Power Monitoring System Market

Power Monitoring System Market Growth (2023-2028):

The power monitoring systems market is projected to reach USD 5.2 billion by 2028 from an estimated USD 3.1 billion in 2022, at a CAGR of 7.8% during the foreseen period 2023-2028

The expansion is attributed to the escalating focus on the efficient utilization of power resources, growing attention to reducing costs, and maximizing the reliability of electrical infrastructure. A power monitoring system guarantees an easy way to automatically recover and analyze power quality events, as this system is installed forever. An energy monitoring system plays a crucial role for end-users who can afford any type of electrical disturbance. Energy monitoring systems are employed to quickly identify and resolve problems that arise in your power grid. An energy monitoring system has several advantages, making its installation crucial for many end-users. These advantages include reliability, safety, maintenance, and economic benefits. Therefore, to ensure the safety and reliability of the power grid, the whole monitoring system acts as an electric power monitoring system. In addition, an energy monitoring system consists of several components that play an important role in the entire power grid. These components include sensing energy monitors, sensing energy monitors, energy monitoring meters, and energy monitoring and control software.

Power Monitoring System Market Trends:

Power monitoring systems are employed to monitor the status of power distribution, the backup power system, and the quality of power involved in basic operations and services. Provides the detailed information needed to prevent circuit tripping, diagnose power problems, and balance loads. They are energy efficient because they understand the total power consumption of the data center or facility and use this information to maintain server usage, UPS efficiency, etc.

Power Monitoring System Market Drivers:

The main drivers of the global power monitoring systems market include increased attention to reducing energy costs and maximizing the reliability of electrical infrastructure. The energy monitoring system acts as a home energy monitoring system ensuring the efficient use of energy resources in the residential end-use industry. For example, end users like large residential complexes and smart cities have installed large-area energy monitoring system that requires efficient energy. As a result, they installed energy monitoring systems for energy management, billing information, event verification, and plant operation. Energy monitoring is a network of meters connected to an energy system to provide data in real time. All the electrical equipment in an installation is connected to meters. The energy monitoring system performs various functions, such as increasing the operating time of facilities, improving the response to energy-related problems, verifying the reliable operation of energy equipment, improving power quality, improving the life of highly advanced equipment, preventing conductors from overheating, protecting and controlling the network, reducing peak inrush power factor penalties and ensuring the compliance of energy contracts. They create a proactive approach to energy management. The effective use of the energy monitoring system depends on selecting the appropriate meters to capture data and events and using the appropriate software to view and perform the analysis.

Opportunities:

The intensified adoption of smart grid technologies will present an opportunity for players in the energy monitoring systems market. The worldwide market is expected to experience strong expansion during the foreseen period owing to the increasing attention given to energy efficiency. The growing deployment of smart meters increased investment in smart grid technologies, and increasing attention to reducing energy costs through efficient use of energy resources are likely to boost the monitoring system hardware vertical energy. However, the hardware components of an energy monitoring system can include various physical components, such as metering, and communication devices. The main functions of measuring devices are to record, monitor, and measure the amount of energy transformed through different parts of the electrical system. Hence, it is expected to be the highest worldwide energy monitoring market during the foreseen period. In addition, the growing awareness of green energy sources around the world is rapidly rationalizing the energy and power industry. Therefore, the trend towards green energy is growing due to the increase in environmental pollution due to conventional energy resources. In addition, governments also play an important role in hosting clean energy awareness events.

POWER MONITORING SYSTEM MARKET REPORT COVERAGE:

Power Monitoring System Market Segmentation:

By Component:

• Software
• Hardware
• Firmware

The hardware segment is divided into measuring devices and metering and communication devices. The software component collects data from the installation's electrical network, organizes the data, and presents it as meaningful and actionable information. The firmware component protects the system from internal and external malware.

By End User:

• Industrial
• Commercial
• Residential

The industrial energy monitoring market is sub-segmented into small, medium, and large manufacturing companies. A convenient and reliable energy monitoring system is essential in any industry. An energy monitoring system solves the challenge of excessive energy consumption in the industry through continuous monitoring.

Power Monitoring System Regional Analysis:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle east and Africa 

North America is estimated to be the largest market from 2022 to 2027. Indeed, a power monitoring system is expected to play a vital part in developing the region's aging energy infrastructure. The United States has envisioned an increase in the call for energy monitoring systems due to escalated investment in smart meters to develop smart infrastructure all over the country. North America is expected to rule the market due to aging transmission and distribution infrastructure and smart grid investments in the area.

Asia-Pacific is expected to develop at the highest CAGR during the foreseen period. It is attributed to fast urbanization and industrialization and increased capacity for renewable energy generation in the region. Investments in the water and wastewater sector and infrastructure development in the Middle East and Africa are expected to boost the power monitoring system market in the locale.

Power Monitoring System Market Key Players:

1. Eaton (Ireland)
2. ABB (Switzerland)
3. Siemens (Germany)
4. Schneider Electric (France)
5. Emerson (US)
6. General Electric (US)
7. Rockwell Automation (US)
8. Omron (Japan)
9. Yokogawa (Japan)
10. Greystone Energy Systems (Canada)
11. Littlefuse (US)
12. Mitsubishi Electric (Japan)
13. Fuji Electric (Japan)
14. Etap- Operation Technology (US)
15. Samsara (US)
16. Vacom Technologies (US)