The Global Power Monitoring Market was worth USD 3.32 billion in 2021 and is predicted to value around USD 5.52 billion by 2026, growing at a CAGR of about 6% over the forecast period.
Power monitoring may be a network of meters connected to an influence system so as to supply real-time information. All electrical equipment in a facility are connected to meters. Power monitoring system performs multiple functions like improving facility uptime, increased response to issues related to power, testing reliable power equipment functions, enhance the quality of power, improves the lifespan of advanced equipment, avoid conductors from overheating, secure and control the network, reduce peak demand power factor penalties, and ensure energy contract compliance. It allows us to take a proactive approach to energy management.
· ABB is leading the way within the development of critical energy management solutions with the launch of the CMS-700, a replacement multi-channel energy monitoring system which will improve efficiency, productivity and safety.
· Emerson has introduced the primary WirelessHART electric meter. This has made electrical demand, and consumption measurement available through a secures and reliable network. In an ongoing effort to assist customers in terms of challenges like more stringent energy standards and to enhance equipment reliability, Emerson incorporated WirelessHART technology into a revenue-grade wireless electric meter to deliver a singular measurement solution which will significantly boost energy efficiency and sustainability. WirelessHART communication technology aims to make sure of secure and reliable data transmission.
· Power management company Eaton Corporation announced that it agreed to accumulate Power Distribution, Inc. (PDI), a number one supplier of mission-critical power distribution, static switching, and power monitoring equipment and services for data centers and industrial and commercial customers. The corporate is headquartered in Richmond, Virginia, and had sales of $125 million in 2019.
· Fluke 3540 FC Three-Phase Power Monitor becomes the 29th for the underlying Fluke Connect® system, the company's full-feature reliability platform that allows Fluke tool users to receive, store, analyze, and report electronic measurement data from quite 40 Fluke Connect wireless test tools.
Drivers and Restraints of the Power Monitoring Market:
The growth in the global power monitoring market is mainly attributed to the expanding focus on the efficient utilization of power resources, a rise in attention to reducing costs, and maximizing the reliability of electrical infrastructure. The increasing adoption of smart grid technologies and the augmenting focus on industrial developments has resulted in a rise in the implementation of power monitoring systems around the world. Business growth is also attributed to factors like increasing specialize in the efficient utilization of power resources, growing attention to scale back energy cost and maximizing the reliability of electrical infrastructure.
The high cost of production and synchronizing with existing components is acting as a severe hindrance to this market expansion.
The hardware segment is again separated into measurement devices and metering & communication devices. The software component collects data from the electrical power network, organizes the info, and presents it as a piece of meaningful and actionable information. The firmware component safeguards the system from internal and external malware. The hardware component segment is predicted to expand at the best CAGR during the forecast period, due to the expansion in smart grid investments globally. The metering & communication devices sub-segment is projected to grow at a significantly rapid pace and dominate the hardware component market during the foreseen period.
Industrial power monitoring market is sub-segmented into small, medium, and large manufacturing firms. A convenient and reliable power monitoring system is essential in any industry. Power monitoring system resolves the challenge of excess utilization of power in production by continuous monitoring. Certain companies offer power monitoring systems with alert function; when the consumption of electricity is excessively high, the monitoring system raises alert by sending a signal to the most visual monitor. The commercial segment comprises shopping complexes, shops, IT centers, and office spaces. Because of the extensive usage of power monitoring systems in manufacturing and process industries, the section leads the global power monitoring market among end-user segments.
Power Monitoring Market Region wise analysis:
Marked Segmentation based on the region:
a. Middle East
North America power monitoring market is estimated to be the most important shareholder from 2020 to 2024. This is often because an influence monitoring system is predicted to play a big role in upgrading the aging power infrastructure within the region. The US has seen a rising demand for power monitoring systems because of a rise in investments in smart meters to reinforce the intelligent infrastructure across the country. Asia Pacific (APAC) is predicted to be a fast-growing market followed by North America. The expansion in this market is attributed to increasing industries and increasing renewable power generation capacity across countries like India, China and Japan.
Key Players of Market:
Major Key players of this market are:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Power Monitoring Market, By Component
6.1.4 Market Size Estimations & Forecasts (2019-2024)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Power Monitoring Market, By End-User
6.2.1 Manufacturing & Process Industry
6.2.3 Public Infrastructure
6.2.4 Utilities and Renewables
6.2.5 Electric Vehicle Charging Station
6.2.6 Market Size Estimations & Forecasts (2019-2024)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Component
7.2.3 By End-User
7.3.1 By Country
184.108.40.206 Rest of Europe
7.3.2 By Component
7.3.3 By End-User
7.4 Asia Pacific
7.4.1 By Country
220.127.116.11 South Korea
18.104.22.168 South East Asia
22.214.171.124 Australia & NZ
126.96.36.199 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By End-User
7.5 Latin America
7.5.1 By Country
188.8.131.52 Rest of Latin America
7.5.2 By Component
7.5.3 By End-User
7.6 Middle East and Africa
7.6.1 By Country
184.108.40.206 Middle East
7.6.2 By Component
7.6.3 By End-User
8. Key Player Analysis
8.1 ABB Ltd
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Emerson Electric Co
8.3 Eaton Corporation PLC
8.4 Fluke Corporation
8.5 General Electric Company
8.6 Fuji Electric FA Components & Systems Co., Ltd.
8.7 Littelfuse, Inc.
8.8 OMRON Corporation
8.9 Mitsubishi Electric Corporation
8.10 Schneider Electric SE
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures