Power Monitoring Device Market size is expected to cross USD 7.5 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of power monitoring device was over USD 3.5 Billion. The increased focus on the effective use of power resources is a factor that has contributed to market growth. Moreover, the market is also set to benefit from an increasing awareness and government initiatives on using power monitoring equipment around the world. For instance, in 2021, the New Zealand government funded the eastern Bay of plenty 20 degrees energy hardship collaboration, which will be providing energy education, monitoring, and energy-saving initiatives to households.
In addition, the factors that are said to boost the growth of power measuring equipment, e.g. increased investments in data centers resulting in a higher demand for monitoring electrical distribution devices is also one factor which is likely to enhance market growth. Data center facilities are equipped with thousands of electrical components, e.g. servers, cooling units, power converters, generators, communication equipment and others that require continuous energy supply in order to run information technology operations at a company's premises. It is estimated that, globally, data centers use more than 200 terawatt hours per year. In December 2022, India's data center industry received investments of USD 10 billion as a result of growing data consumption.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 6% |
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Base Year Market Size (2023) |
~ USD 3.5 Billion |
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Forecast Year Market Size (2036) |
~ USD 7.5 Billion |
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Regional Scope |
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Device (Measuring & Monitoring Systems, Metering & Communication Devices)
The measuring & monitoring systems segment in the power monitoring device market is estimated to hold 58% of the revenue share by 2036. Increasing demand for electricity consumption monitoring in industry and homes is a factor driving the growth of this segment. For instance, consumers in all countries are reporting a rise in their electricity bills. The continued growth of electricity demand has resulted in an increasing strain on the power generation and transmission networks as well as a growing concern over how to meet future demand. As a result, there has been surging demand for measuring and monitoring systems. In April 2022 in the United Kingdom households' energy bills went up by 54%.
End-User (Manufacturing & Process Industry, Public Infrastructure, Utilities & Renewables, EV Charging Stations)
Power monitoring device market from the utilities & renewables segment is anticipated to account for 42% of the revenue share during the forecast period due to the increase in the installation of renewable energy technologies around the world that is making it more important than ever to install monitoring devices, which will allow power generation and transmission to be monitored. Renewable energy, such as wind power, is producing about 20% of all electricity in the US. By 2022, renewable energy sources, like solar and wind power, were expected to contribute more than 60 % of the US grid's electricity generation capacity. Moreover, in February 2023 IREDA will open a branch in Gujrat GIFT city for financing renewable energy projects in foreign currency, as reported by Invest India.
Our in-depth analysis of the global market includes the following segments:
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Device |
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Component |
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End User |
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North America Market Forecast
The North America power monitoring device market is anticipated to hold around 38% of the revenue share during the forecast period. Increasing demand for energy monitoring systems is primarily responsible for the growth in this market, as there has been an increase in investment in smart meters which are used to improve ageing power infrastructure across the region. In fact, according to the US Energy Information Agency, in 2021 there are over 111 million advanced metering infrastructure installations of USA electricity utilities that represent about 66% of all electrical meters installed. About 88% of the total AMI installations were residential customers, and about 69% of the total residential electric meters were AMI meters.
APAC Market Statistics
The Asia Pacific region is anticipated to account for 25% share of the global power monitoring device market during the forecast period. This is because of the increasing number of smart cities initiatives in this region. The market for intelligent grid devices has grown as a result of the rise in remote monitoring and control of electricity grids, leading to greater use of power monitoring equipment. In fact, India has launched an initiative called the Smart Cities Mission which aims to turn its urban landscape. The total amount of investments for the initiative amounted to USD 4.31 billion by 2020. A total of 2122 projects amounting to USD 4.83 billion were carried out at the end of 2020. The governments of various countries in the region have mandated smart grids in place of conventional power grids and have considered them critical for national energy policies.
Author Credits: Payel Roy, Dhruv Bhatia
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