As per the latest estimates by Fact.MR, a market research and competitive intelligence provider, the global Power Monitoring Market is valued at US$ 3.1 billion in 2023 and is expected to reach US$ 5.3 billion by the end of 2033.
Real-time energy cost and efficiency management are accomplished by using power monitoring technologies. The online network of meters which gives real-time information on the power system is referred to as a power monitoring system. Using power monitoring has several advantages, including cost savings, identification of inefficiencies, higher profit margin, reduced downtime, quality control, early problem detection, and lower energy costs. Choosing suitable meters to record data and events and the appropriate software to display and analyze are essential aspects of a power monitoring system.
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Power monitoring systems enable the automatic retrieval and analysis of power quality events in sectors that are experiencing power quality difficulties. Power quality problems can result in halted processes and trashed products, which results in a significant loss of annual revenue. A power monitoring system immediately flags severe occurrences that could result in facility damage.
These systems provide a dependable clean power supply that ensures employee safety, avoids automatic resetting of control devices or bothersome tripping, enables automation of emergency power supply system (EPSS) reporting for compliance, and can handle complicated cost allocation computations. Systems for power monitoring can reduce incidents that lead to the early failure of some machinery, including motors, control devices, transformers, pumps, and other electrical equipment.
Growing end-use sectors such as manufacturing and process, utilities & renewables, data centers, and public infrastructure have a significant impact on market growth. The high attention to industrial automation and the introduction of advanced power monitoring tools are boosting sales growth.
Widespread adoption of energy management systems and environmental laws against energy waste are boosting the growth of the market for power monitoring systems. Power monitoring systems are in high demand due to their capability to interact with and monitor the power distribution system’s components from any location at any time to prevent crucial losses.
Key Takeaways from Market Study
- The global power monitoring market is expected to increase at a CAGR of 5.5% over the next 10 years.
- The market for power monitoring systems is predicted to expand at a CAGR of 5% in Germany.
- Sales of power monitoring systems in China are expected to rise at a CAGR of 7.5% over the period 2023 to 2033.
- Demand for power monitoring hardware systems is predicted to grow at a CAGR of 6% from 2023 to 2033.
Recent Market Development
- In February 2020, Power Distribution, Inc., a leading provider of power distribution and power monitoring tools and services, was fully acquired by Eaton, a power management firm. The acquisition is anticipated to improve its data services.
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Competitive Landscape
In December 2020, Siemens unveiled a new PowerLink CM solution for tracking high-voltage AC and DC transmission lines. The tool is made to continuously monitor line conditions and pinpoint transmission grid issues. The innovative gadget is being introduced in response to the growing demand for reliable power supply, blackout prevention, and grid use.
Key Companies Profiled
- ABB Ltd.
- Eaton Corporation PLC
- Analog Devices, Inc.
- Advantech Co., Ltd.
- Delta Electronics, Inc.
- EXFO, Inc.
- Fluke Corporation
- Eaton Industries GmbH
- Aveva Group PLC
- ElMeasure India Pvt., Ltd.
- Albireo Energy LLC
- eGauge Systems LLC
- Accuenergy Canada Inc.
- Atandra Energy Private Limited
Key Segments of Power Monitoring Industry Research
- By Component:
- Hardware
- Software
- Services
- By End Use:
- Manufacturing & Process Industries
- Utilities & Renewables
- Public Infrastructure
- Data Centers
- Electric Vehicle Charging Stations
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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