NEW YORK, Nov. 02, 2022 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Power Monitoring System Market By End-User (Data Centers, Manufacturing & Process Industry, Utilities & Renewables, Electric Vehicle Charging Stations, And Public Infrastructure), By Component (Software, Hardware, And Services), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Power Monitoring System Market size & share in terms of revenue was valued at USD 4 billion in 2021 and it is expected to surpass around USD 6 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 5.64% during the forecast period 2022 to 2028.”
What is Power Monitoring System? How big is the Power Monitoring System Industry?
Power Monitoring System Industry Coverage & Overview:
A power monitoring system is used to measure the extent of power consumption to upgrade and support ongoing power-saving activities along with detailing plans for better power distribution to meet the requirements of the industrial and commercial sectors. Even though electricity may not be visible, it is an extremely common and convenient form of energy that is used to convert into other forms like sound, light, heat, etc. As of current times, electricity has become an indispensable part of our everyday life with its applications in our personal as well as professional lives. Power monitoring systems are required for environmental safety purposes since they not only aid in analyzing the total cost spent on electricity consumption but can also help in reducing the cost, or unnecessary wastage of electricity.
In power monitoring systems, a large network of power meters, that record power consumption data, are connected via the internet and provide real-time information on the amount of power used. The meters are also connected to online software which allows users to identify power consumption trends while also relaying the information to the electricity provider for billing purposes. Since these devices convert an invisible source of energy into readable, comprehensible information, it allows the community to utilize energy with a proactive approach instead of waiting until the bill arrives, which would be too late to make changes in power consumption habits. There are a few pointers why power monitoring systems are more relevant than ever for the entire population: it allows for the identification of problems with power quality, provide prevention to motors from currents of fluctuating voltage, and it is easier to locate faulty equipment before it malfunctions, and it also prevents overheating in conductors and transformers.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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- About 194+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Global Power Monitoring System Market: Growth Dynamics
The global power monitoring system is projected to grow owing to higher awareness programs undertaken by government authorities to educate the masses about the benefits of power monitoring systems and why they are essential for effective power consumption. These programs involve initiatives like collaborating with private companies to run exhaustive advertising and marketing initiatives to reach the remotest location, making power monitoring systems available at subsidized rates under critical conditions, and research and investment in smart meters.
For instance, in 2009, the Australian Federal Government announced an investment of AU $100 million to create a partnership with the energy sector to develop a low-carbon economy by optimizing power consumption in the country with the help of smart meters. The global market growth may also be driven by the rising use of electricity in modernized cities for household to commercial purposes. As per World Data, the United Arab Emirates (UAE) consumed more than 113.2 billion kilowatts every year and as of 2020, almost 100% of its population has access to a constant electricity supply.
The high cost of equipment may restrict the global market growth. An increase in energy demand is projected to provide growth opportunities for the global market. However, there may be some challenges on the way owing to tampering concerns.
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Power Monitoring System Market: COVID-19 Impact Analysis
The global market cap suffered losses during Covid-19 since the majority of the manufacturing units had closed. Due to supply chain disruption, the availability of raw materials also caused a decline in the global market. Energy power consumption in commercial areas decreased drastically because of a temporary halt in the operations of businesses which resulted in overall reduced demand for the product.
Power Monitoring System Market: Segmentation Analysis
The global power monitoring system market is segmented based on component, end-user, and region.
Based on component, the global market is divided into software, hardware, and services. The global market may witness the highest growth in the hardware segment as it has in the past since hardware products are more in number as compared to software items. As per the National Smart Grid Mission, India, around 4.2 million smart meters were installed in the country as of April 2022.
Based on end-user, the global market segments are data centers, the manufacturing & process industry, utilities & renewables, electric vehicle charging stations, and public infrastructure. The global market is projected to be dominated by utilities & renewables during the forecast period owing to the rise in the installation of power meters to examine the generation and use of power. With recent strategies, investors are claiming to grow the utility business by almost 70% in the coming decade. Renewable is also witnessing a sudden surge in the global market driving the demand for related monitoring systems.
The global Power Monitoring System market is segmented as follows:
By End-User
- Data Centers
- Manufacturing & Process Industry
- Utilities & Renewables
- Electric Vehicle Charging Stations
- Public Infrastructure
By Component
- Software
- Hardware
- Services
Browse the full “Power Monitoring System Market By End-User (Data Centers, Manufacturing & Process Industry, Utilities & Renewables, Electric Vehicle Charging Stations, And Public Infrastructure), By Component ( Software, Hardware, And Services), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/power-monitoring-system-market
Competitive Landscape
Some of the main competitors dominating the global Power Monitoring System market include -
- General Electric
- ABB
- Eaton
- Schneider Electric
- Rockwell Automation
- Yokogawa
- Fluke Corporation
- Omron
- Mitsubishi Electric
- Siemens
- Legrand
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Power Monitoring System market is likely to expand at a CAGR of around 5.64% during the forecast period (2022-2028).
- In terms of revenue, the Power Monitoring System market size was valued at around US$ 4 billion in 2021 and is projected to reach US$ 6 billion by 2028.
- Based on end-user segmentation, utilities & renewables were predicted to show maximum market share in the year 2021
- Based on component segmentation, hardware was the leading revenue-generating component in 2021.
- On the basis of region, Asia-Pacific was the leading revenue generator in 2021
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Key questions answered in this report:
- What is the market size and growth rate forecast for Power Monitoring System industry?
- What are the main driving factors propelling the Power Monitoring System Market forward?
- What are the leading companies in the Power Monitoring System Industry?
- What segments does the Power Monitoring System Market cover?
- How can I receive a free copy of the Power Monitoring System Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by component, by end-user, and by region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
The global power monitoring system market is projected to register the highest growth in the Asia-Pacific because of the exponentially rising population and the resulting need for power. The growth is also driven by rapid industrialization in countries like China, Singapore, South Korea, India, and others. Since the use of electricity in these counties is exceptionally high, the governments have increased their efforts toward educating the masses about power management and have taken intensive efforts for installing power management devices to better control effective power distribution. The foray into adopting smart meters may also propel regional market growth.
Europe is projected to garner considerable revenues owing to government measures to control power consumption and reduce the carbon footprint resulting from inefficient use of electricity. North America is showing promising signs of growth along with Latin America and the Middle East since electricity and its correct monitoring is the only way forward to sustainable development and growth.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments
- In October 2021, HPL Electric & Power announced that it had received funding of INR 178.9 crore from the largest private utility of an east Indian state. The investment has managed to strengthen the leading position of HPL Electric & Power in the smart meters segment.
- In February 2021, Adani Electricity Mumbai Ltd announced that to meet the growing electricity demand in Mumbai, the company will bring an additional 200 megawatts of power to the city thus curtailing the supply and demand gap. The current electricity supply in the city is 2700 MW whereas the demand is as high as 5000 MW. The company has already invested INR 1500 crore to upgrade electricity supply systems in the city.
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 4 Million |
| Projected Market Size in 2028 | USD 6 Million |
| CAGR Growth Rate | 5.64% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | General Electric, ABB, Eaton, Schneider Electric, Rockwell Automation, Yokogawa, Fluke Corporation, Omron, Mitsubishi Electric, Legrand and Siemens. |
| Key Segment | Based on component, based on end-user, and based on region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
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