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Power Monitoring System Market Trends

ID: MRFR//7545-HCR | 111 Pages | Author: Anshula Mandaokar| July 2024

Global Power Monitoring System Market Overview:

Power Monitoring System Market Size was valued at USD 4.52 billion in 2023. The Power Monitoring System Market industry is projected to grow from USD 4.75 billion in 2024 to USD 7.64 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.42% during the forecast period (2024 - 2032). Maximizing the reliability of electrical infrastructure is expected to drive global market.

Global Power Monitoring System Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

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.  

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.

    Power Monitoring System Market

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.

Power Monitoring System Industry Developments

In February 2024, Itron, Inc. announced a new brand identity reflecting the organization’s evolution and a new era of offering advanced intelligence to develop a more resourceful world. They plan to focus on sustainability and resourcefulness to overcome the challenges of water and energy scarcity.

In June 2023, ABB acquired Eve Systems, a prominent smart home products company headquartered in Munich. With operations in Europe and the United States, Eve Systems specializes in offering innovative smart home solutions.

In May 2023, Siemens announced its plans to acquire the EV division of Mass-Tech Controls, a move that will significantly expand its eMobility offering in India. This acquisition is driven by the increasing demand for electric vehicle charging infrastructure in the country.

In February 2022, ABB India launched a new series of electrical measuring and power monitoring meters for the digital panel meter market. With this introduction, ABB India offers an encompassing range besides plug-and-play single or multifunction meters as well as network analyzers across various sectors like healthcare establishments and hospitals; infrastructural developments and facilities comprising airports; hotels, resorts & related hospitality enterprises; food sector industries such as Fast Food & Beverages among many others etc., caters specifically to Panel Meters market where they have to satisfy diverse needs of their customers. These smart solutions in metering and energy monitoring enable users to make better choices to monitor their power consumption.

In February 2022, Cisco introduced new technologies to help businesses rapidly scale networks and digitize operations to redefine the campus experience to support hybrid work. According to the article released on its website during the announcement date, it shows the company has just made public that they have developed their first Wi-Fi access points using chipsets from Broadcom Corporation called CISCO WAP561 Wireless-N Dual Radio Selectable-Band Access Point with Single Point Setup; however, no such product could be found anywhere else online at the time writing this as most pages discussing it were from Cisco’s own site.

In December 2020, Siemens introduced a new solution named PowerLink CM for monitoring high-voltage AC and DC transmission lines. The device is designed to continuously track line conditions and precisely locate faults in the transmission grid. The new device is launched to meet the rising need to ensure reliable power supply, prevent blackouts, and optimize grid utilization.

Intended Audience

  • Government and research organization

  • Consulting companies in the power monitoring system market

  • Power distribution companies

  • Research consultants

  • Investors and shareholders

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