Pune, India, March 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Power Monitoring System Market.
Global Market for Power Monitoring System is projected to be valued at USD 5,530.0 Million by 2025, with 6.44% CAGR during the forecast period, 2022–2030. The power monitoring system is a combination of hardware and software which provides actionable information for downtime prevention and cost-effectiveness within the power network.
Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of Power Monitoring System Market Trends
Global Power Monitoring System Market, 2022–2030
In 2018, North America dominated the global power monitoring system market in terms of share: MRFR
The market is segmented as five regions, namely Asia-Pacific, Europe, North America, Middle East & Africa, and South America. The North America market is estimated to hold the largest share of the market in the power monitoring system owing to increasing adoption of power monitoring systems by major utilities within the region. Hence, increasing complexity in the power system in the region would positively trigger the demand of power monitoring system market.
In Europe, Germany is expected to be the largest and the fastest growing country in the power monitoring system market owing to increasing renewable energy generation, requiring an adequate power monitoring system for reducing the power use and its cost. For instance, as per Germany Trade & Invest (GTAI) Agency, the energy transition continues to be an integral part of energy landscape for Germany with ambitious goals to reduce CO2 emissions by 80% and add to the share of renewable energy in total energy to 60% by 2050. Power monitoring system is deployed in smart grid solution, which is the integral part of renewable energy. Smart grids help the distribution network by managing power across utility, commercial, industrial and residential more intelligently through the help of proper power monitoring system.
In Asia-Pacific, China is projected to be the largest market owing to industrial automation in utilities and increasing smart grid investments. According to the World Energy Outlook 2017, the average annual investment for power plants and T&D networks in China as per the New Policies Scenario was USD 15.3 billion and USD 35.7 billion for T&D, respectively in 2017. The investments in T&D sector will help raise the investment in power monitoring systems, which include hardware and software components, as these components are used in T&D network to ensure proper flow of information without any interruption.
In the Middle East & Africa, Saudi Arabia, is projected to be the largest and the fastest growing country in the power monitoring system market owing to the deployment of advanced metering infrastructure (AMI) in form of 8.3 million smart meters to be installed by 2027 in the country, amounting to USD 3.6 billion. Installation of smart meters will boost the market for power monitoring, as smart meters are an integral part of power monitoring.
In South America, Brazil is expected to be the largest and the fastest growing country in the power monitoring system market owing to increasing investments in smart grid projects deploying advanced power monitoring devices, driving the market in the country.
The global power monitoring system market is segmented based on component and end use. By component, the global market is segmented into hardware, software, and services. The hardware segment is projected to be the largest market share in the global power monitoring system market. By end use, the global market is segmented as utilities & renewables, data center, public infrastructure, manufacturing & process industry, and others. The segment for utilities is expected to hold the largest market share in the global power monitoring system market.
Global Power Monitoring System Market is expected to grow at 6.44% CAGR during the forecast period.
Scope of the Report
This report provides an in-depth analysis of the global power monitoring system market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for South America, North America, the Middle East & Africa, Europe, and Asia-Pacific. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global power monitoring system market by component and end-use, and region.
The players operating in the Global Power Monitoring System Market are Eaton (Ireland), ABB (Switzerland), Siemens (Germany), Greystone Energy Systems (Canada), General Electric (US), Rockwell Automation (US), Fuji Electric (Japan), Omron (Japan), Yokogawa (Japan), Littlefuse (US), Mitsubishi Electric (Japan), Schneider Electric (France), Emerson (US), Etap- Operation Technology (US), Samsara (US), and Vacom Technologies (US).