The $5.2 Billion World Power Monitoring Market, 2024 Insights & Outlook - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 19, 2019--
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.
- Increasing Focus on Effective Utilization of Power Resources
- Growing Attention to Reducing Energy Cost
- Maximizing the Reliability of Electrical Infrastructure
- Higher Costs of High-End Monitoring Devices
- Increasing Adoption of Smart Grid Technologies
- Growing Focus on Industrial Developments
- Availability of Alternatives Such as Energy Management System
(Overview, Product Offerings, Recent Developments, and SWOT Analysis)
- Schneider Electric
- General Electric
- Rockwell Automation
- Mitsubishi Electric
- Fuji Electric Fa Components & Systems
- Fluke Corporation
- Veris Industries
- Albireo Energy
- Vacom Technologies
- ETAP - Operation Technology
- Greystone Energy Systems
For more information about this report visit https://www.researchandmarkets.com/r/3tfyb0
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INDUSTRY KEYWORD: TECHNOLOGY ENERGY HARDWARE UTILITIES
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 11/19/2019 08:21 AM/DISC: 11/19/2019 08:21 AM