Switchgear Monitoring System Market

Global Market Study on Switchgear Monitoring Systems: Demand Rising to Maximize Reliability of Electrical Assets through Early Detection of Failure

About the Report

Switchgear monitoring systems are used to eliminate the chances of breakdown of switchgear assets. Switchgear monitoring enables predictive maintenance or condition-based monitoring of switchgear, provides protection to equipment against short circuits and overload conditions, and also controls over distribution of electrical current. Switchgear is one of the key safety components in industries, railways, solar generation plants, and energy distribution plants. To ensure optimum working of switchgear, a proper monitoring system is required.

In the past few years, switchgear monitoring systems have experienced incremental growth, reason being their necessity in various industries to maintain the security of distribution systems. After the impact of COVID-19, industries are aiming toward regaining their market values, and, in achieving that goal, any breakdown or stoppage will slow down their growth. Switchgear monitoring systems will insure that such kind of conditions do not arise.

In its new study, Persistence Market Research offers insights about key factors driving demand for switchgear monitoring systems. The report tracks global sales of switchgear monitoring systems in 20+ high-growth markets, which reveals that East Asia, North America, and Europe lead the pack. It also analyzes the impact COVID-19 has had on various related industries in general, and the switchgear monitoring system market in particular.

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Companies

  • Schneider Electric
  • IRIS Power LP
  • Qualitrol Company LLC
  • GE Grid Solutions
  • ABB Ltd
  • KONCAR- Electrical Engineering Institute, Inc.
  • Farsens
  • IPEC Ltd
  • ALTANOVA Group
  • Haozhi Electric
  • Industrial Electric MFG
  • Prism Power Group
  • Seimens 
  • Eaton Corp
  • OMICRON
  • DONWIL
  • Fuji Electric Co., Ltd
  • LUMEL S.A

Historical Trends Vs Future Outlook

Switchgear monitoring systems are majorly used in energy distribution plants and industrial applications for the purpose of safety of equipment and components. However, these monitoring systems are also being used in the transportation sector since the past few years. The market is growing, and after the impact of COVID-19, it is estimated to experience accelerated growth. High pace of urbanization is expanding the energy utilities and industrial sector, which is increasing the installation of switchgear, as such, creating demand for switchgear monitoring systems.

The main challenges in front of end users is to select the right switchgear monitoring system, with their high cost, chances of cyber-attacks in case of wireless switchgear monitoring system, and safety issues. Manufacturers are working on SF6 free switchgear, which will aid market growth over the coming years.   

Energy production capacity has grown tremendously over the years, and is still growing at a rapid pace. This is expected to lead to more sales of switchgear monitoring systems. Increased environmental awareness and improved resource efficiency are essential in today’s world. Offshore wind power is making a major contribution to meeting these challenges. Increasing power demand requires a new generation of wind power plants equipped with innovative technologies. One core aspect of these is that, due to increased wind turbine power, there is a movement to high voltage within wind turbine networks to decrease current, and as such, cable losses occur. This is where compact, environmentally-friendly, high-voltage switchgear can make an optimal contribution, thereby creating significant growth opportunities for the switchgear monitoring system market.

The global economy displayed slower than anticipated growth in 2019. According to the International Monetary Fund (IMF), global growth in 2019 was 2.9%, a slight decrease than 3.6% recorded in 2018. All prominent economies recorded below-average growth, despite monetary policies worldwide, uncommon increase in investment volumes, and low commodity prices, which simply had a huge impact over all industries as well as the market of switchgear monitoring systems.

Persistence Market Research expects the global switchgear monitoring system market to expand at a CAGR of over 4% through 2031.

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What is Pushing Demand for Switchgear Monitoring Systems?

To ensure the safety and long life of switchgear, demand for switchgear monitoring systems is rising to decrease the chances of short circuits and breakdowns. Continuous development of industries and urbanization in developing countries are creating the scope and demand for switchgear and their monitoring systems. Also, the energy and utility sector is growing continuously, which is making switchgear monitoring systems more sought-after, with wireless technology largely driving demand for switchgear monitoring systems.

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Why is R&D Key to Market Consolidation?

Prime manufacturers are investing in research & development of monitoring systems to provide better and eco-friendly systems to users, since new technologies are being launched.  Main aim of monitoring switchgear systems is to get exact time working condition data of switchgear; wireless technology, with the help of sensors, is meeting this demand. Also, manufacturers are developing technologies such as SF6 free monitoring systems, thereby aiding market growth.

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Country-wise Insights

Why is China a Huge Market for Switchgear Monitoring Systems?

Persistence Market Research has projected East Asia to remain one of the most lucrative markets throughout the course of the forecasted period. One of the key factors supporting this is growth of renewable energy projects such as wind and solar across the region.

As China is one of the leading producers of electronic goods in the global market, the utility segment is estimated to lead demand for switchgear monitoring systems over the coming years.

What Makes Canada an Emerging Market in North America?

Canada is an emerging market for switchgear monitoring systems, projected to experience a higher growth rate through 2031. Main reason is its industrial development and electric equipment development, which will raise the number of installations of switchgear, creating high demand for switchgear monitoring systems.

How is India Faring in the Switchgear Landscape?

India is huge market for switchgear monitoring systems, since the energy and utilities industry has emerged as important end user in the country. India is pegged to expand at a steady CAGR of 6% during 2021-2031, which is a considerable growth rate considering South Asia & Pacific.

Increase emphasis on Made in India and other electrical trends have led to substantial growth of the India switchgear market, and this trend will continue through 2031.

Why is Demand for Switchgear Monitoring Systems High in Spain?

Being the largest shareholder in the European region, the market in Spain is pegged to grow around 4% during 2020-2030. In recent years, manufacturers have been gradually developing a new customer base in the country. Spain has also experienced incremental growth in primary electricity generation, which is making it a lucrative market for switchgear and its monitoring systems.

What is the Market Scenario in Brazil?

Brazil is a growing market for switchgear monitoring in Latin America, due to development of industries and increment in energy generation plants, which is also driving the market for switchgear monitoring systems. Brazil is one of the fastest-developing countries in the region, and has a large scope for industries, which will push demand for switchgear and switchgear monitoring systems, alike.

Category-wise Insights

Why Monitoring System Has a High Market Share?

Partial discharge monitoring systems have the highest percentage of market share at nearly one-third, as they provide real-time operating condition data to users, and are also best suited for wireless monitoring systems. Another big benefit is that the dielectric condition of high voltage equipment can be evaluated, and electrical treeing in the insulation can be detected and located. Partial discharge measurement can localize the damaged part of an insulated system.

Which Type of Switchgear Monitoring System is Most Widely Used by Voltage Level?

High level switchgear monitoring systems are most widely used across regions. The main reason behind this is that most industries and power plants have high electric potential equipment, and for that, they need high voltage level switchgear, and eventually high voltage level switchgear monitoring systems. This segment holds more than 40% of the market share, and will continue to do so through 2031.

Which End-use Industry Demands the Highest Requirement for Switchgear Monitoring Systems?

The energy and utility sector demands the highest requirement of switchgear monitoring systems, holding nearly two-third market share. With continuous growth of the energy generation and distribution industry, the need for switchgear and monitoring systems is will remain high from this sector.

Why Do Software Switchgear Monitoring Systems Hold Less Market Share?

Software monitoring systems for switchgear is the latest and most efficient technology, but high cost of these systems makes them lesser favorable. Cyber-attack is also a threat with software-based monitoring. Many small industries, instead of purchasing switchgear monitoring systems, use service-based system for their needs. 

Why is Gas Insulated Switchgear Preferred Over the Air Insulated Type?

Gas insulated switchgear sees higher demand over air insulated switchgear, because of its compact size and low maintenance cost, which makes it more favorable. However, overall cost of gas insulated switchgear is more than air insulated switchgear, but it requires less manpower, occupies less space, and entails lesser installation cost. Gas insulated switches are properly sealed due to the involvement of SF6 gas, and hence maintenance is required only once in two or three years.

Competitive Landscape

The global switchgear monitoring system market is dominated by a few large-, medium-, and small-scale companies operating around the world. Most key players in market have targeted East Asia and South Asia Pacific, as regional policies are favoring private sector involvement in industrial & technology development. Also, these players have a large pile of patents, which gives them an edge over small players and startups.

Companies operating in the market plan to acquire and collaborate strategically with end consumers and regional distributors to meet the needs of an expanding consumer base. Suppliers of switchgear monitoring systems adopt acquisition and regional expansion strategies to establish a foothold in new and fast-growing markets. 

  • Schneider Electric
  • Qualitrol Company LLC
  • GE Grid Solutions
  • ABB Ltd
  • KONCAR- Electrical Engineering Institute, Inc.
  • Farsens
  • IPEC Ltd
  • ALTANOVA Group
  • Haozhi Electric
  • Industrial Electric MFG
  • Prism Power Group
  • Seimens (Seimens Energy)
  • OMICRON
  • DONWIL
  • Fuji Electric Co., Ltd
  • LUMEL S.A
  • Mitsubishi Electric Corporation
  • Megger

 *The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  •  South Asia & Pacific
  • East Asia
  • The Middle East & Africa

Key Countries Covered

  • US
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Poland China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • GCC Countries
  • Turkey
  • South Africa

Key Segments Covered

  • Switchgear Type
  • Component, Voltage Level
  • Monitoring Type
  • End Use
  • Region

Key Companies Profiled

  • Schneider Electric
  • Qualitrol Company LLC
  • GE Grid Solutions
  • ABB Ltd
  • KONCAR- Electrical Engineering Institute, Inc.
  • Farsens
  • IPEC Ltd
  • ALTANOVA Group
  • Haozhi Electric
  • Industrial Electric MFG
  • Prism Power Group
  • Seimens (Seimens Energy)
  • OMICRON
  • DONWIL
  • Fuji Electric Co., Ltd
  • LUMEL S.A
  • Mitsubishi Electric Corporation
  • Megger

Report Coverage

  • Market Forecasts
  • Brand Share Analysis
  • Competition Intelligence
  • DROT Analysis
  •  Market Dynamics
  • Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Switchgear Monitoring System Market by Category

Switchgear Type

  • GIS (Gas Insulated Switchgear)
  • AIS (Air Insulated Switchgear)

Voltage Level

  • High
  • Medium
  • Low

Monitoring Type

  • Thermal Monitoring
  • Partial Discharge Monitoring
  • SF6 Monitoring
  • Others

Component

  • Hardware
    • RF Antenna
    • Sensors
    • Receiving & Processing
  • Software
  • Services

End User

  • Energy & Utilities
  • Transportation
  • Industrial

Region

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Middle East & Africa

Key Questions Answered in Report

Q1. Which is the most lucrative market for switchgear monitoring systems?

China currently leads the global market for switchgear monitoring systems. Sales in the country will increase at a high CAGR throughout the forecast period. 

Q2. Which is the most lucrative application for switchgear monitoring systems?

Switchgear are mostly used in energy and utility services to protect the electric equipment of the industries and plants.

Q3. Which are some of the leading switchgear monitoring system manufacturers?

Mitsubishi Electric Corporation, Schneider Electric, ABB Ltd, Qualitrol Company LLC, and some other companies are leading manufacturers of switchgear monitoring systems.

Q4. Which trend will impact the market for switchgear monitoring?

Many manufacturers are shifting toward producing SF6 free switchgear, which will impact the market of SF6 monitoring systems of switchgear.

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Is this research conducted by Persistence Market Research?

Yes, the research has been conducted by expert analysts of Persistence Market Research, through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Persistence Market Research?

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What are the sources of secondary research?

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