“Power Monitoring Market is projected to reach USD 5.2 billion by 2024 from an estimated USD 3.8 billion in 2019, at a CAGR of 6.1% during the forecast period. Increasing focus on the efficient utilization of power resources is driving the demand for the power monitoring market.
Some of the prominent key players are: Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), Siemens (Germany), General Electric (US), Emerson (US), Rockwell Automation (US), Mitsubishi Electric (Japan), Omron (Japan), Yokogawa (Japan)
The hardware segment is expected to lead the market by technology
Increasing deployment of smart meters, rise in investments for smart grid technology, and increasing focus on reducing energy cost by effective utilization of power resources is expected to drive the hardware segment, by component during the forecast period. The Asia Pacific is expected to be the fastest-growing market for this segment. Hardware components of a power monitoring system include physical components, such as metering and communication and measurement devices. The basic function of metering devices is to measure, record, and monitor the quantity of power flowing through any part of the electric system. It is expected to be the largest market during the forecast period.
Manufacturing & Process Industry segment is expected to capture the significant share of the power monitoring market by end-user
Manufacturing & Process Industry segment, by end-user, is expected to be the largest market for power monitoring. The growth of this segment is majorly driven by increasing demand for efficient utilization of power resources in cement, semiconductor, water & wastewater, food & beverages, and other industries. The demand for power monitoring in the manufacturing & process segment is driven by factors such as energy efficiency, power surges, and uninterrupted power supply. Furthermore, manufacturing & process industries are adopting & implementing energy efficiency measures and deploying equipment for delivering reliable power supply to reduce the overall operating cost and increase the plant uptime.
North America is expected to dominate the global market
North America is expected to dominate the power monitoring market during the forecast period. The US, Canada, and Mexico are the major countries in this region. The governments of these countries in North America are currently focusing on upgrading and replacing their aging infrastructure, improving grid reliability, and enabling smarter power networks which is majorly driving the demand for power monitoring systems. In addition to this, the US and Canadian utilities are expected to invest USD 880 billion and USD 100 billion, respectively, in power networks for a period of next 20 years. This investment would include sectors such as smart grids, digitization, power monitoring, and energy management among others. The countries in North America are also prone to natural disasters, hence, there is a demand for quick fault location and speedy restoration of electricity. All these factors would help in the growth of the power monitoring market in the region.