As per the projections by Future Market Insight, the global power monitoring market is set to witness substantial growth, reaching a value of USD 5.3 billion by 2033. This represents a significant increase from its estimated valuation of USD 3.2 billion in 2023, reflecting a CAGR of 5.2%.
The demand for power monitoring systems is driven by several important factors, including:
- The increasing focus on cost-cutting measures
- Maximizing the reliability of electrical infrastructure
- The efficient utilization of electricity resources
The demand for electricity has witnessed a notable recent increase, particularly in the industrial sector. This surge in power usage is attributed to multiple factors. Firstly, the global population is growing steadily and economies are thriving. These factors are contributing to the intensified demand for electricity. This escalating power demand highlights the importance of implementing effective power monitoring systems.
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Global energy consumption is rising drastically. This is specifically noticeable in the power sector. The increasing tendency of urbanization and industrialization is largely responsible for this surge. An extensive amount of energy is required for these sectors to remain operational. As a result, demand for power monitoring systems is rising.
The deployment of smart grid projects is increasing in many countries. Governments around the globe are making significant investments in smart grid technologies. The main focus of these investments is to reduce carbon emissions. Smart grid technologies play a crucial role in achieving this objective. This focus leads to support for the installation of smart meters. Consequently, these factors contribute to the rising demand for power monitoring hardware.
Governments across the world are also prioritizing the reduction of energy costs. Many governments actively encourage the adoption of energy management tools. These tools aim to enhance efficiency and reduce energy consumption. The goal is also to lower associated expenses. These factors play a significant role in driving the growth of the power monitoring systems market.
By 2033, the Asia Pacific region is projected to hold the leading market share compared to other regions. This can be attributed to certain factors, including:
- High power demand
- The prevalence of power theft across various sectors
- Growing population.
The rapid urbanization and industrialization in the region also make power monitoring systems even more crucial. Power monitoring sales in China and Japan are likely to experience significant growth. Governments in these countries are prioritizing the decentralization of the electricity grid. This is expected to open up growth opportunities during the forecast period.
Key Takeaways from the Power Monitoring Market
- The power monitoring industry in the United States is predicted to reach USD 1 billion by 2033
- The power monitoring industry in the United Kingdom is estimated to expand at a CAGR of 5.0% between 2023 and 2033
- During the forecast period, the power monitoring industry in China is expected to reach a market valuation of USD 1.1 billion
- The power monitoring industry in Japan is predicted to boom at a 5.1% CAGR through 2033
- South Korea’s power monitoring industry is predicted to achieve a market revenue of USD 250.3 million by 2033
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Competitive Landscape of the Power Monitoring Market
Market players are adopting various strategies to gain a competitive edge and cater to customers’ evolving needs. Key strategies include:
- Investing in research and development to introduce innovative power monitoring solutions and technologies
- Focusing on collaborations, partnerships, and acquisitions to expand their product portfolio and geographical presence
- Offering customized and integrated solutions to meet specific customer requirements
- Making significant investments in marketing and promotional activities to enhance brand visibility
- Emphasizing energy efficiency and sustainability aspects in power monitoring solutions
- Enhancing and upgrading products based on market feedback and technological advancements
- Strengthening strategic alliances with different organizations to foster the adoption of power monitoring solutions
Key Players
- ABB Ltd.
- Eaton Corporation PLC
- Analog Devices, Inc.
- Advantech Co., Ltd.
- Delta Electronics, Inc.
Recent Developments by Key Market Players
- In May 2021, Analog Devices, Inc. introduced an enhanced range of battery management system products. This expanded portfolio incorporates ASIL-D functional safety capabilities. The products also feature innovative low-power functionalities. These advancements enable the uninterrupted monitoring of batteries.
- In November 2020, Eaton launched a remote monitoring application designed specifically for industrial process customers. This new offering is an expansion of Eaton’s portfolio of intelligent power management solutions. It leverages Eaton’s digital foundation to enable industrial customers to optimize power utilization. The goal is to enhance power management and make informed decisions based on the collected information.
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Power Monitoring Market Segmentation
By Component:
- Hardware
- Software
- Services
By End Use:
- Manufacturing & Process Industry
- Utilities & Renewables
- Public Infrastructure
- Datacenters
- Electric Vehicle Charging Stations
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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