Switchgear Monitoring System Global Market Opportunities and Strategies to 2033

This report describes and explains the switchgear monitoring system market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global switchgear monitoring system market reached a value of nearly $1.5 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.24% since 2018. The market is expected to grow from $1.5 billion in 2023 to $2.1 billion in 2028 at a rate of 7.89%. The market is then expected to grow at a CAGR of 8.66% from 2028 and reach $3.2 billion in 2033.

Growth in the historic period resulted from growing demand for electricity, rising focus on grid modernization and government initiatives. Factors that negatively affected growth in the historic period were high initial investment and complexity of integration.

Going forward, increasing investments in renewable energy, expansion of smart grid infrastructure and rise in demand for digitization of power infrastructure will drive the growth. Factor that could hinder the growth of the switchgear monitoring system market in the future include regulatory challenges and data security concerns.

The switchgear monitoring system market is segmented by component into hardware and software and services. The hardware market was the largest segment of the switchgear monitoring system market segmented by component, accounting for 60.8% or $888.37 million of the total in 2023. Going forward, the software and services segment is expected to be the fastest growing segment in the switchgear monitoring system market segmented by component, at a CAGR of 8.41% during 2023-2028.

The switchgear monitoring system market is segmented by monitoring type into temperature monitoring, partial discharge monitoring, gas monitoring and other monitoring type. The temperature monitoring market was the largest segment of the switchgear monitoring system market segmented by monitoring type, accounting for 55.9% or $815.91 million of the total in 2023. Going forward, the partial discharge monitoring segment is expected to be the fastest growing segment in the switchgear monitoring system market segmented by monitoring type, at a CAGR of 8.81% during 2023-2028.

The switchgear monitoring system market is segmented by voltage into high voltage, medium voltage and low voltage. The high voltage market was the largest segment of the switchgear monitoring system market segmented by voltage, accounting for 65.5% or $956.07 million of the total in 2023. Going forward, the medium voltage segment is expected to be the fastest growing segment in the switchgear monitoring system market segmented by voltage, at a CAGR of 8.36% during 2023-2028.

The switchgear monitoring system market is segmented by end user into utilities, industries, commercial and other end users. The utilities market was the largest segment of the switchgear monitoring system market segmented by end user, accounting for 51.3% or $748.95 million of the total in 2023. Going forward, the commercial segment is expected to be the fastest growing segment in switchgear monitoring system market segmented by end user, at a CAGR of 8.32% during 2023-2028.

Asia-Pacific was the largest region in the switchgear monitoring system market, accounting for 41% or $598.45 million of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the switchgear monitoring system market will be Asia-Pacific and North America where growth will be at CAGRs of 8.51% and 8.21% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 7.79% and 7.13% respectively.

The global switchgear monitoring system market is highly concentrated, with a small number of large players dominating the market. The top ten competitors in the market made up 63.47% of the total market in 2022. Mitsubishi Electric Corporation Limited, Inc. was the largest competitor with a 12.51% share of the market, followed by Hitachi Ltd with 10.29%, Schneider Electric SE. with 10.24%, ABB Ltd. with 9.33%, Eaton Corporation PLC with 7.91%, General Electric Limited with 7.63%, Industrial Electric Mfg. (IEM) with 1.84%, KONČAR Group with 1.39%, Tricolite Electrical Industries Limited with 1.30% and Fuji Electric with 1.02%

The top opportunities in the switchgear monitoring system market segmented by component will arise in the hardware segment, which will gain $390.1 million of global annual sales by 2028. The top opportunities in the switchgear monitoring system market segmented by monitoring type will arise in the temperature monitoring segment, which will gain $380.49 million of global annual sales by 2028. The top opportunities in the switchgear monitoring system market segmented by voltage will arise in the high voltage segment, which will gain $443.85 million of global annual sales by 2028. The top opportunities in the switchgear monitoring system market segmented by end user will arise in the utilities segment, which will gain $346.84 million of global annual sales by 2028. The switchgear monitoring system market size will gain the most in China at $133.28 million.

Market-trend-based strategies for the switchgear monitoring system market include focus on innovative products driving grid reliability, enhanced cybersecurity for switchgear monitoring systems with controllers, focus on medium voltage switchgears with advanced digital control features, strategic investments driving reliability and efficiency in electrical infrastructure, advanced air-insulated medium-voltage switchgear technology for efficient energy management and IoT integration in switchgear monitoring systems.

Player-adopted strategies in the switchgear monitoring system market include focus on strengthening its market position through new product developments and enhancing its business operations through strategic partnerships.

To take advantage of the opportunities, the analyst recommends switchgear monitoring system companies to focus on advanced technology solutions for grid predictability, focus on cybersecurity integration for enhanced system protection, focus on advanced digital control for medium voltage switchgears, focus on air-insulated medium-voltage switchgear technology, focus on partial discharge and temperature monitoring segments, focus on medium and high voltage segments, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions and focus on commercial and utilities segments.