Research Nester assesses the growth of global power monitoring device market which is anticipated to be on account of the increasing focus on effective utilization of power resources.
New York – March 22, 2023 - Research Nester’s recent market research analysis on “Power Monitoring Device Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global power monitoring device market in terms of market segmentation by device, end user, and by region.
Increasing Number of Smart Grid Deployment Projects to Drive Growth of Global Power Monitoring Device Market
The global power monitoring device market is estimated to grow majorly on account of the increasing number of smart grid deployment projects. For instance, China planned to make an investment of more than USD 7,59 billion, in 2022, in collaboration with the State Grid Corporation of China. Besides, according to the IEA, global investments in electricity grids were USD 309 billion in 2021, USD 292 billion in 2020, and USD 293 billion in 2019. Moreover, a smart grid monitors and manages the transport of electricity from all generation sources to meet the varying electricity demands of end users using digital and other advanced high-end technologies.
Furthermore, the surging use of electricity for various purposes is predicted to boost the growth of the global power monitoring device market. Many countries around the world are increasing their power generation capacity as electricity demand rises. All of these plants require power monitoring devices. According to the IEA, the increase in global electricity demand in 2021 will be the largest ever, with a 6% increase since 2010.
Some of the major growth factors and challenges that are associated with the growth of the power monitoring device market are:
- Increase in electric bills leading to the rise in concerns for lowering the cost of electricity
- The rising demand for energy management
The rising cost of high-end monitoring devices, and the availability of alternatives such as energy management system are some of the major factors anticipated to hamper the growth of the global power monitoring device market. In addition, the while products falling in the high price range are highly equipped with top-notch technologies, providing a superior level of efficiency and non-compromising quality in terms of the system's working or the life of the product. Although a significant drawback is the price itself. Regions with a substantial low-income population will face it as a restraint, and people will restrict themselves from installing such high-end power monitoring systems owing to lower incomes. Therefore, it is anticipated to hamper the market’s growth in the upcoming years.
By end user, the global power monitoring device market is segmented into manufacturing & process industry, public infrastructure, utilities & renewables, EV charging stations, and Others. The utilities & renewables segment is expected to garner a highest revenue by the end of 2035, of USD 2,389.1 Million in the year 2035, up from USD 1,259.8 Million in the year 2022. Moreover, the segment is growing at a significant CAGR over the forecast period owing to the rise in installation of renewables across the globe. It is anticipated to witness the witness the highest growth, 6.1% from 2023 to 2035. Furthermore, there has been an increasing adoption of power monitors in this sector is primarily attributed to their ability to track and respond to power anomalies. In addition, the electricity generated from the renewable sources are tracked with the help of power monitoring devices, along with its consumption in different sectors, that is further projected to surge the growth of the segment.
By region, the North America power monitoring device market is anticipated to generate the highest revenue by the end of 2035. The market’s revenue in the region is predicted to grow at a revenue of USD 2,021.1 Million in the year 2035, up from USD 1,157.5 Million in the year 2022. This growth is anticipated by increasing demand for power monitoring systems owing to an increase in investments in smart meters to upgrade the aging power infrastructure in the region. The rapidly adopted smart grid technologies and investments in IT hubs and data centers, in particular, are significantly contributing to the substantial growth of the power monitoring market in the region. For instance, according to a paper published by the US International Trade Commission, the deployment of smart grids was anticipated to increase significantly by the end of 2020. With the increasing investment in smart grids, the demand for power monitoring systems is also expected to increase in the upcoming years.
This report also provides the existing competitive scenario of some of the key players of the global power monitoring device market which includes company profiling of Schneider Electric, ABB Ltd, Siemens Aktiengesellschaft, Emerson Electric Co., FINDER S.p.A., PHOENIX CONTACT, Weidmüller Interface GmbH & Co. KG, Yokogawa Electric Corporation, OMRON Corporation, Fuji Electric FA Components & Systems Co., Ltd., Rockwell Automation Inc., and others.