Power Monitoring - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Power Monitoring Market is accounted for $3.56 billion in 2018 and is expected to reach $6.60 billion by 2027 growing at a CAGR of 7.1%. Rising focus on effective utilization of power resources, increasing attention to reducing energy cost. However, higher costs of high-end monitoring devices are likely to hamper the profit boundaries.
Power monitoring is a network of meters connected to a power system in order to provide real-time data. All electrical equipment in a facility are connected to meters. Power monitoring system performs several functions such as increase facility uptime, improve response to power related issues, verify reliable power equipment operation, improve power quality, enhance the lifespan of highly advanced equipment, prevent conductors from overheating, protect and control the network, reduce peak demand power factor penalties, and ensure energy contract compliance. It allows to create a proactive approach to energy management. Effective use of power monitoring system depends on selecting correct meters to capture data and events and using the right software to visualize and conduct analysis.
Based on the end user, the hardware segment is projected to the largest market share. This is because of its increasing number of smart grid deployment projects, increasing smart grid investments globally, and government regulations to install smart meters to reduce carbon emissions. By geography, North America is estimated to be the largest market. This is because a power monitoring system is expected to play a significant role in upgrading the aging power infrastructure in the region. The US has seen a rising demand for power monitoring systems due to an increase in investments in smart meters to enhance the intelligent infrastructure across the country.
Some of the key players in the Power Monitoring Market include ABB, Accuenergy, Albireo Energy, Eaton, Emerson, Fluke Corporation, Fuji Electric Fa Components & Systems, General Electric, Littelfuse , Mitsubishi Electric, Omron, Rockwell Automation, Samsara, Siemens, Veris Industries and Yokogawa
End Users Covered:
• Utilities & Renewables
• Public Infrastructure
• Manufacturing & Process Industry
• Electric Vehicle Charging Station
• Data Center
• Others End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
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- Covers Market data for the years 2017, 2018, 2019, 2023 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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- Competitive landscaping mapping the key common trends
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- Supply chain trends mapping the latest technological advancements
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