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 2037. 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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