Global Power Monitoring Market by Component, End-user & Region - Forecast to 2024

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Nov 21, 2019, 05:00 ET

DUBLIN, Nov. 21, 2019 /PRNewswire/ -- The "Power Monitoring Market by Component (Hardware, Software, Services), End-User (Manufacturing & Process Industry, Datacentres, Utilities & Renewables, Public Infrastructure, Electric Vehicle Charging Stations), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The power monitoring market is estimated to be USD 3.8 billion in 2019 and projected to reach USD 5.2 billion by 2024, at a CAGR of 6.1%.

There is an increasing focus on the efficient utilization of power resources. The power monitoring system plays a vital role by reducing energy costs and maximizing the reliability of electrical infrastructure. It hence offers opportunities for the increasing adoption of smart grid technologies.

The global power monitoring market is dominated by a few major players that have an extensive regional presence. The leading players in the power monitoring are Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), Siemens (Germany), General Electric (US), Emerson (US), Rockwell Automation (US), Mitsubishi Electric (Japan), Omron (Japan), Yokogawa (Japan).

Hardware segment of power monitoring dominates the global market

The hardware segment of the power monitoring market is expected to be the largest market, by component, during the forecast period. The growth of the market is driven by the increasing number of smart grid installations as well as investments globally.

Hardware segment is further sub-segmented into metering & communication devices and measurement devices. Metering & communication devices is expected to be the largest market during the forecast period. The basic function of metering devices is to measure, record, and monitor the quantity of power flowing through any part of the electric system.

Datacenters segment power monitoring dominate the global market

The datacenters' segment, by end-user, is estimated to be the fastest-growing 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.

Asia Pacific to lead the global power monitoring market in terms of growth rate

The power monitoring market in Asia Pacific is projected to grow at the fastest rate during the forecast period. Increasing installation of power monitoring systems dominates the market in countries such as China, Japan, South Korea, and India for maximizing the reliability of electrical infrastructure and reducing energy costs. Besides Asia Pacific, North America was one of the largest markets for power monitoring. The demand for power monitoring in North America is driven mainly by the increasing focus on upgrading the aging power infrastructure in the region.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Power Monitoring Market
4.2 Power Monitoring Market, By Region
4.3 Power Monitoring Market, By Component & Country
4.4 Power Monitoring Market, By Component
4.5 Power Monitoring Market, By End-user

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Focus on Effective Utilization of Power Resources
5.2.1.2 Growing Attention to Reducing Energy Cost
5.2.1.3 Maximizing the Reliability of Electrical Infrastructure
5.2.2 Restraints
5.2.2.1 Higher Costs of High-End Monitoring Devices
5.2.3 Opportunities
5.2.3.1 Increasing Adoption of Smart Grid Technologies
5.2.3.2 Growing Focus on Industrial Developments
5.2.4 Challenges
5.2.4.1 Availability of Alternatives Such as Energy Management System

6 Power Monitoring Market, By Component
6.1 Introduction
6.2 Hardware
6.2.1 Increasing Investments in Smart Technology are Expected to Drive the Hardware Segment
6.2.2 Metering & Communication Devices
6.2.3 Measurement Devices
6.3 Software
6.3.1 Organizing Data to Provide Meaningful Information Via Web Interface is Expected to Drive the Software Segment
6.4 Services
6.4.1 Installation of New Components and Upgrading the Existing Ones is Expected to Drive the Services Segment

7 Power Monitoring Market, By End-User
7.1 Introduction
7.2 Manufacturing & Process Industry
7.2.1 Increasing Focus on Energy Efficiency is Expected to Drive the Manufacturing & Process Industry Segment
7.3 Data Center
7.3.1 Need for Reliable Power Supply is Driving the Data Center Power Monitoring Market
7.4 Utilities & Renewables
7.4.1 Increasing Attention to Reducing Energy Cost & Growing Investments in Smart Grid Technology are Expected to Drive the Market
7.5 Public Infrastructure
7.5.1 Increase in Urbanization Coupled With the Need for Real-Time Monitoring of Power Usage is Expected to Drive This Segment
7.6 Electric Vehicle Charging Station
7.6.1 Rise in Global Electric Car Fleet is Expected to Drive This Segment

8 Power Monitoring Market, By Region
8.1 Introduction
8.2 North America
8.2.1 US
8.2.1.1 Increasing Focus on Upgrading the Aging Power Equipment is Expected to Boost the Demand for the US Power Monitoring Market
8.2.2 Canada
8.2.2.1 High Maintenance Costs Due to the Aging Electricity Infrastructure in Canada are Likely to Drive the Canadian Power Monitoring Market
8.2.3 Mexico
8.2.3.1 Focus on New Electrical Infrastructure is Expected to Drive the Demand for the Mexican Power Monitoring Market
8.3 Europe
8.3.1 Germany
8.3.1.1 Increase in Renewable Power Generation is Driving the Power Monitoring Market
8.3.2 UK
8.3.2.1 Need to Manage and Monitor Complex Grid is Driving the Power Monitoring Market
8.3.3 France
8.3.3.1 Focus on Strengthening the Energy Supply Chain is Driving the Power Monitoring Market
8.3.4 Italy
8.3.4.1 Need for Reliable Power Supply and Achieving Energy Efficiency are Driving the Power Monitoring Market
8.3.5 Spain
8.3.5.1 Focus on Decreasing Energy Costs is Driving the Power Monitoring Market
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.1.1 Focus on Integrating Renewable Energy Generation and Smart Grid Technologies is Driving the Market
8.4.2 Japan
8.4.2.1 Need for Real-Time Communication of the Power Generated is Driving the Power Monitoring Market
8.4.3 South Korea
8.4.3.1 Increasing Focus on Greater Efficiency in Power Distribution is Driving the Power Monitoring Market
8.4.4 India
8.4.4.1 Focus on Reducing Costs and Monitoring the Entire Electrical Infrastructure is Driving the Power Monitoring Market
8.4.5 Rest of Asia Pacific
8.5 Middle East & Africa
8.5.1 Saudi Arabia
8.5.1.1 Focus on Reducing Energy Costs is Expected to Increase the Demand for Power Monitoring Market
8.5.2 UAE
8.5.2.1 Higher Standards for Energy Efficiency and Smart Grid Initiatives are Expected to Boost the UAE Power Monitoring Market
8.5.3 South Africa
8.5.3.1 Focus on Improving Energy Efficiency and Fulfilling Future Energy Requirements are Expected to Boost the South African Power Monitoring Market
8.5.4 Algeria
8.5.4.1 Increasing Focus on Distributed Energy Solutions is Expected to Boost the Algerian Power Monitoring Market
8.5.5 Qatar
8.5.5.1 Increasing Investments in Infrastructure are Expected to Boost the Qatari Power Monitoring Market
8.5.6 Rest of Middle East & Africa
8.6 South America
8.6.1 By Country
8.6.2 Brazil
8.6.2.1 Investments in Smart Meter and Pilot Smart Grid Projects are Expected to Boost the Power Monitoring Market in Brazil
8.6.3 Argentina
8.6.3.1 Economic and Regulatory Changes in the Energy Sector are Expected to Boost the Argentinian Power Monitoring Market
8.6.4 Rest of South America

9 Competitive Landscape
9.1 Introduction
9.2 Market Share Analysis
9.3 Competitive Scenario
9.3.1 Contracts & Agreements
9.3.2 Mergers & Acquisitions
9.3.3 New Product Developments
9.3.4 Others
9.4 Competitive Leadership Mapping
9.4.1 Visionary Leaders
9.4.2 Innovators
9.4.3 Dynamic
9.4.4 Emerging

10 Company Profiles
Overview, Product Offerings, Recent Developments, and SWOT Analysis
10.1 Schneider Electric
10.2 ABB
10.3 Eaton
10.4 Siemens
10.5 General Electric
10.6 Emerson
10.7 Rockwell Automation
10.8 Mitsubishi Electric
10.9 Omron
10.10 Yokogawa
10.11 Littelfuse
10.12 Fuji Electric Fa Components & Systems
10.13 Fluke Corporation
10.14 Samsara
10.15 Accuenergy
10.16 Veris Industries
10.17 Albireo Energy
10.18 Vacom Technologies
10.19 ETAP - Operation Technology
10.20 Greystone Energy Systems

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