Power Monitoring Market

Analysts at GMI Research estimates that the Power Monitoring Market was worth USD 4.3 billion in 2021, and forecast to touch USD 6.7 billion in 2029, growing at a CAGR of 5.8% from 2022-2029.

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Key Drivers

Increasing reliability on electrical infrastructure, rising focus on effective utilization of power resources, and growing attention to reduce energy cost are the major factors accelerating the growth of the Power Monitoring market. In the recent past, consumers across the world have been observing an increase in electric bills leading to the rise in concerns for lowering the cost of electricity. The continued growth in demand for electricity has made rising strain on electricity generation and transmission facilities, and developed concerns about fulfilling the future demand. Thus, multiple utility companies, individual consumers, and other industries started paving their way toward power monitoring systems. Power monitoring meters are capable to track voltage, cost, power factor, and frequency. They aid to understand which appliance use the most energy. A regular power meter is compatible for vast range of customers. Power monitoring meters help in reducing the overall high electricity bills and make more informed decisions. Such advanced features of power monitoring meter fuels the future growth of the market. However, higher cost of high-end monitoring devices could hamper the growth of the market.

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Component – Segment Analysis

On the basis of component, the market is segmented into hardware, software, and service. Among these, the hardware segment is expected to grow at a higher CAGR during the forecast period. This is attributed to the increasing number of smart grid deployment projects and government investments to install smart meters to reduce carbon emission. The key functions of metering device is to record, monitor, and measure the quantity of power flowing through any part of the electric system.

End-User – Segment Analysis

Based on end-user, the market is segmented into manufacturing & process industry, datacenters, public infrastructure, utilities & renewable, and electric vehicle charging station. Among these, the datacentre segment is expected to witness higher CAGR growth during the forecast period. This is due to the rising investments in IT hubs and increase in the need for monitoring of electrical power distribution infrastructure of the data center facility. Moreover, datacenters consume a large amount of energy for its functioning. Loss of power could result in monetary loss and data loss. Hence, power monitoring systems are used in datacenters for optimization of power utilization.

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Regional – Segment Analysis

On the basis of region, North America is expected to grow at a higher CAGR during the forecast period as power monitoring system is expected to play a significant role in upgrading the aging power infrastructure of the region. Rising demand for power monitoring systems in the U.S., followed by the increasing investment in smart meters to enhance infrastructure across country will have a positive impact on the growing demand in the region.

Top Market Players

The key players in the market includes Schneider Electric SE, ABB Ltd, Eaton Corporation Plc, Siemens AG, General Electric Company, Emerson Electric Company, Rockwell Automation Inc, Mitsubishi Electric Corporation, Omron Corporation, and Yokogawa Electric Corporation among others.

Segments covered in the Report:

The Power Monitoring market has been segmented based on Component, End-User, and Key Region. Based on Component, the market is segmented into Hardware, Software, and Service. Based on End-User, the market is segmented into Manufacturing & Process Industry, Datacenters, Public Infrastructure, Utilities & Renewable, and Electric Vehicle Charging Station.

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Key questions answered in this research report:

• • At what pace is the Power Monitoring market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the Power Monitoring market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Power Monitoring market?
  • Who the end-users of Power Monitoring market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Power Monitoring Market by Component

• • Hardware
    • Metering & Communication Devices
    • Measurement Devices
  • Software
  • Services

Global Power Monitoring Market by End-User

• • Manufacturing & Process Industry
  • Datacenters
  • Public Infrastructure
  • Utilities & Renewables
  • Electric Vehicle Charging Station

Global Power Monitoring Market by Region

• • North America Power Monitoring Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By End-User
    • US Market All-Up
    • Canada Market All-Up
  • Europe Power Monitoring Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By End-User
    • UK Market All-Up
    • Germany Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Power Monitoring Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By End-User
    • China Market All-Up
    • India Market All-Up
    • Rest of Asia-Pacific Market All-Up
  • RoW Power Monitoring Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By End-User
    • U.A.E. Market All-Up
    • Brazil Market All-Up
    • Rest of World Market (remaining countries on LAMEA) All-Up

Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • Schneider Electric SE
  • ABB Ltd
  • Eaton Corporation Plc
  • Siemens AG
  • General Electric Company
  • Emerson Electric Company
  • Rockwell Automation Inc
  • Mitsubishi Electric Corporation
  • Omron Corporation
  • Yokogawa Electric Corporation