Global Power Monitoring Market Size/Share Projected to Reach USD 6.93 Billion By 2032, at 5.7% CAGR Increase: Polaris Market Research

NEW YORK, Sept. 11, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Power Monitoring Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By End User; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.

"According to research report, the global power monitoring market size/share was valued at USD 3.99 Billion in 2022 and is expected to touch USD 6.93 Billion By 2032, growing at a CAGR of 5.7% during the forecast period."

Global Power Monitoring Market: Report Overview

Power monitoring is a system that is connected to the Internet in order to support energy-saving activities. A power monitoring system is used to monitor, analyze, and manage energy consumption and environmental conditions of businesses. The system intends to collect information on power usage throughout a facility and provide it to consumers. The owners and service providers can spot possible issues with the electrical systems by using an online software system that receives data from the meters. All electrical machinery in your building is connected to the meter.

Power monitoring system is equipped with power monitors, sensors, and meters such as uninterruptable power supply (UPS) units and power distribution units (PDUs). In addition, utility feeds, generators, and branch circuits are also used. Ensured availability, improved efficiency, lower total cost of ownership, and accurately allocated power usage are key advantages of a power monitoring system. Rising focus on efficient utilization of power resources is driving the power monitoring market size growth.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• ABB
• Eaton
• Emerson Electric
• General Electric
• Honeywell International
• Mitsubishi Electric
• Rockwell Automation
• Schneider Electric
• Siemens
• Socomec.
• Yokogawa Electric

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Power Monitoring Market: Report Scope

Prominent Growth Driving Factors

• Rising prosperity and growing commercial activity: Increasing prosperity & rising commercial activity globally, resulting in approximately a 15 percent rise in energy demand, is propelling the power monitoring market growth.
• Growth of the middle class: Another factor boosting the market growth is the robust growth of the middle class in developing countries, which has led to a surge in energy demand of about 35%.
• Focus on growing building efficiency: It is anticipated that by 2050, energy consumption will have decreased by about 15% as a result of a greater emphasis on increasing building efficiency in wealthy nations.
• Worldwide electricity demand: An annual growth rate of 1.8% shows that there is a rise in demand for power worldwide. As per estimates, due to the reduction in demand for traditional biomass, coal, and oil, electricity will make up almost 50% of the energy sector by 2050. This electricity demand fuels a requirement for effective power monitoring systems to ensure effective electricity distribution and use. These factors are enhancing the power monitoring market demand.

Recent Trends Influencing the Market

• Adoption of the Internet of Things (IoT): Rising adoption of the Internet of Things (IoT) in office automation systems is further expected to augment the market growth. This is because IoT creates an interconnected network that provides power monitoring capabilities, enabling the monitoring of electrical appliances and sensor data.
• R&D activities: Researchers and developers together focus on R&D activities such as improving algorithms, enhancing data analysis methods, and investigating novel predictive maintenance strategies, which are accelerating the power monitoring market growth.

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Segmental Analysis

• Software segment is anticipated to show faster growth over the forecast period

By component analysis power monitoring market segmentation, software segment is predicted to grow at the fastest rate in the coming years as the power monitoring software provides advanced analytics capabilities that enable businesses to process and analyze huge amounts of information obtained from power monitoring devices. Real-time monitoring, data visualization, and reporting are made possible by these software solutions, offering important information about equipment performance, patterns of energy usage, and power quality. Its ability to derive actionable insights from data boosts the segment demand. The software enables businesses to monitor energy consumption in real time, understand inefficiencies, and build energy-saving measures. It provides advantages, including load profiling, demand response, and energy benchmarking, that allow organizations to cut costs and optimize their energy use.

• Utilities & renewables segment held the largest power monitoring market share in 2022

By end user, utilities & renewables dominate the market as this is at the leading edge of incorporating renewable energy sources like solar and wind into the electrical system. Power monitoring systems are essential for monitoring the production, distribution, and use of renewable energy and will help you manage the integration of renewable energy effectively. These systems allow businesses to monitor the performance of renewable energy resources, raise their output, and balance supply and demand rapidly. The requirement for management and incorporation of renewable energy sources propels the demand for advanced power monitoring solutions. Power monitoring systems are crucial for building sophisticated grid management strategies like predictive maintenance, fault detection, and outage management. The demand for power monitoring systems in utilities and renewables grows with the increasing adoption of smart grid solutions.

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Geographic Overview

• Asia Pacific is anticipated to witness the largest growth rate

Based on geography, power monitoring market in APAC is expected to register a major growth rate owing to the significant renewable energy plans and goals established by nations such as China, India, and Indonesia. China has planned to raise its renewable power capacity to over 50% of the total initiated capacity by 2025. Effective power monitoring systems are required to effectively integrate and manage renewable sources like solar and wind power due to this commitment to renewable energy. China's renewable energy plan scope drives the demand for power monitoring solutions, thereby fostering market expansion.

Furthermore, North America is estimated to register a high market share throughout the study period as the region is now implementing smart grid initiatives to update the aging power infrastructure. Smart grids constitute advanced technologies, including power monitoring systems, to allow monitoring, regulating, and improving power production, transmission, and distribution in real-time. Implementation of power monitoring solutions is an important aspect of smart grid initiatives, fueling the regional power monitoring market growth.

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Recent Developments

• In June 2023, ABB acquired Eve Systems, a prominent smart home products company headquartered in Munich. With operations in Europe and the United States, Eve Systems specializes in offering innovative smart home solutions.
• In May 2023, Siemens announced its plans to acquire the EV division of Mass-Tech Controls, a move that will significantly expand its eMobility offering in India. This acquisition is driven by the increasing demand for electric vehicle charging infrastructure in the country.

Key Offerings of This Report

• Market size and share assessment for regional and country-level segments
• Business opportunities, drivers, and success factors
• Current trends and the future potential of the market
• Market segment analysis by types, applications, and regions
• The competitive status of key players within the projection timeline
• Value chain analysis with price analysis and market forecast
• Region-specific growth and development in the market

Polaris Market Research has segmented the power monitoring market report based on component, end user and region:

By Component Outlook

• Hardware
• Software
• Services

By End User Outlook

• Manufacturing & Process Industry
• Data centers
• Public Infrastructure
• Utilities & Renewables
• Electric Vehicle Charging Station

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research