Power Monitoring Device Market Size & Share, by Device (Measuring & Monitoring Systems, Metering & Communication Devices); End-user (Manufacturing & Process, Public Infrastructure, Utilities & Renewables, EV Charging Stations) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4775
  • Published Date: Mar 31, 2023
  • Report Format: PDF, PPT
  1. An Outline of the Power Monitoring Device Market
    1. Market Definition
    2. Market Segmentation
    3. Product Overview
  2. Assumptions & Abbreviations
  3. Research Methodology & Approach
    1. Research Process
    2. Primary Research
    3. Secondary Research
    4. Market Size Estimation
  4. Summary of the Report for Key Decision Maker
  5. Forces of the Market Constituents
    1. Factors/drivers impacting the growth of the market
    2. Market trends for better business practices
  6. Key Market Opportunities for Business Growth
  7. Major Roadblocks for the Market Growth
  8. Government Regulation
  9. Technology Transition and Adoption Analysis
  10. Industry Risk Analysis
  11. Global Economic Outlook: Challenges for Global Recovery and its Impact on Global Power Monitoring Device Market
    1. Ukraine-Russia crisis
    2. Potential US economic slowdown
  12. Impact of COVID-19 Impact on Global Power Monitoring Device Market
  13. Regional Analysis on Power Monitoring Device Market
  14. Industry Pricing Benchmarking & Analysis
  15. Industry Supply Chain Analysis
  16. Use Case Analysis
  17. Analysis on Ongoing Technological Advancement in Power Monitoring Device Market
  18. Analysis on Types of Power Monitor
  19. Analysis on Power Monitoring Software and Services
  20. End User Analysis
  21. Comparative Feature Analysis
  22. Competitive Positioning: Strategies to differentiate a company from its competitors
  23. Competitive Model: A Detailed Inside View for Investors
    1. Market Share Analysis, 2022
    2. Business Profiles of Key Enterprises
      1. Schneider Electric
      2. ABB Ltd
      3. Siemens Aktiengesellschaft
      4. Emerson Electric Co.
      5. FINDER S.p.A.
      6. PHOENIX CONTACT
      7. Weidmüller Interface GmbH & Co. KG
      8. Yokogawa Electric Corporation
      9. OMRON Corporation
      10. Rockwell Automation Inc.
      11. Fuji Electric FA Components & Systems Co., Ltd.
  24. Global Power Monitoring Device Market 2022-2033 Outlook & Projections, Opportunity Assessment, 2022 to 2033
    1. Market Overview
    2. Market revenue by value (USD Million) and compound annual growth rate (CAGR)
    3. Market revenue by volume (Thousand Units)
    4. Year-on-Year (Y-o-Y) growth trend analysis
      1.  Global Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by Device, 2022-2033
        1. Measuring and Monitoring Systems, 2022-2033F (USD million & Thousand Units)
        2. Metering & Communication Devices, 2022-2033F (USD million & Thousand Units)
      2. Global Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by End User, 2022-2033
        1. Manufacturing & Process Industry, 2022-2033F (USD Million & Thousand Units)
        2. Public Infrastructure, 2022-2033F (USD Million & Thousand Units)
        3. Utilities & Renewables, 2022-2033F (USD Million & Thousand Units)
        4. EV Charging Stations, 2022-2033F (USD Million & Thousand Units)
        5. Others, 2022-2033F (USD Million & Thousand Units)
      3. Global Power Monitoring Device Market Demand Outlook & Projections, Market Performance by Geography, 2022 to 2033
        1. Market Overview
        2. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
        3. Market Revenue by Volume (Thousand Units)
        4. Year-on-Year (Y-o-Y) Growth Comparative Analysis
          1. North America
          2. Europe
          3. Asia Pacific
          4. Latin America
          5. Middle East & Africa
  25. North America Power Monitoring Device Demand Outlook & Projections, 2022 to 2033: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Analysis on Govt. Guidelines, Trends in the Region & Impact on Y-O-Y Revenue
    3. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    4. Market Revenue by Volume (Thousand Units)
    5. Year-on-Year (Y-o-Y) Growth Trend Analysis
      1. North America Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by Device, 2022-2033
        1. Measuring and Monitoring Systems, 2022-2033F (USD Million & Thousand Units)
        2. Metering & Communication Devices, 2022-2033F (USD Million & Thousand Units)
      2. North America Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by End User, 2022-2033
        1. Manufacturing & Process Industry, 2022-2033F (USD Million & Thousand Units)
        2. Public Infrastructure, 2022-2033F (USD Million & Thousand Units)
        3. Utilities & Renewables, 2022-2033F (USD Million & Thousand Units)
        4. EV Charging Stations, 2022-2033F (USD Million & Thousand Units)
        5. Others, 2022-2033F (USD Million & Thousand Units)
      3. North America Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by Country, 2022-2033
        1. United States, 2022-2033F (USD Million & Thousand Units)
        2. Canada, 2022-2033F (USD Million & Thousand Units)
  26. Europe Power Monitoring Device Market Demand Outlook & Projections, 2022 to 2033: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Analysis on Govt. Guidelines, Trends in the Region & Impact on Y-O-Y Revenue
    3. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    4. Market Revenue by Volume (Thousand Units)
    5. Year-on-Year (Y-o-Y) Growth Trend Analysis
      1. Europe Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by Device, 2022-2033
      2. Europe Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by End User, 2022-2033
      3. Europe Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by Country, 2022-2033
        1. United Kingdom, 2022-2033F (USD Million & Thousand Units)
        2. Germany, 2022-2033F (USD Million & Thousand Units)
        3. France, 2022-2033F (USD Million & Thousand Units)
        4. Italy, 2022-2033F (USD Million & Thousand Units)
        5. Spain, 2022-2033F (USD Million & Thousand Units)
        6. Russia, 2022-2033F (USD Million & Thousand Units)
        7. Netherlands, 2022-2033F (USD Million & Thousand Units)
        8. Rest of Europe, 2022-2033F (USD Million & Thousand Units)
  27. Asia Pacific Power Monitoring Device Market Demand Outlook & Projections, 2022 to 2033: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Analysis on Govt. Guidelines, Trends in the Region & Impact on Y-O-Y Revenue
    3. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    4. Market Revenue by Volume (Thousand Units)
    5. Year-on-Year (Y-o-Y) Growth Trend Analysis
      1.   Asia-Pacific Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by Device, 2022-2033
      2. Asia-Pacific Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by End User, 2022-2033
      3. Asia Pacific Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by Country, 2022-2033
        1. China, 2022-2033F (USD Million & Thousand Units)
        2. India, 2022-2033F (USD Million & Thousand Units)
        3. Japan, 2022-2033F (USD Million & Thousand Units)
        4. South Korea, 2022-2033F (USD Million & Thousand Units)
        5. Singapore, 2022-2033F (USD Million & Thousand Units)
        6. Australia, 2022-2033F (USD Million & Thousand Units)
        7. Rest of Asia Pacific, 2022-2033F (USD Million & Thousand Units)
  28. Latin America Power Monitoring Device Market Demand Outlook & Projections, 2022 to 2033: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Analysis on Govt. Guidelines, Trends in the Region & Impact on Y-O-Y Revenue
    3. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    4. Market Revenue by Volume (Thousand Units)
    5. Year-on-Year (Y-o-Y) Growth Trend Analysis
      1. Latin America Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by Device, 2022-2033
      2. Latin America Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by End User, 2022-2033
      3. Latin America Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by Country, 2022-2033
        1. Brazil, 2022-2033F (USD Million & Thousand Units)
        2. Mexico, 2022-2033F (USD Million & Thousand Units)
        3. Argentina, 2022-2033F (USD Million & Thousand Units)
        4. Rest of Latin America, 2022-2033F (USD Million & Thousand Units)
  29. Middle East & Africa Power Monitoring Device Market Demand Outlook & Projections, 2022 to 2033: A Comprehensive Study for Stakeholders
    1. Market Overview
    2. Analysis on Govt. Guidelines, Trends in the Region & Impact on Y-O-Y Revenue
    3. Market Revenue by Value (USD Million) and Compound Annual Growth Rate (CAGR)
    4. Market Revenue by Volume (Thousand Units)
    5. Year-on-Year (Y-o-Y) Growth Trend Analysis
      1. Middle East & Africa Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by Device, 2022-2033
      2. Middle East & Africa Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by End User, 2022-2033
      3.  Middle East and Africa Power Monitoring Device Market Outlook & Projections, Opportunity Assessment by Country, 2022-2033
        1. Israel, 2022-2033F (USD Million)
        2. GCC, 2022-2033F (USD Million & Thousand Units)
        3. South Africa, 2022-2033F (USD Million & Thousand Units)
        4. Rest of Middle East & Africa, 2022-2033F (USD Million & Thousand Units)

Global Power Monitoring Device Market Size, Forecast, and Trend Highlights Over 2022 - 2033

The global power monitoring device market size is estimated to reach USD 6,355.6 million by the end of 2033 by growing at a CAGR of 5.7% over the forecast period, i.e., 2023 – 2033. In addition to this, in the year 2022, the market size of power monitoring device was USD 3,497.1 million in the year 2022. The growth of the market can be attributed to the increasing focus on effective utilization of power resources. Further, the growing awareness and government initiatives across the globe regarding the utilization of power monitoring devices are also expected to add to the market growth. 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 to these, factors that are believed to fuel the market growth of power monitoring devices, include the growing investments in data centers, which results in an increase in the need for monitoring its electrical power distribution infrastructure, thereby surging the demand for power monitoring devices. For instance, data center facilities have thousands of electronic components including servers, cooling equipment, power backup and generators, networking equipment, and others, which require round the clock power supply to keep the IT operations of a company running. The data centers are estimated to use more than 200 terawatt hours each year globally. In India in December 2022, data centers received investments of USD 10 billion owing to the growth in data consumption.


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Global Power Monitoring Device Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

5.7%

Base Year Market Size (2022)

USD 3,497.1 Million

Forecast Year Market Size (2033)

USD 6,355.6 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, South Korea, Australia, Singapore, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Rest of Europe)
  • Middle East and Africa (Israel, GCC, South Africa, Rest of the Middle East and Africa)

Global Power Monitoring Device Market: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Rise in Concerns for Lowering the Cost of Electricity – Consumers across the world have been observing an increase in electric bills, leading to a rise in concerns about lowering the cost of electricity. These concerns have forced multiple utility companies, individual consumers, and other industries to pave their way toward power monitoring systems that are capable of tracking voltage, cost, power factor, and frequency and eventually assist consumers in reducing the wastage of electricity. As per the reported data, the average residential electricity price has increased from around 12.5 cents (KWh) in 2018 to 13 cents (KWh) in 2019 in the United States.
  • Increasing Investments in Smart Grid Deployment Projects – Owing to the increasing need for power consumption, smart grid deployment projects are also increasing across the world and are estimated to drive market growth. A smart grid uses digital and other advanced high-end technologies to monitor and manage the transport of electricity from all generation sources to meet the varying electricity demands of end users. For instance, in India, the Energy Efficiency Service Limited planned investments for the smart grid project in the state of Uttar Pradesh. Under this project, the EESL planned to install various power monitors, both in the industrial as well as the residential sector, between 2019 and 2022. Besides, the European utilities installed a significant number of smart grids between the years 2016-2020.
  • Increasing Demand for Electricity – As the electricity demand is increasing, many countries across the globe are increasing their power generation capacity. All such plants need power monitoring devices. According to the IEA, an increase of over 1500 terawatt-hours in 2021 was the largest ever, a 6% rise in global electricity demand since 2010. Besides, according to the World Economic Forum, China will account for a third of global electricity demand by 2025, up from 5% in 1990 and 25% in 2015.
  • Rising Population and Flourishing Manufacturing Sector – Growing population and thereby manufacturing sector have led to increased power consumption, owing to which the industries need to monitor their consumption of power. For instance, according to the World Bank, manufacturing value added (% of GDP) was 16% in 2020 and was 17% in 2021. Additionally, according to the India Brand Equity Foundation, the government of India’s initiatives such as the National Manufacturing Policy, which aims to increase the share of manufacturing in GDP to 25 percent by 2025.
  • Rising Demand for Energy Management – The governments in several countries encourage the use of effective energy management devices to save energy and its related costs, which is increasing the adoption of power monitoring devices. For instance, according to the Japanese Government’s Fiscal 2023 Budget Plan, the industry ministry earmarked about USD 196 million, to offer subsidies to companies introducing energy-saving equipment as part of measures to enhance energy security.

Challenges

  • Rising Cost of High-End Monitoring Devices - Owing to the vast differences in quality, specifications, and technical features, they are available under a vast price range. The measuring and monitoring system come under the range of USD 150-400, while the metering and communication device comes in the range of USD 90-500. The 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.
  • Availability of Alternatives Such as Energy Management Systems
  • Fluctuating Raw Material Prices


Global Power Monitoring Device Market Segmentation

The global power monitoring device market is segmented and analyzed for demand and supply by device into measuring & monitoring systems, and metering & communication devices. Out of the two devices of power monitoring, the measuring and monitoring systems segment is estimated to gain the largest market revenue by the end of 2033. The growth of the segment can be attributed to the increasing demand for tracking power consumption in residential and industrial sectors. For instance, consumers across the world have been observing an increase in electric bills. The continued growth in demand for electricity has put a rising strain on electricity generation and transmission facilities and developed worries about fulfilling the future demand. Household energy bills increased by 54% in April 2022 in the United Kingdom. However, the metering & communication devices segment is estimated to grow at highest CAGR of 6.1% over the forecast period.

The global power monitoring device market is also segmented and analyzed for demand and supply by end-user into manufacturing & process industry, public infrastructure, utilities & renewables, EV charging stations, and Others. Amongst these five segments, the utilities & renewables segment is expected to garner a significant share with a revenue of USD 2,389.1 Million in the year 2033, up from USD 1,259.8 Million in the year 2022 owing to the rise in the installation of renewables across the globe, which increases the demand to monitor energy through the installation of monitoring devices to monitor the generation and transmission of energy. For instance, renewable energy generates about 20% of all U.S. electricity. Solar and wind were expected to add more than 60% of the utility-scale generating capacity to the U.S. power grid in 2022. Besides, according to the Invest India, IREDA announced to establish office in Gujarat’s GIFT city in February 2023 to finance Renewable Energy projects in foreign currency.

Our in-depth analysis of the global power monitoring device market includes the following segments:

      By Device

  • Measuring & Monitoring Systems
  • Metering & Communication Devices

    By End User

  • Manufacturing & Process Industry
  • Public Infrastructure
  • Utilities & Renewables
  • EV Charging Stations
  • Others

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Global Power Monitoring Device Market Regional Synopsis

The market share of power monitoring device in North America, amongst the market in all the other regions, is projected to hold the largest market revenue of USD 2,021.1 Million in the year 2033, up from USD 1,157.5 Million in the year 2022. The growth of the market can be attributed majorly to the increasing demand for power monitoring systems owing to an increase in investments in smart meters to upgrade the aging power infrastructure in the region. For instance, according to the U.S. Energy Information Administration, U.S. electric utilities had about 111 million advanced (smart) metering infrastructure (AMI which measure and record electricity usage at a minimum of hourly intervals and that provide the data to both the utility and the utility customer at least once a day) installations in 2021, equal to about 69% of total electric meters installations. Residential customers accounted for about 88% of total AMI installations, and about 69% of total residential electric meters were AMI meters. Further, high power consumption and high demand for energy management, as well as growing industrialization in the region, are also anticipated to contribute to the market growth in the region.

The Asia Pacific power monitoring device market is expected to register the fastest growth of the market with a CAGR of 6.1 percent over the forecast period owing to the increasing smart city initiatives in the region. The growth of remote monitoring and controlling of power grids has boosted the smart grid market, consequently increasing the demand for power monitoring devices. For instance, India launched its 'Smart City Mission’ initiative to transform its urban landscape. In 2020, the total investments for the initiative stood at USD 4.31 billion. By the end of 2020, 2,122 projects worth USD 4.83 billion were completed. 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. For instance, in June 2021, the Government of India declared its plan to replace the present, traditional existing electric grids with smart grids. This would further raise the need for power monitoring systems in the upcoming years.

The power monitoring device market in Europe is projected to witness significant growth over the forecast period, with a revenue of USD 1,894.0 Million in the year 2033, up from USD 1,028.1 Million in the year 2022. The growth of the region can be attributed to the increasing demand for power monitoring systems to reduce energy costs, followed by the increased concerns about high electricity bills. In the recent past, consumers across the world have been observing an increase in electric bills, leading to a rise in concerns about lowering the cost of electricity. The UK Government announced various schemes that outline plans to help cut energy bills for businesses. Through a new government Energy Bill Relief Scheme, the government will provide a discount on wholesale gas and electricity prices for all non-domestic customers. It will generate demand for power monitoring systems as they will allow the correct readings of electricity and will allow the government to check the detailed ratings.

Research Nester
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Top Featured Companies Dominating the Global Power Monitoring Device Market

top-features-companies
    • Schneider Electric
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • 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.

In-the-news

In The News

  • Siemens to provide EnergyIP meter data management system for 1.2 million smart meters. Siemens Smart Infrastructure and its partners, Sagemcom and BitÄ— Lietuva, participated in the smart meter rollout in Lithuania which will help reduce electricity consumption by up to 6 percent, power loss by more than 10 percent.

  • CyanConnode secured a contract with Schneider Electric for two major new orders, one in India, for 152,000 smart meter modules, and the other in Africa for 100,000 modules. Both are plus associated gateways, software licences and maintenance for full Advanced Metering Infrastructure (AMI).


Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 4775
  • Published Date: Mar 31, 2023
  • Report Format: PDF, PPT

Key Questions Answered in the Report

1) What are the major factors driving the growth of the power monitoring device market?

Ans: Increasing investments in smart grid deployment projects are the major factors driving the market growth.

2) What would be the CAGR of power monitoring device market over the forecast period?

Ans: The market is anticipated to attain a CAGR of 5.7% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the power monitoring device market growth?

Ans: Rising cost of high-end monitoring devices is estimated to be the growth hindering factors for the market expansion.

4) Which region will provide more business opportunities for growth of power monitoring device market in future?

Ans: The market in the North American region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the power monitoring device market?

Ans: The major players in the market are 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

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the power monitoring device market?

Ans: The market is segmented by device, end user, and by region.

8) Which segment captures the largest market size in the device segment in the power monitoring device market?

Ans: The measuring & monitoring systems segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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