Power Monitoring Market: Global Industry Analysis and Forecast (2023-2029)

Power Monitoring Market size was valued at US$ 4.37 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 5.6% from 2022 to 2029, reaching nearly US$ 6.40 Bn.
Power Monitoring Market Overview:
Power Monitoring Market is expected to reach US$ 6.40 Bn. by 2029. Utilizing real-time power monitoring, you can control your energy costs and efficiency. A network of metres that is linked to the Internet and gives real-time information on the power system is referred to as a power monitoring system. Utilizing power monitoring has a number of advantages, including cost savings, increased profit margin, and decreased downtime, identification of inefficiencies, early problem detection, quality control, and lower energy costs. A power monitoring system's efficiency depends on choosing the right metres to record data and events and the appropriate software to visualise and perform analysis.

This report focuses on the different segments of the Power Monitoring market (Component, End-user, and Region). In-depth analysis of the leading industry participants and regions is provided in this report (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a comprehensive analysis of the various sectors' tremendous modern-era growth. The key data analysis from 2018 to 2022 is highlighted through figures, images, and presentations. The market drivers, restraints, opportunities, and challenges for Power Monitoring are examined in this report. The MMR report's investment suggestions are based on a thorough examination of the current competitive environment in the Power Monitoring market.To know about the Research Methodology :- Request Free Sample Report
Power Monitoring Market Dynamics:
Increased focus on industrial automation and the initiation of cutting-edge power monitoring tools sparked widespread market growth, even though uptrend in important end-use verticals like manufacturing & process industry, data centers, utilities & renewables, and public infrastructure has a strong bearing on market growth. The manufacturing and process industries' rapid growth as well as the vital demand for power reliability in industrial applications have both significantly driven the market's growth during the forecast period.

The growth of plant automation as a characteristic of contemporary industrial manufacturing enterprises cleared the way for the production, advancement, and implementation of high-tech systems that let factories and plants perform their operations automatically. The global manufacturing sector has taken notice of the key advantages of automation, including the need for less manual labour, low OPEX, and high productivity. This has created market opportunities for a variety of automation technologies, including power monitoring, which emphasizes automated energy management in factories and plants.

The business opportunities for power monitoring systems, however, have been significantly increased by a sharp rise in investments in energy utilities and renewable energy installations. The increased use of power monitoring technology in the utilities and renewables sector is significantly influenced by the development of the "Smart Grid" and solar and wind energy facilities. Power monitoring systems, which help data centers improve the performance and efficiency of their electrical systems, were among the electrical systems markets that saw a significant increase in prospects as a result of the emergence of the digital economy and digital lifestyle.

Power monitoring is used to track the actual power utilized by the installed devices in commercial and industrial buildings, particularly in manufacturing and data centers, in order to increase energy efficiency. They have a flexible power distribution system and attain utility-grade accuracy, which are two advantages of power monitoring in this end-user market. Some of the factors driving the commercial and industrial segment of the Power Monitoring Market are variations in power supply via the UPS system, the increase of digitalization, and cloud computing.
Power Monitoring Market Segment Analysis:
Based on the Component, the market is segmented into Hardware, Software, and Services. Hardware segment is expected to hold the largest market share of xx% by 2029. This is due to the rise in smart grid deployment initiatives, investments in the technology globally, and government mandates to install smart metres in order to cut carbon emissions.

Software segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The power industry is increasingly integrating artificial intelligence since it benefits the energy industry. There are numerous software that offer real-time data on energy consumption and that can access, analyse, and view both current and past data for effective energy management.

Based on the End-user, the market is segmented into Manufacturing & Process Industry, Datacenters, Public Infrastructure, Utilities & Renewables, and Electric Vehicle Charging Station. Datacenters End-user segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The market for datacenters is rising at the fastest rate due to rising expenditures in IT hubs and an increase in the demand for monitoring the data center's electrical power distribution infrastructure.

Data centres frequently only utilize secondary power sources as temporary backup power because they have a long history of using utility-provided power. The emphasis on electricity availability and reliability has been refocused as a result of ongoing changes to the global environment.

As an example, severe wildfires in California prompted regional utility company PG&E to implement rolling blackouts and de-energize power lines in hazardous regions. The activities of data centres are severely disrupted by unstable utility power, which can also portend serious issues with power availability.

As companies, colocation providers, and cloud service providers consider the effects of utility power issues and increased transmission prices in 2022, on-site power generation receives new attention. Beyond utility outages, several parts of the world still lack the power generation capacity needed to support growing colocation and cloud provider markets. More data centre operators will take into account on-site power generation that uses a combination of renewable energy sources, like fuel cells driven by natural gas, solar, and wind.

Electric Vehicle Charging Station End-user segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This is due to the increasing demand for the power monitoring in the electric vehicle charging station. An increasing number of drivers are switching to electric cars (EVs) globally. As the use of EVs increases, consumers will base their decisions about where to eat, buy, and park on the presence of charging stations. It would be simple to enhance foot activity and foster customer loyalty by offering smart EV charging services to the public. Businesses have the chance to take advantage of this development in order to differentiate themselves from the competition and generate additional revenue.

Infrastructure for EV charging at properties demonstrates an active willingness to upgrade and innovate. This could tip the scales in favour of keeping the workforce's current employees while attracting the top candidates. Additionally, companies with fleets can electrify them to enjoy tax breaks and lower operating expenses. Employees who use electric vehicles for personal use are also eligible for income tax incentives from state and federal governments. Therefore, having charging stations at business centres is a great bonus for both new and current employees who want to switch to electric vehicles. When the charging device is compared to a public charging network, these procedures will make it much easier for new clients to find their way to such businesses. These are the key factors that are expected to drive the growth of this segment in the global market during the forecast period.


Power Monitoring Market Regional Insights:
The North American region is expected to dominate the Power Monitoring Market during the forecast period 2023-2029. The North American region is expected to hold the largest market share of xx% by 2029. This is due to the market for power monitoring playing a vital part in modernising the region's outdated power infrastructure. In comparison to the other nations in the region, the United States has experienced a surge in demand for power monitoring systems as a result of increased investments in smart metres to improve the nation's intelligent infrastructure.

The demand for power monitoring systems has been greatly increased by the governments of the North American countries' considerable focus on replacing and upgrading their outdated infrastructure, enabling smarter power networks, and improving grid dependability. In addition, old electric transmission equipment and large investments made by a number of private companies to update the network's existing equipment for better management of the electrical supply are some of the key factors driving the power monitoring market in the region. The energy and power sector is essential to the operation of many different companies in this region because it is one of the more developed regions. This is one of the significant factors of the market growth for power monitoring in the North American regions.

The objective of the report is to present a comprehensive analysis of the Global Power Monitoring Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Power Monitoring Market dynamic and structure by analyzing the market segments and projecting the Global Power Monitoring Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Power Monitoring Market make the report investor’s guide.
Power Monitoring Market Scope: Inquire before buying



Global Power Monitoring Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 4.37 Bn.


Forecast Period 2023 to 2029 CAGR:
5.6%
Market Size in 2029:
US $ 6.40 Bn.


 Segments Covered:
by Component
Hardware
Software
Services


by End-user
Manufacturing & Process Industry
Datacenters
Public Infrastructure
Utilities & Renewables
Electric Vehicle Charging Station



Power Monitoring Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Power Monitoring Market Key Players
1. Schneider Electric
2. ABB
3. Eaton
4. Siemens
5. General Electric
6. Emerson
7. Rockwell Automation
8. Mitsubishi Electric
9. Omron
10. Fluke Corporation
11. Fuji Electric FA Components & Systems Co., Ltd.
12. Littelfuse Inc.
13. Yokogawa Electric Corporation
14. Albireo Energy, LLC
15. GE Grid Solutions

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Power Monitoring Market?
Ans. The North American region is expected to hold the highest share in the Power Monitoring Market.

2] Who are the top key players in the Power Monitoring Market?
Ans. Schneider Electric, ABB Eaton, Siemens, General Electric, Emerson, and Rockwell Automation are the top key players in the Power Monitoring Market.

3] Which segment is expected to hold the largest market share in the Power Monitoring Market by 2029?
Ans. Hardware segment is expected to hold the largest market share in the Power Monitoring Market by 2029.

4] What is the market size of the Power Monitoring Market by 2029?
Ans. The market size of the Power Monitoring Market is expected to reach US $6.40 Bn. by 2029.

5] What was the market size of the Power Monitoring Market in 2022?
Ans. The market size of the Power Monitoring Market was worth US $4.37 Bn. in 2022.