Global Power Monitoring Device Market Report 2023: Increasing Number of Smart Grid Deployment Projects Bolsters Growth
DUBLIN, May 12, 2023 /PRNewswire/ -- The "Global Power Monitoring Device Market Outlook to 2035" report has been added to ResearchAndMarkets.com's offering.
The global power monitoring device market is anticipated to grow with a CAGR of ~5.7% over the forecast period, i.e., 2023 - 2035.
Factors such as the increase in electric bills leading to the rise in concerns for lowering the cost of electricity is projected to drive the growth of the market in the coming years.
Additionally, the increasing number of smart grid deployment projects is also expected to boost the market growth. The market is estimated to garner a revenue of near to nearly USD 6,360 million by the end of 2035, up from a revenue of about USD 3,4980 million in the year 2022.
The global power monitoring device market is segmented into numerous segments, which include segmentation by device, end-user, and by region. By device, the market is segmented into measuring & monitoring systems, and metering & communication devices. By the end of 2035, the measuring & monitoring systems segment is anticipated to garner the largest revenue of around USD 3,810 million, up from a revenue of close to USD 2,150 million in the year 2022.
Growing installations of smart grids and smart metering, which would ultimately warrant the need for measuring and monitoring systems, are bolstering the prospects of the segment for the forecast years.
Moreover, measuring and monitoring the system's continuous tracking of energy-related data gives information on an electrical system's operational parameters. This covers the loads that are using the energy, where, when, and how those loads are using it. All the electrical system's energy delivery and consumption can be decreased with the aid of this knowledge.
On the basis of region, the global power monitoring device market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America, amongst the market in all the other regions, is anticipated to garner the largest revenue of more than USD 2,030 million by the end of 2035.
Moreover, in the year 2022, the market in the region generated a revenue of over USD 1,1580 million. The region's power monitoring market is expanding dramatically, in large part owing to the quick adoption of smart grid technology and investments in IT hubs and data centres.
For instance, a report produced by the US International Trade Commission predicted that by the end of 2020, the adoption of smart grids will dramatically grow. Furthermore, there has been a presence of key market players in the region that are investing in the advancement of power monitoring devices, and it is projected to drive the growth of the market in the North America region.
Key Topics Covered:
1. An Outline of the Power Monitoring Device Market
2. Assumptions & Abbreviations
3. Research Methodology & Approach
4. Summary of the Report for Key Decision Maker
5. Forces of the Market Constituents
6. Key Market Opportunities for Business Growth
7. Major Roadblocks for the Market Growth
8. Government Regulation
9. Technology Transition and Adoption Analysis
10. Industry Risk Analysis
11. Global Economic Outlook: Challenges for Global Recovery and its Impact on Global Power Monitoring Device Market
12. Impact of COVID-19 Impact on Global Power Monitoring Device Market
13. Regional Analysis on Power Monitoring Device Market
14. Industry Pricing Benchmarking & Analysis
15. Industry Supply Chain Analysis
16. Use Case Analysis
17. Analysis on Ongoing Technological Advancement in Power Monitoring Device Market
18. Analysis on Types of Power Monitor
19. Analysis on Power Monitoring Software and Services
20. End User Analysis
21. Comparative Feature Analysis
22. Competitive Positioning: Strategies to differentiate a company from its competitors
23. Competitive Model: A Detailed Inside View for Investors
24. Global Power Monitoring Device Market 2022-2035 Outlook & Projections, Opportunity Assessment, 2022 to 2035
Companies Mentioned
- Schneider Electric
- ABB Ltd
- Siemens Aktiengesellschaft
- Emerson Electric Co.
- FINDER S.p.A.
- PHOENIX CONTACT
- Weidmuller Interface GmbH & Co. KG
- Yokogawa Electric Corporation
- OMRON Corporation
- Fuji Electric FA Components & Systems Co. Ltd.
- Rockwell Automation Inc.
For more information about this report visit https://www.researchandmarkets.com/r/sstm4k
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SOURCE Research and Markets
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