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.
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 |
|
Growth Drivers
Challenges
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 |
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By End User |
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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.
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
Ans: Increasing investments in smart grid deployment projects are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of 5.7% over the forecast period, i.e., 2023 – 2033.
Ans: Rising cost of high-end monitoring devices is estimated to be the growth hindering factors for the market expansion.
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.
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
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.
Ans: The market is segmented by device, end user, and by region.
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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