Power Monitoring System Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Power Monitoring System Market Analysis
A power monitoring system is a network of meters connected to the internet to provide real-time data on the power system. The power monitoring system market is expected to grow at a CAGR of more than 5.8% during the forecast period 2020-2025. The major factors attributing to the growth of the market are the increasing focus on the efficient utilization of power resources, increasing urbanization and industrialization, and maximizing the reliability of electrical infrastructure. Increasing the adoption of smart grid technologies and a growing focus on industrial developments has led to a rise in the implementation of power monitoring systems. However, factors like poor compatibility with existing components, and the rising cost of high-end monitoring devices are likely to hinder the market during the forecast period.
- The commercial and industrial segment is expected to witness significant growth during the forecast period.
- Growing implementation of smart meters and an increase in investments for smart grid technologies are expected to offer opportunities in the global power monitoring market and therefore is likely to attract many leading players across the globe.
- North America is expected to be the largest market owing to the factors like increasing focus on upgrading the aging power infrastructure and increase in installation of new smart meters.
Power Monitoring System Market Trends
This section covers the major market trends shaping the Power Monitoring System Market according to our research experts:
Commercial and Industrial Segment to Witness Significant Growth
- Power monitoring is being deployed in the commercial and industrial facilities especially in manufacturing facilities and data centers to improve energy efficiency. This can be used to monitor the actual power drawn from the installed devices in the facility. The benefits of power monitoring in this end-suer segment are they have an adaptable power distribution system and achieve utility-grade accuracy.
- Variation in power supply through the UPS system and the rise in digitalization and cloud computing are some of the key drivers for the commercial and industrial segment in the power monitoring system market.
- The commercial segment is expected to witness significant growth during the forecast period. This growth is attributed to the need for reliable power supply and increasing investments in the IT hubs and electrical power distribution infrastructure.
- Moreover, data centers consume a large amount of energy for its functioning. Any loss of power can result in data loss and huge monetary loss. So, power monitoring systems are used in data centers for the optimization of power utilization.
North America to dominate the Market
- North America is expected to be the largest market owing to the fact that the power monitoring system market plays a significant role in upgrading the aging power infrastructure in the region.
- Among the other countries in the region, the United States has seen a rising demand for power monitoring systems due to an increase in investments in smart meters to enhance the intelligent infrastructure across the country.
- The governments of the countries in North America are majorly focusing on replacing and upgrading their aging infrastructure, enabling smarter power networks, and improving grid reliability that is majorly boosting the demand for the power monitoring system.
- Furthermore, aging electric transmission equipment, as well as the significant investment by the number of private players to restore the existed network with the recent equipment for improved management of electrical supply, is some of the major factors driving the market in the region.
- Being one of the industrialized regions, the energy & power sector is key to the operations of various industries in this region. This is one of the important factors governing the growth of power monitoring system market in the North America regions.
Power Monitoring System Industry Overview
The power monitoring system market is fragmented. Some of the major key players in the market include Eaton Corporation Inc., Fluke Corporation, General Electric Company, Siemens AG, and Emerson Electric Co.
Power Monitoring System Market Leaders
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Eaton Corporation Inc.
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Fluke Corporation
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General Electric Company
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Siemens AG
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Emerson Electric Co.
*Disclaimer: Major Players sorted in no particular order
Power Monitoring System Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Scope of the Study
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1.2 Market Definition
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1.3 Study Assumptions
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2. EXECUTIVE SUMMARY
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3. RESEARCH METHODOLOGY
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4. MARKET OVERVIEW
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4.1 Introduction
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4.2 Market Size and Demand Forecast in USD biliion, till 2025
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4.3 Recent Trends and Developments
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4.4 Government Policies and Regulations
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4.5 Market Dynamics
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4.5.1 Drivers
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4.5.2 Restraints
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4.6 Supply Chain Analysis
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4.7 Porter's Five Force Analysis
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4.7.1 Bargaining Power of Suppliers
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4.7.2 Bargaining Power of Consumers
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4.7.3 Threat of New Entrants
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4.7.4 Threat of Substitute Products and Services
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4.7.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 End-User
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5.1.1 Commercial and Industrial
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5.1.2 Utilities
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5.1.3 Others
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5.2 Geography
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5.2.1 North America
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5.2.2 Europe
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5.2.3 Asia-Pacific
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5.2.4 South America
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5.2.5 Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
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6.3.1 Eaton Corporation Inc.
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6.3.2 Fluke Corporation
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6.3.3 General Electric Company
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6.3.4 Siemens AG
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6.3.5 Emerson Electric Co.
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6.3.6 ABB Ltd
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6.3.7 Yokogawa Electric Corporation
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6.3.8 Rockwell Automation, Inc.
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6.3.9 Mitsubishi Electric Corporation
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6.3.10 Schneider Electric SE
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6.3.11 Fuji Electric FA Components & Systems Co. Ltd.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Power Monitoring System Industry Segmentation
The power monitoring system market report includes:
| End-User | |
| Commercial and Industrial | |
| Utilities | |
| Others |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Power Monitoring System Market Research FAQs
What is the current Power Monitoring System Market size?
The Power Monitoring System Market is projected to register a CAGR of greater than 5.80% during the forecast period (2024-2029)
Who are the key players in Power Monitoring System Market?
Eaton Corporation Inc. , Fluke Corporation , General Electric Company , Siemens AG and Emerson Electric Co. are the major companies operating in the Power Monitoring System Market.
Which is the fastest growing region in Power Monitoring System Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Power Monitoring System Market?
In 2024, the North America accounts for the largest market share in Power Monitoring System Market.
What years does this Power Monitoring System Market cover?
The report covers the Power Monitoring System Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Power Monitoring System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Power Monitoring System Industry Report
Statistics for the 2024 Power Monitoring System market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Power Monitoring System analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
