Power Monitoring Market:
Growth opportunities in the power monitoring market look promising over the next six years. This is mainly due to the rising focus on effective utilization of power resources, increasing concern to reduce the electricity cost, and growing reliability on electrical infrastructure. The power monitoring meters are also capable of understanding which product uses the most energy.
Power Monitoring Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The rising dependency on electrical infrastructure, surging emphasis on effective use of power resources, and growing focus to reduce energy costs are the key factors stimulating the global power monitoring market’s growth. Consumers throughout the world have been experiencing an increase in electric bills resulting in the rise in concerns to lower the electricity cost. The ongoing expansion in electricity demand has caused significant damage to electricity generation and transmission facilities and has increased concerns to fulfil the future demand. Therefore, multi-tasking companies, consumers, and industries started choosing power monitoring systems. Power monitoring meters can track power factor, cost, voltage and frequency and understand which appliance uses the most energy. A regular power meter is appropriate for a wide range of customers. Power monitoring meters aids in the reduction of the overall high electricity bills. All these features of the power monitoring meter together bolster the future growth of the market. However, the huge cost related to high-end monitoring devices may hinder the growth of the market.
End User Segment Drivers
Based on end-user, the market is segmented into public infrastructure, utilities & renewables, manufacturing & process industry, data centers, and electric vehicle charging stations. The datacentre is predicted to witness a faster CAGR during the forecast period. This is mainly because of the continuous investment in IT hubs and the need to monitor the data center facilities or the electrical power distribution infrastructure. Also, data centers require a high amount of energy for their functioning. Loss of power may result in monetary and data loss. Thus, power monitoring systems are used in data centers to optimize power usage.
Regional Drivers
On the basis of region, North America is projected to expand at a higher CAGR over the forecast period owing to the significant role played by the power monitoring system to improve the aging power infrastructure. Additionally, the demand for power monitoring systems in the U.S., led by the surging investment in smart meters to improve infrastructure across the country will fuel demand in the region.
Power Monitoring Market’s leading Manufacturers:
- Yokogawa Electric Corporation
- Mitsubishi Electric Corporation
- Emerson Electric Company
- Siemens AG
- ABB Ltd
- Omron Corporation
- Rockwell Automation Inc
- General Electric Company
- Eaton Corporation Plc
- Schneider Electric SE
Power Monitoring Market Segmentation:
Segmentation by Component:
- Hardware
- Metering & Communication Devices
- Measurement Devices
- Software
- Services
Segmentation by End-User:
- Manufacturing & Process Industry
- Datacenters
- Public Infrastructure
- Utilities & Renewables
- Electric Vehicle Charging Station
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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