Power Monitoring Market to Reach USD 4062.5 Million by 2026 at CAGR 3.3% - Valuates Reports
BANGALORE, India, April 27, 2021 /PRNewswire/ -- The Power Monitoring Market is Segmented by Type (Hardware, Software, Services), by Application (Manufacturing Industry, Data Center, Utilities & Renewables, Public Infrastructure, Electric Vehicle Charging Stations). The report covers global opportunity analysis and industry forecast from 2021 to 2027. It is published on Valuates Reports in the Energy & Utilities Category.
The global Power Monitoring market is projected to reach USD 4062.5 million by 2026, from USD 3145.7 million in 2019, at a CAGR of 3.3% during the forecast period 2021-2026.
Major factors driving the growth of power monitoring market are:
- Governments across the globe have enacted several supportive policies to increase emphasis on effective power resource usage, cost reduction, and electrical infrastructure reliability.
- Increasing adoption of smart grid technology where power monitoring becomes an essential part of the overall system.
- It solves the problem of excessive power use in industries, warning functions raise an alert by transmitting a signal to the main visual monitor when power consumption is high in companies.
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TRENDS INFLUENCING THE POWER MONITORING MARKET SIZE :
Consumers, including the industries around the world, are witnessing a consistent rise in their electricity bills, raising questions about how to reduce the cost of electricity. Furthermore, the continued increase in electricity demand has put a strain on electricity generation and transmission infrastructure, raising concerns about meeting potential demand. As a result, a number of utility providers, individual customers, and other industries began to adopt power monitoring systems. This, in turn, is expected to drive the growth of the power monitoring market size. Voltage, cost, power factor, and frequency can all be tracked with power monitoring meters.
Power monitoring meters assist in lowering overall high energy bills and enable consumers to make more informed decisions about power usage. By continuous management, a power monitoring device solves the problem of excessive power use in industries. These advantages, in turn, are expected to drive the growth of the power monitoring market size.
The increasing adoption of the smart grid is expected to increase the growth of the power monitoring market size. Governments across the globe have enacted several supportive policies and mandates focusing on the implementation of smart grids and spreading awareness about energy conservation. Furthermore, heavy investments are being made for the development of smart grids across the globe. All these factors will influence the growth of the power monitoring market.
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POWER MONITORING MARKET SHARE ANALYSIS :
Based on Type, the hardware segment is expected to be one the largest contributor to the power monitoring market share during the forecast period. This is due to an increase in the number of smart grid implementation programs, global smart grid investments, and government legislation requiring the installation of smart meters to minimize carbon emissions.
Based on the Application, the data center segment is expected to be one of the largest contributors to the power monitoring market share during the forecast period. This is due to an increase in the need for monitoring of the data center's electrical power delivery system, as well as increased investments in IT hubs.
Based on Region, North America is expected to be one the largest contributor to the power monitoring market share during the forecast period. The governments of North American countries are concentrating their efforts on repairing and upgrading aging infrastructure, allowing smarter power networks, and improving grid reliability, all of which are driving up demand for power monitoring systems.
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Power Monitoring Market Breakdown Data by Type
- Hardware
- Software
- Service
Power Monitoring Market Breakdown Data by Application
- Manufacturing Industry
- Data Center
- Utilities & Renewables
- Public Infrastructure
- Electric Vehicle Charging Stations
Top Major Key Players in the Power Monitoring Market
- ABB
- Eaton Corporation PLC
- Emerson Electric Co.
- Fluke Corporation
- Fuji Electric FA Components & Systems
- General Electric Company
- Littelfuse, Inc.
- Mitsubishi Electric Corporation
- Omron Corporation
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Others.
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