Power Monitoring Device Market Share

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

Power Monitoring Device Market Share

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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Author Credits:  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.
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