Power Monitoring Device Industry - Regional Synopsis
North America Market Forecast
North America industry is expected to account for largest revenue share of 38% by 2037. 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.
