The global 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™. Switchgear monitoring systems offer the continuous monitoring of switchgear cubicles by recording the real-time information of operational parameters using sensors. The sensors installed in switchgear apparatuses monitor the threshold breaches, warn of any significant change in operating performance, and assemble an overall condition assessment of the apparatuses. 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.

The increasing demand for switchgear monitoring systems is driven by growing energy requirements, the incorporation of renewable energy sources, electrification and continuous grid modernization initiatives. These products play a critical role in the efficient transmission and distribution of electricity, addressing the needs of urbanization, industrial expansion, and emerging markets, all while adhering to environmental regulations.

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Gas Insulated Switchgear is expected to grow by the largest segment in the switchgear monitoring system market.

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.

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 Market are ABB (Switzerland), Siemens Energy (Germany), Schneider Electric (France), General Electric (US), and Eaton (Ireland).