Global Power Monitoring Market – Opportunities and Forecast, 2020-2027
Power monitoring is a network of meters connected to the internet to provide real time data on the power system. The meters have an online software system that allows the service providers and owners to identify possible problems with electrical systems. Power monitoring system performs multiple functions including, enhanced facility uptime, improved response to power related issues, improved power quality, prevents conductors form overheating, decreases peak demand power factor penalties, and ensures energy contract compliance. Efficient use of power monitoring system depends on opting for correct meters to capture data and events using the proper software to visualize and conduct evaluation.
Increasing reliability on electrical infrastructure, rising focus on effective utilization of power resources, and growing attention to reduce energy cost are the major factors accelerating the growth of the Power Monitoring market. In the recent past, consumers across the world have been observing an increase in electric bills leading to the rise in concerns for lowering the cost of electricity. The continued growth in demand for electricity has made rising strain on electricity generation and transmission facilities, and developed concerns about fulfilling the future demand. Thus, multiple utility companies, individual consumers, and other industries started paving their way toward power monitoring systems. Power monitoring meters are capable to track voltage, cost, power factor, and frequency. They aid to understand which appliance use the most energy. A regular power meter is compatible for vast range of customers. Power monitoring meters help in reducing the overall high electricity bills and make more informed decisions. Such advanced features of power monitoring meter fuels the future growth of the market. However, higher cost of high-end monitoring devices could hamper the growth of the market.
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On the basis of region, North America is expected to grow at a higher CAGR during the forecast period as power monitoring system is expected to play a significant role in upgrading the aging power infrastructure of the region. Rising demand for power monitoring systems in the U.S., followed by the increasing investment in smart meters to enhance infrastructure across country will have a positive impact on the growing demand in the region.
The key players in the market includes Schneider Electric SE, ABB Ltd, Eaton Corporation Plc, Siemens AG, General Electric Company, Emerson Electric Company, Rockwell Automation Inc, Mitsubishi Electric Corporation, Omron Corporation, and Yokogawa Electric Corporation among others.
The Power Monitoring market has been segmented based on Component, End-User, and Key Region. Based on Component, the market is segmented into Hardware, Software, and Service. Based on End-User, the market is segmented into Manufacturing & Process Industry, Datacenters, Public Infrastructure, Utilities & Renewable, and Electric Vehicle Charging Station.
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Key questions answered in this research report:
At what pace is the Power Monitoring market growing? What will be the growth trend in the future?
What are the key drivers and restraints in the Power Monitoring market? What will be the impact of drivers and restraints in the future?
What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Power Monitoring market?
Who the end-users of Power Monitoring market and how they are poised to grow?
What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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