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

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