Switchgear Monitoring System Market by Switchgear Type (Gas-insulated, Air-insulated), Voltage (Low, Medium, and High and Extra High), End User (Utilities, Industrial, Commercial, Residential), Component, Service, and Region - Global Forecast to 2030
The global switchgear monitoring system market is estimated to grow from USD 2.17 billion in 2025 to USD 3.22 billion by 2030, at a CAGR of 8.2%.
Scope of the Report
Years Considered for the Study
2021-2030
Base Year
2024
Forecast Period
2025-2030
Units Considered
Value (USD Million) and Volume (Units)
Segments
Switchgear Type, Voltage, Component, Service, and End User
Regions covered
North America, Europe, Asia Pacific, South America, and the Middle East & Africa
The growing demand for highly reliable power distribution systems, grid modernization, and predictive maintenance is fueling the expansion of the switchgear monitoring system market. Switchgear monitoring systems are also gaining momentum across industrial users due to ongoing technological advancements and the implementation of energy efficiency policies.
"By end user, utilities segment to capture most significant share of switchgear monitoring system
market throughout forecast period"
The utilities segment accounts for the most significant portion of the switchgear monitoring system market, due to the rising adoption of advanced switchgear monitoring systems in critical infrastructure consisting of substations, and transmission and distribution networks. Switchgear monitoring systems are well-suited for utility operations due to their capabilities in real-time diagnostics, enhanced reliability, and reduced maintenance requirements. Growing interest in grid stability, outage prevention, and energy efficiency has led to a steady rise in the adoption of these systems. Additionally, government policies that encourage the implementation of smart monitoring technologies and the transition to smart grids further support and accelerate their deployment.
"Europe to be second-largest market during forecast period"
Europe is set to become the second-largest switchgear monitoring system market because of the massive penetration of these systems in industrial automation systems, the rising adoption of renewable energy sources, and smart grid development. The region already boasts established industry, deep capital investment into energy-efficient technology, and advantageous government policies regarding clean energy and electrification. Moreover, leading utility and manufacturing companies in countries such as Germany and France are intensifying their efforts to integrate switchgear monitoring systems to achieve greater reliability and sustainability. This proactive approach is further driving regional demand. In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects.
The distribution of primary interviews is as follows:
By Company Type: Tier 1 - 30%, Tier 2 - 55%, and Tier 3 - 15%
By Designation: C-level Executives - 30%, Directors - 20%, and Others - 50%
By Region: North America - 20%, Europe - 8%, Asia Pacific - 55%, Middle East & Africa - 13%, and South America - 4%
Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: >USD 1 billion, Tier 2: USD 500 million to USD 1 billion, and Tier 3: <USD 500 million. Other designations include sales managers, engineers, and regional managers.
Schneider Electric, ABB, Siemens, GE Vernova, and Mitsubishi Electric Corporation are some major players in the switchgear monitoring system market. The study includes an in-depth competitive analysis of these key players, including their company profiles, recent developments, and key market strategies.
Research Coverage
The report defines, describes, and forecasts the global switchgear monitoring system market, by switchgear type, component, service, voltage, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the switchgear monitoring system market.
Key Benefits of Buying the Report
Key drivers (strengthened power distribution infrastructure), restraints (high installation cost), opportunities (growing deployment of smart grids), and challenges (inadequate data storage and management concerns) influence the growth of the switchgear monitoring system market.
Market Development: In May 2024, ABB introduced digital, low-voltage switchgear, which allows users to access data on electrical distribution in real time. This enables users to be Industry 4.0 ready and explore the potential of intelligent devices, IoT, and cloud technology. The company will apply this technology to its low-voltage switchgear range.
Product Innovation/Development: Significant product innovation existed in the switchgear monitoring system market. However, the innovation of IoT-enabled diagnostics and predictive maintenance capabilities of the most advanced systems is notable. These trends are geared toward improving reliability, minimizing downtime, and increasing efficiency standards among end users.
Market Diversification: In June 2024, IPEC Ltd. entered Asia by establishing a regional office in Kuala Lumpur. This growth acted as a platform to collaborate, assist, and interact with customers in the area. This business decision helped the company serve its clients, establish new relationships, and become more market-informed to propel innovations.
Competitive Assessment: The report includes an in-depth assessment of market shares, growth strategies, and service offerings of leading market players, such as ABB (Switzerland), Siemens (Germany), Schneider Electric (France), GE Vernova (US), and Mitsubishi Corporation (Japan).
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3.1 MARKETS SEGMENTATION AND REGIONAL SCOPE
1.3.2 INCLUSIONS AND EXCLUSIONS
1.3.3 YEARS CONSIDERED
1.4 UNIT CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH APPROACH
2.1.1 SECONDARY DATA
2.1.1.1 List of key secondary sources
2.1.1.2 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 List of key primary interview participants
2.1.2.2 Key primary insights
2.1.2.3 Key data from primary sources
2.1.2.4 Breakdown of primaries
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Regional analysis
2.2.1.2 Country-level analysis
2.2.1.3 Demand-side assumptions
2.2.1.4 Demand-side calculations
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Supply-side assumptions
2.2.2.2 Supply-side calculations
2.3 MARKET DATA TRIANGULATION
2.3.1 FORECAST
2.4 RESEARCH ASSUMPTIONS
2.5 RESEARCH LIMITATIONS
2.6 RISK ASSESSMENT
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SWITCHGEAR MONITORING SYSTEM MARKET
4.2 SWITCHGEAR MONITORING SYSTEM MARKET, BY REGION
4.3 SWITCHGEAR MONITORING SYSTEM MARKET IN ASIA PACIFIC, BY END USER AND COUNTRY
4.4 SWITCHGEAR MONITORING SYSTEM MARKET, BY SWITCHGEAR TYPE
4.5 SWITCHGEAR MONITORING SYSTEM MARKET, BY COMPONENT
4.6 SWITCHGEAR MONITORING SYSTEM MARKET, BY VOLTAGE
4.7 SWITCHGEAR MONITORING SYSTEM MARKET, BY SERVICE
4.8 SWITCHGEAR MONITORING SYSTEM MARKET, BY END USER
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Shift from conventional maintenance methods to condition-based services
5.2.1.2 Strengthened power distribution infrastructure
5.2.1.3 Rising use of electric distribution and transmission systems powered by renewable energy sources
5.2.2 RESTRAINTS
5.2.2.1 High installation cost
5.2.2.2 Integration- and cybersecurity-related challenges
5.2.3 OPPORTUNITIES
5.2.3.1 Growing deployment of smart grids
5.2.3.2 Expansion of renewable energy infrastructure
5.2.4 CHALLENGES
5.2.4.1 Inadequate data storage and management concerns
5.2.4.2 Susceptibility of switchgear monitoring systems to cyber threats
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.4 ECOSYSTEM ANALYSIS
5.5 VALUE CHAIN ANALYSIS
5.6 TECHNOLOGY ANALYSIS
5.6.1 KEY TECHNOLOGIES
5.6.2 ADJACENT TECHNOLOGIES
5.7 PRICING ANALYSIS
5.7.1 AVERAGE SELLING PRICE TREND OF SWITCHGEAR TYPES, 2021-2024
5.7.2 AVERAGE SELLING PRICE TREND OF SWITCHGEAR MONITORING SYSTEMS, BY REGION, 2021-2024
5.8 TARIFFS AND REGULATORY LANDSCAPE
5.8.1 TARIFF ANALYSIS (HS 853590)
5.8.2 REGULATORY LANDSCAPE
5.8.3 GLOBAL STANDARDS
5.9 TRADE ANALYSIS
5.9.1 IMPORT SCENARIO (HS CODE-853590)
5.9.2 EXPORT SCENARIO (HS CODE-853590)
5.10 PORTER'S FIVE FORCES ANALYSIS
5.10.1 THREAT OF SUBSTITUTES
5.10.2 BARGAINING POWER OF SUPPLIERS
5.10.3 BARGAINING POWER OF BUYERS
5.10.4 THREAT OF NEW ENTRANTS
5.10.5 INTENSITY OF COMPETITIVE RIVALRY
5.11 KEY STAKEHOLDERS AND BUYING CRITERIA
5.11.1 KEY STAKEHOLDERS IN BUYING PROCESS
5.11.2 BUYING CRITERIA
5.12 CASE STUDY ANALYSIS
5.12.1 MAINTAINING OPERATIONAL INTEGRITY AND REDUCING UNPLANNED DOWNTIME ACROSS GRID BY DEPLOYING DYNAMIC RATINGS' PARTIAL DISCHARGE MONITORING SYSTEM
5.12.2 ENHANCING GRID RELIABILITY AND MINIMIZING SF6 EMISSIONS THROUGH WIKA'S IOT-BASED GIS MONITORING SYSTEM
5.12.3 REDUCING THERMAL-RELATED FAILURES AND ENHANCING PLANT RESILIENCE WITH MARTEC'S IOT-BASED MONITORING SOLUTION
5.13 IMPACT OF GENERATIVE AI/AI ON SWITCHGEAR MONITORING SYSTEM MARKET
5.13.1 ADOPTION OF GENERATIVE AI/AI BY SWITCHGEAR MONITORING SYSTEM MANUFACTURERS
5.13.2 IMPACT OF GENERATIVE AI/AI ON KEY END USERS, BY REGION
5.13.3 IMPACT OF AI ON SWITCHGEAR MONITORING SYSTEM MARKET, BY REGION
5.14 IMPACT OF 2025 US TARIFF - OVERVIEW
5.14.1 INTRODUCTION
5.14.2 KEY TARIFF RATES
5.14.3 IMPACT ON COUNTRIES/REGIONS
5.14.3.1 North America
5.14.3.2 Europe
5.14.3.3 Asia Pacific
5.14.3.4 South America
5.14.3.5 Middle East & Africa
5.14.4 IMPACT ON END USERS
6 SWITCHGEAR MONITORING SYSTEM MARKET, BY SWITCHGEAR TYPE
6.1 INTRODUCTION
6.2 AIR-INSULATED
6.2.1 DESIGN SIMPLICITY, AFFORDABILITY, EASY MAINTENANCE TO ACCELERATE DEMAND
6.3 GAS-INSULATED
6.3.1 SURGING UTILIZATION IN HIGH-VOLTAGE APPLICATIONS TO AUGMENT MARKET GROWTH
7 SWITCHGEAR MONITORING SYSTEM MARKET, BY VOLTAGE
7.1 INTRODUCTION
7.2 LOW
7.2.1 RISING DEMAND FOR HOME AUTOMATION AND ENERGY MANAGEMENT SOLUTIONS TO PROPEL SEGMENTAL GROWTH
7.3 MEDIUM
7.3.1 INCLINATION TOWARD DEPLOYMENT OF SMART GRIDS AND DIGITAL SUBSTATIONS TO SPUR DEMAND
7.4 HIGH AND EXTRA HIGH
7.4.1 RAPID DEVELOPMENT OF POWER TRANSMISSION NETWORKS IN DEVELOPING COUNTRIES TO BOOST DEMAND
8 SWITCHGEAR MONITORING SYSTEM MARKET, BY SERVICE
8.1 INTRODUCTION
8.2 PARTIAL DISCHARGE MONITORING
8.2.1 INCREASING REQUIREMENT FOR HIGH-PERFORMANCE AND RELIABLE ELECTRICAL ASSETS TO ACCELERATE ADOPTION
8.3 GAS MONITORING
8.3.1 OPERATIONAL NECESSITY TO DETECT SF6 LEAKAGE TO ELEVATE DEMAND
8.4 TEMPERATURE MONITORING
8.4.1 EMPHASIS ON EARLY FAULT DETECTION TO FOSTER SEGMENTAL GROWTH
8.5 OTHER SERVICES
9 SWITCHGEAR MONITORING SYSTEM MARKET, BY COMPONENT
9.1 INTRODUCTION
9.2 HARDWARE
9.2.1 RISING DEMAND FOR REAL-TIME MONITORING OF TEMPERATURE, INSULATION INTEGRITY AND VOLTAGE LEVELS TO DRIVE MARKET
9.2.2 INTELLIGENT EQUIPMENT DEVICES
9.2.3 DISTRIBUTION NETWORK FEEDERS
9.2.4 OTHER HARDWARE COMPONENTS
9.3 SOFTWARE
9.3.1 PRESSING NEED TO HANDLE DATA PROCESSING AND EXECUTION TO BOOST DEMAND FOR SECURE AND EMBEDDED SOFTWARE
10 SWITCHGEAR MONITORING SYSTEM MARKET, BY END USER
10.1 INTRODUCTION
10.2 UTILITIES
10.2.1 SURGING ADOPTION OF ML-INTEGRATED SWITCHGEAR MONITORING SYSTEMS TO GET REAL-TIME INSIGHTS TO FOSTER MARKET GROWTH
10.3 INDUSTRIAL
10.3.1 FOCUS ON PREVENTING FINANCIAL LOSSES DUE TO POWER DISRUPTIONS AND EQUIPMENT DAMAGE TO BOOST DEMAND
10.4 COMMERCIAL
10.4.1 ONGOING INFRASTRUCTURAL DEVELOPMENTS DUE TO RAPID URBANIZATION IN DEVELOPING COUNTRIES TO STIMULATE DEMAND
10.5 OTHER END USERS
11 SWITCHGEAR MONITORING SYSTEM MARKET, BY REGION
11.1 INTRODUCTION
11.2 ASIA PACIFIC
11.2.1 CHINA
11.2.1.1 Increasing investments in renewable energy projects to support market growth
11.2.2 JAPAN
11.2.2.1 Surging microgrid deployments to fuel market growth
11.2.3 INDIA
11.2.3.1 Emphasis on electrification projects to elevate demand
11.2.4 SOUTH KOREA
11.2.4.1 Commitment to carbon neutrality to create growth opportunities
11.2.5 AUSTRALIA
11.2.5.1 Deployment of hybrid solar-wind microgrids to elevate demand
11.2.6 REST OF ASIA PACIFIC
11.3 EUROPE
11.3.1 GERMANY
11.3.1.1 Increasing government investment in expanding wind and solar infrastructure to fuel demand
11.3.2 UK
11.3.2.1 AI-driven maintenance and offshore wind projects to escalate demand
11.3.3 FRANCE
11.3.3.1 Greater emphasis on grid modernization to contribute to market growth
11.3.4 ITALY
11.3.4.1 Increasing green energy projects to augment adoption
11.3.5 RUSSIA
11.3.5.1 Rising investments in hydrogen energy projects to support market growth
11.3.6 REST OF EUROPE
11.4 NORTH AMERICA
11.4.1 US
11.4.1.1 Strong focus on increasing renewable energy output to support market growth
11.4.2 CANADA
11.4.2.1 Rising investments in wind energy projects to foster market growth
11.4.3 MEXICO
11.4.3.1 Expansion of power generation, transmission, and distribution networks to contribute to market growth
11.5 MIDDLE EAST & AFRICA
11.5.1 GCC
11.5.1.1 SAUDI ARABIA
11.5.1.1.1 Pressing need to upgrade power infrastructure to drive market
11.5.1.2 UAE
11.5.1.2.1 Growing emphasis on improving onshore power grids to accelerate market growth
11.5.1.3 Kuwait
11.5.1.3.1 Increasing transition toward clean energy to boost adoption
11.5.1.4 Rest of GCC
11.5.2 SOUTH AFRICA
11.5.2.1 Northern Cape solar initiative and innovations in power monitoring to fuel market growth
11.5.3 REST OF MIDDLE EAST & AFRICA
11.6 SOUTH AMERICA
11.6.1 BRAZIL
11.6.1.1 Surging power demand and need for electrification to propel market
11.6.2 ARGENTINA
11.6.2.1 Increasing government investments in offshore gas production projects to contribute to market growth
11.6.3 REST OF SOUTH AMERICA
12 COMPETITIVE LANDSCAPE
12.1 OVERVIEW
12.1.1 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021-2025
12.1.2 MARKET SHARE ANALYSIS, 2024
12.1.3 REVENUE ANALYSIS, 2020-2024
12.2 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024
12.2.1 STARS
12.2.2 EMERGING LEADERS
12.2.3 PERVASIVE PLAYERS
12.2.4 PARTICIPANTS
12.2.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024
12.2.5.1 Company footprint
12.2.5.2 Region footprint
12.2.5.3 Switchgear type footprint
12.2.5.4 Voltage footprint
12.2.5.5 End user footprint
12.3 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024