Switchgear Monitoring System Market Report 2025

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The switchgear monitoring system market size has grown strongly in recent years. It will grow from $1.57 billion in 2024 to $1.69 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to aging infrastructure, industrialization, growing adoption of smart grid, increasing demand for reliable and efficient power transmission, increasing complexity of electrical grids.

The switchgear monitoring system market size is expected to see strong growth in the next few years. It will grow to $2.31 billion in 2029 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to growing demand for predictive maintenance and asset management solutions, adoption of digital twins, rising concerns about cybersecurity threats, demand for remote monitoring and control of switchgear. Major trends in the forecast period include predictive maintenance, cloud-based solutions, energy management, remote monitoring and control, iot integration.

The switchgear monitoring system market is anticipated to experience growth driven by the increasing demand for electricity. Electricity demand signifies the quantity of electrical power consumed within a specific country, region, or sector over a defined timeframe. Switchgear monitoring systems play a pivotal role in overseeing the condition of critical switchgear assets like transformers and substations. The surge in electricity demand has led to a higher utilization of switchgear, and monitoring systems have become instrumental in ensuring the reliability of these crucial assets. As an illustration, in 2022, data from Our World in Data, a UK-based scientific online publication, revealed that the United States witnessed an upswing in electricity demand, rising from 4,192.9 TWh (terawatt-hours) in 2021 to 4,338.1 TWh in 2022. Consequently, the growth in electricity demand is a driving force behind the advancement of switchgear monitoring systems.

The growing prevalence of aging power infrastructure is set to drive the expansion of the switchgear monitoring system market in the future. Switchgear monitoring systems are specialized technological and software solutions used for overseeing and managing electrical switchgear equipment. These systems offer advantages such as preventive maintenance, enhanced safety and reliability, compliance with regulations, and the extension of the operational lifespan of critical equipment, all of which are particularly beneficial for aging power infrastructure. As of February 2023, over 70% of the U.S. energy grid is more than 25 years old, rendering it increasingly vulnerable to severe weather events that become more frequent and intense over time. Consequently, the rise of aging power infrastructure is a key factor propelling the growth of the switchgear monitoring system market.

Major players in the switchgear monitoring system market are focusing on the development of innovative solutions, such as medium voltage (MV) switchgear monitoring systems, to enhance reliability, optimize performance, and reduce maintenance costs. MV switchgear monitoring systems are used to track the performance and condition of switchgear within electrical networks. These systems monitor key parameters like temperature, current, and voltage to ensure safe and efficient operation, as well as enable predictive maintenance. For example, in February 2024, Schneider Electric SE, a France-based company, introduced the SureSeT Medium Voltage (MV) switchgear. Schneider Electric's SureSeT MV switchgear features a compact design that reduces the CO2 footprint by 25% and integrates digital operations for real-time monitoring, predictive maintenance, and improved operational efficiency. The solution is optimized to save space and enhance uptime through advanced condition monitoring and remote access.

In May 2024, Eaton Corporation plc, an Ireland-based manufacturing company, acquired Exertherm Inc. for an undisclosed amount. The acquisition aims to bolster Eaton's position in continuous thermal monitoring, improving the safety and reliability of critical electrical equipment. It also aims to integrate Exertherm’s advanced solutions into Eaton's Brightlayer software suites, driving operational optimization and better business performance. Exertherm Inc. is a US-based manufacturing company specializing in switchgear monitoring systems.

Major companies operating in the switchgear monitoring system market are Hitachi Ltd., Mitsubishi Electric Corporation, Schneider Electric SE, Seimens AG, ABB Ltd., Eaton Corporation PLC, Emerson Electric Co., Fuji Electric Co.Ltd., OMICRON electronics GmbH, GE Grid Solutions, LSIS Co. Ltd., KONCAR- Electrical Engineering Institute Inc., Megger Group Limited, Qualitrol Company LLC, Guangzhou Haozhi Industrial Co. Ltd., Industrial Electric Mfg. (IEM), Doble Engineering Company Pvt. Ltd., Lumel S.A, ALTANOVA Group, Donwil Company, IPEC Ltd., High Voltage Partial Discharge Ltd., Diagnostic Service Co. Limited (PDS), Nuventura Pvt. Ltd., SENSeOR SAS, PT. Tiara Vibrasindo Pratama, Dynamic Ratings Inc., Prism Power Group, OSENSA Innovations Corp., Rugged Monitoring.

Asia-Pacific was the largest region in the switchgear monitoring system market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in switchgear monitoring system report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the switchgear monitoring system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The switchgear monitoring system market consists of revenues earned by entities by providing services such as system integration, customization, predictive maintenance, sensor deployment, diagnostics and troubleshooting and software upgrades. The market value includes the value of related goods sold by the service provider or included within the service offering. The switchgear monitoring system also includes sales of communication devices, data processing units, remote control and automation tools, power management equipment, online switchgear monitoring solutions and switchgear temperature monitoring solutions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

A switchgear monitoring system is a technology-driven solution created to oversee, control, and optimize the performance of electrical switchgear equipment within power distribution systems. Its purpose is to enhance the management, safety, and overall performance of electrical switchgear equipment in power distribution systems.

Switchgear monitoring systems consist of three primary components such as hardware, software, and services. Hardware refers to the physical elements of an electrical system required for its operation or for executing specific functions. The hardware elements utilized in switchgear monitoring systems encompass components such as fuses, relays, circuit breakers, potential and current transformers, isolators, indicating devices, and lightning arresters. These systems employ various monitoring techniques, including temperature monitoring, partial discharge monitoring, and gas monitoring, among others, to oversee switchgear equipment at high, medium, and low voltage levels. These monitoring systems find extensive applications in utilities, industries, commercial settings, and other relevant sectors.

The switchgear monitoring systems market research report is one of a series of new reports that provides switchgear monitoring systems market statistics, including switchgear monitoring systems industry global market size, regional shares, competitors with switchgear monitoring systems market share, detailed switchgear monitoring systems market segments, market trends and opportunities and any further data you may need to thrive in the switchgear monitoring systems industry. This switchgear monitoring systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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