Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The global analysis includes segments based on components and end-use for power monitoring systems components across other industries. The global market is divided into software, hardware, and services based on components. Hardware has the largest share as it comprises all equipment that is used for power monitoring system monitoring and control. Among the key drivers is a rise in interest in energy efficiency and conservation. Power monitoring systems play a critical role in assisting businesses, industries, and utilities to manage, monitor, and optimize their energy consumption level. This drives innovation in the power monitoring system market. In respect of sensor technologies, data analytics & connectivity improvements, there has been gradual but steady progress leading to more advanced and sophisticated monitoring systems.
Regulations, standards, and compliance requirements have a significant impact on the power monitoring system market today. Market trends and industry demands also shape the power monitoring system sector. There are many factors responsible for companies' demand for comprehensive monitoring solutions that not only measure electrical consumption rates but also offer insights into electricity quality issues, demand side management, and grid stability in terms of having integrated substation automation tools. Also, economic factors affect decisions regarding the adoption of power monitoring systems. The potential for cost savings through optimized energy usage and reduced downtime is a significant driver for businesses and industries to invest in these systems. If your website contains a lot of information about your company's operations, it would be best to invest in cost-effective ways of cutting down on this expense, thereby improving operational efficiency at the low energy costs that come with using such technology right from the start.
Elements like energy efficiency initiatives, technological advancements, regulatory standards, economic considerations, market trends, globalization, environmental concerns and renewable energy integration also propel the power monitoring system market. Just as companies operate in different locations, it becomes necessary to have monitoring systems that are both uniform and centralized. This is regarding the escalating demand for electricity produced at less expensive prices. Additionally, the global focus on conservation and responsible energy consumption also requires providers of power solutions to design and develop energy-efficient monitoring systems.
Globalization and the expansion of industries worldwide contribute to the growth of the power monitoring system market. As businesses operate across various regions, the need for standardized and centralized monitoring systems becomes essential. Environmental concerns and sustainability goals influence the adoption of power monitoring systems. Organizations are increasingly focused on reducing their environmental impact and carbon emissions. Additionally, the integration of renewable energy sources impacts the power monitoring system market. The power monitoring system market is shaped by a combination of factors, including energy efficiency initiatives, technological advancements, regulatory standards, global warming, market trends, economic conditions, international issues, GreenWorks, environmental threats, and alternative sources.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component (Hardware, Software, and Services), End-Use |
Power Monitoring System Market Highlights:
Power Monitoring System Market Scenario
Power Monitoring System Market size is projected to grow at 6.44% CAGR between 2022 and 2030. Maximizing the reliability of electrical infrastructure is expected to drive global market.
The major driving factor for the global power monitoring system market includes increased attention to reducing energy costs and maximizing the reliability of electrical infrastructure. The power monitoring system acts as a home power monitoring system by ensuring the effective utilization of power resources in the residential end-use industry. Â For instance, end-users such as large residential complexes and smart cities have set up a power monitoring system in a huge area requiring efficient energy. As a result, they have installed power monitoring systems for power management, billing information, event verification, and power plant operation.
Key Players
The Key Players participants in the Global Power Monitoring System Market are Eaton (Ireland), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Emerson (US), General Electric (US), Rockwell Automation (US), Omron (Japan), Yokogawa (Japan), Greystone Energy Systems (Canada), Littlefuse (US), Mitsubishi Electric (Japan), Fuji Electric (Japan), Etap- Operation Technology (US), Samsara (US), and Vacom Technologies (US).
Major players such as ABB, Siemens, Schneider, and Emerson are actively focusing on contracts and new product development to offer a competitive power monitoring system. For instance, in April 2018, ABB launched more than 210 solutions and services under the ‘ABB Ability’ product to energize and automate the industry digital solutions, especially for Africa. The solutions and services include high-voltage transmission technologies, digital grids and microgrids for remote monitoring of electricity networks. This development has helped the company, explore the untapped opportunities in Africa. Also, increasing the adoption of smart grid technologies will present an opportunity for power monitoring system market players, thereby boosting the industrial power monitoring industry, of which the power monitoring system is a part. However, the high cost of high-end power monitoring devices is expected to act as a restraint for the global power monitoring system market.
The global power monitoring system is segmented based on components and end-use. By component, the global market includes software, hardware, and services. The hardware segment is expected to hold the largest share as hardware consists of various devices that are responsible for monitoring and controlling various aspects of the power monitoring system. By end-use, the global market is segmented into utilities & renewables, data center, public infrastructure, manufacturing & process industry, and others. The data center segment is expected to grow with the highest CAGR during the forecast period owing to increasing investments in IT hubs.
  
Market Segmentation
The Global Market is expected to witness high growth during the forecast period owing to the growing focus on energy efficiency.
A power monitoring system ensures an easy way to automatically retrieve and analyze power quality events as this system is permanently installed. A power monitoring system plays a vital role for end-users that can afford any kind of electrical perturbations. Power monitoring systems are used to quickly identify and resolve problems that occur on their electrical network. A power monitoring system possesses various advantages, which makes it ideal for many end-users to install it. These advantages include reliability, safety, maintenance, and financial benefits. Hence, by ensuring safety and reliability in the electrical network, the entire monitoring system act as an electrical power monitoring system. Moreover, a power monitoring system comprises various components that play a vital role in the entire electrical network. These components include sense energy monitors, sense power monitors, power monitoring meters, and power monitoring & control software.
By region, the global power monitoring system market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America dominated the power monitoring system in terms of market share owing to increasing focus on the upgrade of aging power infrastructure and increasing the installation of smart meters. According to the U.S. Department of Energy’s Smart Grid Investment Grant Program, there are few project announcements that have been made with a few scheduled deployments by Consolidated Edison and Hawaiian Electric, which have helped sustain the presence of AMI activity. Also, investments in smart meters with the market reaching almost USD 9 billion by 2022.  Such factors are expected to drive the power monitoring system market in the region.
Intended Audience
- Government and research organization
- Consulting companies in the power monitoring system market
- Power distribution companies
- Research consultants
- Investors and shareholders
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
