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Power Monitoring Market (Component - Software, Hardware, and Services; End User - Datacenters, Utilities and Renewable, Manufacturing and Process Industry, and Public Infrastructure): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : September, 2021

  • Rep Id : ICT00295

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on the power monitoring market provides an in-depth analysis of segments and sub-segments in the global as well as regional power monitoring market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional power monitoring market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global power monitoring market. According to the report, the global power monitoring market is projected to grow at a CAGR of 6.00% over the forecast period of 2021-2027.


Power Monitoring Market

 

Market Insight

The global power monitoring market is expected to grow from USD 4.23 billion in 2021 to USD 6.01 billion by 2027, at a CAGR of 6.00% during the forecast period. Energy Power Monitoring offers control capabilities that can help reduce energy-related costs. A Power Monitoring measures power consumption in order to support energy-saving activities. The purpose of environmental protection has been added to the energy saving activities to reduce the cost of electricity rates. Moreover, currently, it is necessary to produce products while conducting energy saving activities and also enhancing productivity and quality. Attaining these purposes requires measurement devices that can be used to easily check power consumption and help save energy. A wide range of monitoring and control features such as start-stop control, power interruption and restoration features, and the electric power demand monitoring function is included, in the optimum operation of their equipment

 

Increasing demand from major end-use industries such as datacenter, electric vehicle charging stations, utilities & renewables, manufacturing & process industry, & public infrastructure is driving the growth of the market. The advantage of this technology is the increasing broadband connectivity and the ability to utilize this technology in regular businesses. Furthermore, increasing adoption of smart grid technology where power monitoring becomes an essential part of the overall system. This is driving the growth of the market. In addition, increasing urbanization and industrialization, rising need for maximizing the reliability of electrical infrastructure, increasing focus to reduce energy cost, and growing need for efficient utilization of power resources is attributing to the growth of the market. Moreover, governments across the globe have enacted several supportive policies to increase emphasis on effective power resource usage, cost reduction, and electrical infrastructure reliability. This will provide a significant growth opportunity for the market. However, the rising cost of high-end monitoring devices is affecting the growth of the market.

 

North America dominates the power monitoring market. This is because a power monitoring system is anticipated to play a significant role in upgrading the aging power infrastructure in North America. The US has seen a rising demand for power monitoring systems owing to an increase in investments in smart meters to enhance the intelligent infrastructure across the country. Asia Pacific is growing with a healthy CAGR. Emerging economies like China and India are expected to register major demand during the forecast period. Furthermore, the increasing installation of power monitoring systems dominates the market in countries such as China, Japan, South Korea, and India.

 

Segment Covered

The report on the global power monitoring market covers segments such as component, and end user. On the basis of component, the sub-markets include software, hardware, and services. On the basis of end user, the sub-markets include datacenters, utilities and renewable, manufacturing and process industry, and public infrastructure.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Mitsubishi Electric Corporation, Emerson Electric Co, Yokogawa Electric Corporation, General Electric Company, Fluke Corporation, Eaton Corporation PLC, Omron Corporation, Schneider Electric SE, and Fuji Electric FA Components and Systems Co., Ltd..

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the power monitoring market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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