Switchgear monitoring system market to reach $2 B by 2033
The switchgear monitoring system market, valued at $ 1,26 B in 2022, is projected to reach $ 2.04 B by 2033 growing at a CAGR of 4.5 % from 2023 to 2033.
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According to Persistence Market Research, the market was valued at $ 1,26 B in 2022 and is projected to reach $ 2.04 B by 2033, registering a CAGR of 4.5 % from 2023 to 2033.
The market is undergoing a robust transformation driven by the pressing need for reliable, uninterrupted, and efficient power distribution infrastructure.
Regionally, East Asia stands out as the most productive market, with China playing the central role. China’s leadership is driven by rapid industrialization, a booming energy sector, and strong government backing for renewable energy integration. Smart grid development and high-voltage power transmission projects have also catalyzed the uptake of advanced monitoring systems.
North America, particularly the U.S. and Canada, follows closely. The rise in automation, aging electrical infrastructure, and emphasis on cybersecurity have made switchgear monitoring systems a priority in the region. Canada, in particular, is emerging as a growth hotspot due to increased electric equipment deployment and industrial development.
India, part of the South Asia & Pacific region, is another key market showing promising growth. With a growing population and urban sprawl, the need for stable and sustainable electricity infrastructure is evident. The Indian government’s push toward electrification and rural energy access supports strong market expansion.
Europe also maintains a significant market share, supported by initiatives to modernize aging electrical infrastructure and reduce carbon emissions. Countries like Germany and the UK are focusing on grid digitalization, which aligns well with switchgear monitoring system adoption.
Key players in the market: Zebra Technologies Corporation, Schneider Electric, Qualitrol Company LLC, GE Grid Solutions, KONČAR – Electrical Engineering Institute, Inc., Siemens Energy, OMICRON, Fuji Electric Co., Megger, etc.
Source: Open PR
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