Switchgear Monitoring System Market Size, Share & Industry Analysis, By Type (AIS, GIS), By Monitoring Type (Temperature Monitoring, Partial Discharge Monitoring, Gas Monitoring, Others), By Voltage (High, Medium) And Regional Forecast, 2024-2032

Switchgears are electrical isolator switches, fuses, and circuit breakers that can be used to control and disconnect electrical equipment to avoid hazards. Switchgear is used to exhaust the energy from equipment to remove faults in the downstream load distribution from the equipment. The switchgear monitoring system monitors these activities in equipment like substations and transformers. The growth in electricity demand has led to a surge in the development of power plants and transmission lines, which has led to the increase in demand for switchgear monitoring systems in the market.

Based on the type, the market is classified into air-insulated switchgear (AIS) and gas-insulated switchgear (GIS). The GIS segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, as they use fixed, mounted circuit breakers to provide five times more exhaustion abilities and can be used for higher voltage electrical equipment. GIS also helps manage maintenance costs by avoiding unplanned outages.

Based on the monitoring type, the global market is classified into temperature monitoring, partial discharge monitoring, and gas monitoring. The temperature monitoring segment accounted for the major share in the market which can be attributed to the early diagnosis of emerging problems, which leads to the rapid resolution of issues by preventive maintenance to prevent downtime due to switchgear failure. Based on the voltage, the market is classified into high and medium. The high voltage segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, due to the high demand for switchgear monitoring systems for power grids for entire cities or regions.

With the increasing digitalization and urbanization, power demand has increased in the world. It has become crucial to increase the reliability of electric assets to avoid downtimes and ultimately reduce monetary losses. Switchgears are associated with constant failures if left unattended, and the switchgear monitoring system helps prevent those failures using sensors and software. This is the key driving factor for the growth in the switchgear monitoring system market.

The key restraint for the market is the high cost of installing a switchgear monitoring system. Switching costs from old and existing power grids to the new hardware which can be integrated with the switchgear monitoring system is very high, leading to the reluctance of investors, especially in developing countries.

Key Players Covered:

Some of the major companies in the switchgear monitoring system market are ABB, Eaton, GE, KONČAR Group, Mitsubishi Electric, Schneider Electric, SENSEOR, Siemens, PT. Tiara Vibrasindo Pratama, Tricolite Electrical Industries Limited, Fortive and Trafag AG.

Regional Analysis:

The global switchgear monitoring system market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific accounted for the major share of the global market, with China as the fastest-growing country in the region and the world in terms of power transmission and distribution. The Asia Pacific market is also increasing due to the growing renewable energy projects in China and India, which have led to rapid digitalization in the industry and a huge scope for the switchgear monitoring system market.

North America is the fastest-growing region for the switchgear monitoring system market, owing to the growing digitalization and dependence on electricity in the US and China. The Middle East and Africa region is also a fast-growing region, which can be attributed to heavy urbanization. Latin America and Europe regions are steadily growing due to continuous improvements in electric assets, especially in Germany and Norway.

Segmentation

Key Industry Developments

• In February 2020, Schneider Electric and Tricolite Electrical Industries underwent a strategic alliance to develop and distribute the MV switchgear Premset, where Tricolite invested in an assembly, engineering, testing, marketing, and selling.


• In January 2020, Siemens acquired C&S Electric to develop and manufacture low-voltage switchgear components and panels.