New York, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The global power monitoring device market size is expected to expand at ~6% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 7.5 billion by the end of 2036, up from a revenue of ~USD 3.5 billion in the year 2023.The rising demand for energy-efficient solutions across various industries is one of the major driving factors for the market.
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With the increasing focus on reducing energy consumption and carbon footprint, there is a growing need for monitoring and controlling energy usage in real-time. It was found that urban buildings had a carbon footprint of 13.50 million tons in 2009, up from 8.90 million tons in 2005, and that 45% of CO2 emissions originated from buildings. NZE[R1] Scenario (Net Zero Emissions by 2050 Scenario) describes a path towards net zero CO2 emissions by 2050 for the global energy sector, with advanced economies achieving net zero emissions first. Power monitoring devices help in identifying energy wastage and optimizing energy usage, thereby reducing operational costs and enhancing energy efficiency.
Growing Adoption of IoT and Cloud-based Solutions to Boost Market Growth
The increasing adoption of IoT and cloud-based solutions is another key driver for the power monitoring device market. Approximately 65% of respondents currently employ public cloud computing, while 47% use private cloud computing. Over 40% of respondents already run at least half their workload on the cloud. The shift from non-IoT to IoT devices has been noticeable over the last decade, with 76% of all devices expected to be IoT by 2030. With the integration of IoT and cloud-based technologies, power monitoring devices can provide real-time data analysis, remote monitoring, and predictive maintenance capabilities. This helps in improving the overall operational efficiency and reducing downtime, thereby driving the demand for power monitoring devices.
Power Monitoring Device Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing installation of smart meters to Drive the Growth in the North America Region
The power monitoring device market in North America region is estimated to garner the largest revenue by the end of 2036. This is because North America has invested heavily in renewable energy sources such as solar and wind, which require more monitoring to ensure they are working efficiently and that the power infrastructure is adequate to support them. Further, government initiatives to promote energy efficiency and the adoption of smart grid technology, as well as the installation of smart meters, contribute to the growth of this market. USA electricity utilities installed 111 million advanced metering infrastructure installations in 2021, which represents about 66[R2] % of all electrical meters installed in the country. AMI meters account for about 69% of all residential electric meters, and about 88% of all AMI installations are residential customers.
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Increasing investing in smart grids technology to drive the Growth in the Asia Pacific Region
The Asia Pacific power monitoring device market is estimated to garner the largest revenue by the end of 2036. Governments in the region are investing in smart grids due to their potential benefits such as improved efficiency, reduced energy costs, and reduced carbon emissions. An Indian government-run scheme aimed at modernizing and strengthening distribution infrastructure, including the installation of smart meters, is scheduled to be launched in 2022 to cover 250 million devices. The increasing adoption of smart grids is creating new opportunities for power monitoring devices. Smart grids require advanced monitoring and control systems to ensure efficient and reliable power distribution. Power monitoring devices can help utilities to monitor power quality, detect faults, and optimize energy usage in real-time.
Power Monitoring Device Segmentation by Device
- Measuring & Monitoring Systems
- Metering & Communication Devices
The measuring & monitoring systems segment is anticipated to hold the largest revenue by the end of 2036. This surge in demand is likely due to the need for households and industry to accurately measure their energy consumption. Residential electricity prices in the United States averaged 15.12 cents per kWh in 2022, an increase of 11% over 2021 when they averaged 13.66 cents per kWh. Power monitoring systems are also becoming increasingly popular for businesses, as they are used to control energy costs, maximize efficiency, and reduce emissions. With rising energy costs, households and industry need to become more conscious of their energy consumption in order to reduce their energy bills.
Power Monitoring Device Segmentation by End User
- Manufacturing & Process Industry
- Public Infrastructure
- Utilities & Renewables
- EV Charging Stations
The utilities & renewables segment is anticipated to hold the largest revenue by the end of 2036. This is due to increasing demand for energy-efficient solutions, rising concerns about emissions, and an increase in the installation of renewable energy technologies. About 20% of all electricity in the US is generated by renewable energy, such as wind power. The US grid's electricity generation capacity is expected to reach over 60% by 2022 by using renewable energy sources, such as solar and wind. Additionally, the segment is expected to benefit from the implementation of smart grids, which will require power monitoring devices. Smart grids will enable better control over energy costs, reduce electricity losses, increase energy efficiency, and provide more reliable services.
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A few of the well-known industry leaders in power monitoring device market that are profiled by Research Nester are Schneider Electric, ABB Ltd, Siemens Aktiengesellschaft, Emerson Electric Co., FINDER S.p.A., PHOENIX CONTACT, Weidmuller Interface GmbH & Co. KG, Rockwell Automation Inc., Analog Devices, Inc., Eaton Corporation PLC., and other key market players.
Recent Development in the Power Monitoring Device Market
- Eaton launched a remote monitoring application Brightlayer Industrial suite for industrial process customers, expanding its portfolio of intelligent power management solutions. It allows industrial customers to optimize power utilization by leveraging Eaton's digital platform.
- A new range of battery management systems was introduced by Analog Devices, Inc. An expanded portfolio now offers functional safety capabilities in accordance with ASIL-D. Additionally, the products include innovative low-power capabilities, which make it possible to monitor batteries continuously.
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