Pune, Feb. 17, 2022 (GLOBE NEWSWIRE) -- The Global Power Monitoring System Market size was valued at around USD 3.92 billion in 2020. The market is projected to rise from USD 4.10 billion in 2021 to USD 5.99 billion by 2028 at a CAGR of 5.6% during the forecast period 2021-2028. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Power Monitoring System Market, 2021-2028.”
According to the analysis, soaring demand for advanced monitoring solutions will be pronounced across utilities & renewables and data centers applications. Moreover, expanding the manufacturing and process sector will encourage leading companies to inject funds into the landscape.
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Companies Operating in Power Monitoring System Market
- ABB (Switzerland)
- General Electric (U.S.)
- Schneider Electric (France)
- Eaton (Ireland)
- Siemens (Germany)
- Emerson (U.S.)
- Rockwell Automation (U.S.)
- Mitsubishi Electric (Japan)
- Omron (Japan)
- Yokogawa (Japan)
- Fuji Electric FA Components & Systems (Japan)
- Fluke Corporation (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 5.6% |
| 2028 Value Projection | USD 5.99 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 3.92 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 190 |
| Segments covered | Component, Application, and Region |
| Growth Drivers | Soaring Demand for Energy Management to Boost Growth Potentials |
| Exponential Rise in Electricity Demand to Underpin Asia Pacific Market | |
| Industry Players to Emphasize Strategic Approaches to Gain a Competitive Edge |
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COVID-19 Impact
Supply Chain Disruptions to Hamper Industry Growth
End-users across large-scale and medium-scale industries witnessed a major setback from the onslaught of the COVID-19 pandemic. Temporary closure of commercial operations challenged leading companies vying to expand their portfolios. A sudden dip in power consumption was also observed across the manufacturing sector. Governments are expected to roll out measures to streamline electricity across untapped areas, boding well for the growth of power monitoring equipment.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/power-monitoring-market-100772
Segments
Component, Application, and Region are Studied
Based on component, the market is segregated into software, hardware, and services.
In terms of application, the industry is segmented into datacenters, manufacturing & process industry, utilities & renewable, public infrastructure and others.
On the basis of region, the market is fragmented into North America, Asia Pacific, Europe, Latin America and the Middle East and Africa.
Report Coverage
The report is prepared rigorously with the use of qualitative and quantitative analysis. The use of primary sources, including interviews of stakeholders and suppliers, has propelled the integrity of the report. The report also includes secondary sources, including annual reports, SEC filings and studies published by notable organizations. The report also includes top-down and bottom-up approaches to boost estimations and product mapping.
Drivers and Restraints
Soaring Demand for Energy Management to Boost Growth Potentials
Burgeoning demand for electricity across emerging economies in Asia Pacific and Latin America will boost the power monitoring system market growth. Governments are expected to inject funds into the effective management of energy devices and equipment. Besides, a steady rise in manufacturing and process activities will encourage leading companies to bolster their presence. A spike in demand for electricity across end-use sectors will bode well for the business outlook. Meanwhile, the escalating cost of devices and equipment for power generating units could dent the growth prospect. Industry players are expected to boost their strategies amidst the need for high investments.
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Regional Insights
Exponential Rise in Electricity Demand to Underpin Asia Pacific Market
Stakeholder projects in China, India, Australia, and Vietnam are expected to witness an unprecedented electricity demand. The trend for industrialization and urbanization has furthered the need for power monitoring solutions and systems. Besides, the global push for sustainable energy will prompt stakeholders to inject funds into the landscape. The Asia Pacific power monitoring system market share will witness notable growth in the wake of investments in renewable energy.
North America is poised to witness an investment galore on the back of high power consumption across the U.S. and Canada. Additionally, the power monitoring system will gain an uptick to boost real-time consumption. Governments are also expected to infuse funds into sustainable energy solutions, fostering North America market growth.
Industry players expect Europe to provide compelling growth opportunities with the rising expansion of datacenters. Furthermore, investments in electric vehicles (EVs) in the U.K., Germany, and Italy will bode well for regional growth. Leading companies are also likely to bank on installing solar and wind energy to gain a competitive edge.
Competitive Landscape
Industry Players to Emphasize Strategic Approaches to Gain a Competitive Edge
Leading companies are expected to inject funds into R&D activities, technological advancements, mergers & acquisitions, and product rollouts. The competitiveness of the market is such that industry players could invest in product offerings.
Key Industry Developments
- August 2021 – Siemens and Tata Power Delhi Distribution Ltd announced the deployment of smart metering technology for over 200,000 smart meters in North Delhi. These smart meters will be installed and commissioned by Siemens.
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porter’s Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Power Monitoring System Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Power Monitoring System Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Component
- Hardware
- Software
- Services
- Market Analysis, Insights and Forecast – By Application
- Utilities & Renewable
- Manufacturing & Process Industry
- Datacenter
- Public Infrastructure
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Power Monitoring System Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Component
- Hardware
- Software
- Services
- Market Analysis, Insights and Forecast – By Application
- Utilities & Renewable
- Manufacturing & Process Industry
- Datacenter
- Public Infrastructure
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Application
- Utilities & Renewable
- Manufacturing & Process Industry
- Datacenter
- Public Infrastructure
- Others
- Canada Market Analysis, Insights and Forecast – By Application
- Utilities & Renewable
- Manufacturing & Process Industry
- Datacenter
- Public Infrastructure
- Others
- U.S. Market Analysis, Insights and Forecast – By Application
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