Markets and Markets, the world's second largest market research institute, recently released a report saying that the global switch equipment monitoring system market is expected to grow from $1.4 billion in 2018 to $2 billion in 2023, with a compound annual growth rate of 7.83%.

With global electricity demand growing at a high rate, new power plants are being installed at a rapid pace in order to meet the growing demand for electricity. This will drive the demand for switchgear monitoring systems.

In terms of voltage levels, the high voltage segment is expected to account for the largest share of the switchgear monitoring system market. This is because high-voltage switchgear is mainly used for long-distance power transmission. In the case of critical substations and switching stations in large power plants, switchgear is used for reliability and protection of grid infrastructure.

By type, the partial discharge monitoring segment is expected to be the fastest growing segment in the switchgear monitoring systems market during the forecast period. The partial discharge monitoring segment has the highest CAGR over the forecast period. Partial discharge monitoring uses various methods to detect cracks and defects in insulation, such as transient ground voltage (TEV), ultra-high frequency (UHF) and acoustic emission (AE). Partial discharge monitoring includes partial discharge sensors, local readers such as RTU/PLC, HMI, data storage and communication protocols. The system enhances operator safety and provides confidence in the reliability and safety of electrical equipment.

In terms of regional market, Asia Pacific will be the largest regional market for switchgear monitoring systems during the forecast period. Power infrastructure investments in Asia Pacific markets, represented by China and India, will significantly boost market demand during the forecast period. According to the Electrical and Electronics Manufacturers Association of India (IEEMA), power generation capacity is expected to increase from 200 GW in 2010 to 800 GW in 2032 to meet the growing demand. Therefore, a huge investment of about $300 billion is needed in the next 3-4 years. In addition, India is undertaking a large number of smart grid and substation projects to meet the growing energy demand. This will create a need for switchgear monitoring systems in the region.

From a corporate perspective, the major suppliers of switchgear monitoring systems worldwide include Schneider Electric (France), Siemens AG (Germany), ABB (Switzerland), General Electric (USA) and Emerson (USA).