Power Monitoring Device Market Size & Share, by Device (Measuring & Monitoring Systems, Metering & Communication Devices); End-user (Manufacturing & Process Industry, Public Infrastructure, Utilities & Renewables, EV Charging Stations); Component (Hardware, Software, Services) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5301
  • Published Date: Oct 09, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.


Power Monitoring Device Market
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Power Monitoring Device Sector: Growth Drivers and Challenges

Growth Drivers

  • Rise in Concern for Lowering the Cost of Electricity- Consumers worldwide have noticed increases in electricity costs, which has raised concerns over the falling cost of energy. With this concern, it is essential for a number of utilities, individual consumers and other industries to adopt electricity monitoring systems that can monitor voltage, cost, power factor etc. with the ultimate aim of reducing energy wastage in order to help customers reduce their consumption. According to these figures, in the United States average household electricity prices have risen from around 12.5 cents (KWh) for 2018 to approximately 13 cents (KWh) this year.
  • Increasing Demand for Electricity- A number of countries around the globe have increased their power generation capacity due to an increase in electricity demand. The power monitoring device must be in place for all these plants. The International Energy Agency claims that since 2010 global electricity demand has increased 65 %, which is the largest ever increase of more than 1500 terawatt hours in 2021. Moreover, China is expected to make up a third of global electricity demand by 2025, as compared with 5% in 1990 and 25% in 2015,.
  • Increasing Investments in Smart Grid Deployment Projects- Smart grid deployment projects are also being implemented across the world, and it is estimated that market growth will be driven by increasing demand for electricity. In order to meet the varied electricity needs of end users, a Smart Grid is using Digital and Other Advanced High-End Technology for Monitoring and Management of Electricity Transmission from All Energy Sources. For instance, investments in smart grid projects in the state of Uttar Pradesh were planned by the Energy Efficiency Service Limited in India.

Challenges

  • Rising Cost of High-End Monitoring Devices- They are available at a very high price range because of the wide difference in quality, design and technological characteristics. The measuring and monitoring apparatus shall be priced at a range of 150-400 USD, while the meters and communication equipment shall be priced between 90 to 500 USD. The products in the high price range are well equipped with advanced technologies, providing more efficient and noncompromising quality of systems' functioning or product life. Despite the price itself being a major drawback.
  • Availability of Alternatives Such as Energy Management Systems Is Anticipated to Hinder the Market Growth.
  • Fluctuating Raw Material Prices May Hamper the Growth of the Market.

Power Monitoring Device Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 6%

Base Year Market Size (2023)

 ~ USD 3.5 Billion

Forecast Year Market Size (2036)

 ~ USD 7.5 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Power Monitoring Device Segmentation

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:

                                     Device

  • Measuring & Monitoring Systems
  • Metering & Communication Devices

                                     Component

  • Hardware
  • Software
  • Services

                                     End User

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

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Power Monitoring Device Industry - Regional Synopsis

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.

Research Nester
Power Monitoring Device Market size
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Companies Dominating the Power Monitoring Device Landscape

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
    • Weidmuller Interface GmbH & Co. KG
    • Rockwell Automation Inc.
    • Analog Devices, Inc.
    • Eaton Corporation PLC

In the News

  • Eaton launched a remote monitoring application designed specifically for industrial process customers. This new offering is an expansion of Eaton's portfolio of intelligent power management solutions. It leverages Eaton's digital foundation to enable industrial customers to optimize power utilization. The goal is to enhance power management and make informed decisions based on the collected information.
  • Analog Devices, Inc. introduced an enhanced range of battery management system products. This expanded portfolio incorporates ASIL-D functional safety capabilities. The products also feature innovative low-power functionalities. These advancements enable the uninterrupted monitoring of batteries.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5301
  • Published Date: Oct 09, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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

The market size of power monitoring device is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2024-2036.

The major players in the market are ABB Ltd, Siemens Aktiengesellschaft, Emerson Electric Co., FINDER S.p.A., PHOENIX CONTACT, Weidmuller Interface GmbH & Co. KG, Rockwell Automation Inc., and others.

The measuring & monitoring systems segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Power Monitoring Device Market Report Scope
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