PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1788515
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1788515
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 | |
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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.
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.
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