component into Hardware and software. The pivotal role of hardware in establishing a robust switchgear monitoring platform cannot be overstated. Hardware devices play a crucial role in overseeing, measuring, transmitting, and analyzing data across various sectors, including process and non-process industries, utilities, the commercial sector, and beyond. The continuous innovation in hardware solutions is expected to further enhance the reliability, intelligence, and adaptability of these systems across a wide range of industrial and commercial applications.
North America is expected to be the second fastest region in the Switchgear Monitoring System Industry.
The US government has set a target to reduce carbon pollution from the power sector by 32% below the 2005 levels by 2030. To achieve this, utilities in the US and Canada plan to replace and upgrade aging power infrastructure, improving reliability and power generation capacity. According to the DOE, power blackouts are costing USD 150 billion per year in North America. Most of the power infrastructure, which is unreliable, poses a threat to national security. These factors positively push the North American power distribution sector, creating growth opportunities for the Switchgear Monitoring System Markets.
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Key Players
Some of the major players in the Switchgear Monitoring System Companies are ABB (Switzerland), Siemens Energy (Germany), Schneider Electric (France), General Electric (US), and Eaton (Ireland). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.
Recent Developments
- In August 2023, Eaton invests more than USD 500 million in its North American manufacturing to meet rapidly increasing demand for the company's electrical solutions across utility, commercial, data center, healthcare, industrial and residential markets.
- In November 2022, The Digital HYpact switchgear was developed by General Electric as part of the EU-funded IN2STEMPO project, which is developing a smart railway power grid with an interconnected system that integrates smart metering, innovative power electronic components, energy management, and energy storage systems.
- In October 2023, Eaton investing USD 85 million to increase North American manufacturing of essential utility solutions advancing the energy transition and electrification.
Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
Related Reports:
Switchgear Market by Insulation (Gas-insulated, Air-insulated), Installation (Indoor, Outdoor), Current (AC, DC), Voltage (Low (up to 1 kV), Medium (2-36 kV), High (Above 36 kV), End User and Region - Global Forecast to 2028
Ring Main Unit Market by Insulation Type (Gas-insulated, Air-insulated, Oil-insulated, Solid Dielectric), Installation (Indoor, Outdoor), Voltage Rating (Up to 15 kV, 15 kV-25 kV, Above 25 kV), Structure, Application, Region - Global Forecast to 2027
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