NEW YORK, Aug. 28, 2017 /PRNewswire/ -- The power monitoring market is projected to reach USD 4.57 billion by 2022, at a CAGR of 5.76%, from 2017 to 2022. The increasing focus on efficient utilization of power resources and increasing attention to reduce energy costs have boosted the demand for power monitoring systems. In addition, maximizing the reliability of electrical infrastructure would further aid the growth of this market. The high cost of high-end power monitoring systems would act as a restraint for the growth of the power monitoring market.
The hardware segment is expected to dominate the power monitoring market from 2017 to 2022
The hardware market is estimated to be the largest market of the component segment in 2017. Major drivers of the hardware segment include increasing number of smart grid deployment projects and increasing smart grid investments globally. Hardware components in a power monitoring system include physical components, such as metering and communication and measurement devices. Developing economies, such as Asia-Pacific and the Middle East & Africa comprise fast growth markets for this segment. The hardware segment is poised to grow significantly during the forecast period. This is likely to drive the power monitoring market in the hardware segment.
The datacenters segment is expected to grow at the highest CAGR from 2017 to 2022
The datacenters segment is estimated to be the fastest growing power monitoring market, by end-user from 2017 to 2022. A datacenter consumes a large amount of energy for its functioning. Any loss of power can result in data loss and huge monetary loss. The 24*7 uptime of a datacenter would require the entire system to work with reliable power supply. So, power monitoring systems are used in datacenters for the optimization of power utilization and reliable power supply. The datacenters segment is expected to grow at a significant rate in Japan, Singapore, China, South Korea, Australia, the U.S., and Canada. All these factors are expected to drive the power monitoring market during the forecast period.
North America: The largest market for power monitoring
The market in North America is currently the largest for power monitoring, followed by the markets in Europe and Asia-Pacific. The market in North America is driven by ageing T&D infrastructure, increasing demand for reliable power supply, and smart grid investments. The growth of IT hubs and other commercial sectors in the region has further emphasized the requirement for quality power and higher energy efficiency, thereby driving the power monitoring market in the region. The U.S. is estimated to be the largest power monitoring market in the North American region in 2017.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 45%, Tier 2- 35%, Tier 3- 20%
By Designation: C-Level- 15%, D-Level- 25%, Others- 60%
By Region: Asia-Pacific- 40%, Europe- 25%, North America- 20%, Middle East & Africa- 10%, South America-5%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = >USD 10 billion, Tier 2 = from USD 1 billion to USD 10 billion, and Tier 3 = The major players in the power monitoring market are Schneider Electric SE (France), Eaton Corporation plc (Ireland), Siemens AG (Germany), Rockwell Automation, Inc. (U.S.), and General Electric Company (U.S.), among others.
The report defines, describes, and forecasts the global power monitoring market by component, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market.
Why Buy this Report?
1. The report identifies and addresses key markets for power monitoring, which would help suppliers review the growth in the demand for the product.
2. The report helps solutions providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
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