Circuit Monitoring Market: Industry Analysis and Forecast (2024-2030)

The Circuit Monitoring Market size was valued at USD 696 Million in 2023, and the total Circuit Monitoring Market is expected to grow at a CAGR of 5.3% from 2024 to 2030, nearly reaching USD 1001.9 Million in 2030.

The Circuit Monitoring (CMS) is a compact alternating current (AC) and direct current (DC). Circuit monitoring systems (CMS) are multi-channel measurement systems for branch monitoring of electrical installations. Each system consists of a control unit and sensors with different measurement ranges and mounting possibilities.

The Circuit Monitoring has predictive maintenance, and line protection devices, so users gain the capability to identify potential overloads in advance, mitigating the risk of interruptions, which is surging the demand for the circuit monitoring market. The system's ability to control individual circuits offers valuable insights into the operational status of loads, ensuring they are functioning within desired parameters. Beyond load monitoring, the CMS-600 plays a crucial role in identifying unbalanced phases, preemptively addressing issues before they escalate to a breakdown of the neutral conductor. The proactive approach not only minimizes downtime but also contributes to the overall reliability and longevity of the electrical system. In the United States in 2022, residential sector electricity consumption by the major end-users space cooling at 16.2%, space heating at 15.9%, water heating at 11.4%, refrigerators and freezers at 6.9%, lighting at 4.4%, and all other uses 39.4%. By leveraging real-time data and predictive analytics, the early warning system proves instrumental in optimizing the performance and availability of critical loads, aligning with the principles of efficient and preventive maintenance strategies.

Increasing apprehensions regarding power stability are prompting organizations to prioritize uninterrupted business operations. For instance, the distribution of electricity consumption across India in the financial year 2022 by sector is in the industry sector 41%, domestic 26%, agriculture 18%, commercial 8%, others 6%, train, and railways 2%.
The electrical fire monitoring system cost varies from USD 45 to USD 310. The CMS sensors are the most compact and high-performance current sensors on the market. The rapid development in the fire protection industry is a direct response to a heightened national focus on fire safety. Within the realm of safety supervision, the electrical safety monitoring system holds a significant and integral role, which is augmenting the growth of the circuit monitoring market. Electrical consumption by the largest social media companies is high such as Meta, the electrical consumption of Meta in 2017 was 2.46 terawatt/hr, 2018 3.42 terawatt/hr, 2019 5.14 terawatt/hr, 2020 7.17 terawatt/hr, 2021 9.42 terawatt/hr, 2022, 11.51 terawatt/hr.

In addition, with the growing material and cultural demands of society, there is an increasing emphasis on elevating the system's standards in terms of network convenience, data accuracy, and transmission stability. Recognized as a crucial component of fire safety, the electrical safety monitoring system continually evolves to meet the escalating demands of a society increasingly reliant on advanced safety measures. This underscores the system's pivotal position in safeguarding against potential electrical hazards, aligning with the broader goal of ensuring comprehensive safety protocols in response to the nation's prioritization of fire safety concerns.To know about the Research Methodology :- Request Free Sample Report
Circuit Monitoring Market Dynamics
Growing apprehensions regarding power stability are prompting organizations to prioritize uninterrupted business operations.

The escalating emphasis on energy conservation and sustainability has led to a growing need for efficient energy management solutions. Circuit monitoring plays a pivotal role in enabling organizations to observe and assess power consumption patterns, pinpoint energy inefficiencies, and enact measures to save energy. Through the optimization of energy usage, businesses curtail expenses, meet regulatory standards, and showcase their dedication to environmental responsibility, Circuit monitoring offers essential visibility into intricate electrical systems, facilitating the effective oversight, management, and enhancement of electrical parameters. Increasing awareness among organizations about the significance of maintaining high power quality is vital in preventing equipment damage, minimizing downtime, and ensuring the dependable operation of critical processes. Therefore, rising awareness about high power quality maintenance in organizations is fuelling the growth of the circuit monitoring market and is expected to continue growth throughout the forecast period.

In addition, circuit monitoring solutions play a crucial role in the detection and analysis of power quality issues, allowing for prompt mitigation measures. The demand for these systems is further propelled by compliance with government regulations, which often mandate their implementation to monitor energy usage, identify areas for improvement and demonstrate to monitor energy usage, identify areas for improvement and demonstrate adherence to energy-related guidelines. The circuit monitoring market is significantly driven by the compliance-driven demand. The energy consumption of Google in 2022 was 22,288 gigawatts per hour. The energy consumption in 2018 was 10,572.5 gigawatts/hr, 2019 12,749.5 gigawatts/hr, 2020 15,439.5 gigawatts, 2021 18,571.7 gigawatts/hr.The development of energy monitoring systems

As technology undergoes continuous advancements, energy monitoring systems have grown increasingly sophisticated. These systems are crafted to deliver real-time data on energy consumption, empowering businesses and individuals to make informed decisions regarding their energy usage. The progress poses a challenge for the circuit monitoring market. Circuit monitoring systems, designed to oversee the flow of electricity within a circuit, serve to identify faults and potential hazards like electrical fires. Yet, with the enhanced capabilities of energy monitoring systems, which now encompass many functions traditionally performed by circuit monitoring systems, there is a diminishing inclination for businesses and individuals to invest in dedicated circuit monitoring solutions. This scenario presents a notable obstacle for the circuit monitoring market.
Circuit Monitoring Market Segment Analysis:
Based on Type, the Modular Circuit Monitoring segment is estimated to hold the largest share of 60% in the market and is expected to continue its dominance throughout the forecast period. When overseeing modular circuits, there's a focus on streamlined installation and improved connectivity, ensuring quick access to data in a user-friendly format. In addition, these monitoring systems possess the capability to detect voltages and employ a customized voltage field detection system, enabling the assessment of circuit breaker status even in the absence of a load. This feature proves beneficial in identifying failed circuits that might be overlooked by conventional monitoring systems.

In addition, modular circuit monitoring is cost cost-effective substitute for the conventional wire-based monitoring system, suitable for application in civil structures, the cost of the modular monitoring system is USD 78.46 per unit. The feasibility of implementing such an economical monitoring system has become achievable, thanks to the decreasing cost and rapid progress in key technologies like sensors, microprocessors, wireless networks, and integrated circuits. The proposed wireless modular monitoring system offers a significant cost-benefit advantage and ensures not only a swift installation but also flexibility in its application.

Branch & Multi-Circuit System is expected to be the fastest-growing segment during the forecast period. The prominence of technological advancements and the associated benefits. These circuits boast a compact size, facilitating space efficiency compared to alternative monitoring. Widely deployed in manufacturing facilitates, data centers, and commercial residential spaces, these circuits offer multi-point applications. Branch Circuits prove optimal for high-density scenarios, while multi-circuit submeters excel in simultaneously monitoring multiple single phases of three-phase circuits. Therefore, the advancements in branch and multi-circuit systems are driving the segment growth throughout the forecast period.
Circuit Monitoring Market Regional Insights:
Asia-Pacific has emerged as a dominant region in the circuit monitoring market and is expected to experience substantial growth in CAGR throughout the forecast period. Regions robust economic growth, escalating energy requirements, and swift industrialization. In addition, substantial investments in advanced technologies and infrastructure in the Asia Pacific have facilitated the adoption of cutting-edge circuit monitoring solutions. These solutions, in turn, have empowered businesses in the region to enhance operational efficiency, diminish downtime, and boost overall productivity. Consequently, the Asia Pacific has evolved into a focal point for circuit monitoring solutions, attracting both local and international market players. With its conducive business environment, skilled workforce, and supportive government policies, the region is well-positioned to maintain its leadership in the circuit monitoring market during the forecast period.
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Circuit Monitoring Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 696 Mn.


Forecast Period 2024 to 2030 CAGR:
5.3%
Market Size in 2030:
US $ 1001.9 Mn.


 Segments Covered:
by Type
Modular Circuit Monitoring
Branch & Multi-Circuit Monitoring


by End-User
Residential
Data Centers
Industrial
Commercial



Circuit Monitoring Market by Region:
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, and the Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan, and the Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria, and the Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Circuit Monitoring Market Key Players:
North America
1. ABB (Switzerland)
2. Senva Inc (U.S)
3. Accuenergy (Canada)
4. Circuitmeter Inc (Canada)
5. Omron (U.S)
6. Packet Power (U.S)
7. MPL Technology (U.S)
8. Bay Power (U.S)

Europe
1. Schneider Electric (France)
2. Eaton (Ireland)
3. Legrand (Ireland)
4. Socomec (France)
5. Anord Mardix (Ireland)
6. Daxten (UK)
7. NHP (New Zealand)

Asia-Pacific
1. Toshiba International Corporation (Japan)
2. CET Inc (China)
3. Nlyte Software (China)
4. Elmeasure (India)
5. Acrel Electric (China)
FAOs
1. What are the growth drivers for the Circuit Monitoring Market?
Ans. Growing apprehensions regarding power stability are prompting organizations to prioritize uninterrupted business operations are expected to be the major drivers for the Circuit Monitoring Market.

2. What are the major restraining factors for the Circuit Monitoring Market growth?
Ans. The major restraining factors for the Circuit Monitoring Market growth include the development of energy monitoring systems

3. Which region is expected to lead the Global Circuit Monitoring Market during the forecast period?
Ans. The Asia-Pacific region is expected to lead the Global Circuit Monitoring Market during the forecast period, driven by the region's robust economic growth, escalating energy requirements, and swift industrialization.

4. What is the projected market size and growth rate of the Circuit Monitoring Market?
Ans. The Global Circuit Monitoring Market size was valued at USD 696 Million in 2023 and the total Circuit Monitoring revenue is expected to grow at a CAGR of 5.3% from 2024 to 2030, reaching nearly USD 1001.9 Million.

5. What segments are covered in the Circuit Monitoring Market report?
Ans. The segments covered in the Circuit Monitoring Market report are by Type, End-User, and Region.