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ENERGY & POWER

Power Monitoring Market Segmentation by Component (Software, Services, and Others); by Deployment Mode (Web-Based, and Cloud-Based); and by End-User (Manufacturing Industry, Utilities & Renewables, Public Infrastructure, EV Charging Stations, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Power Monitoring Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·    August, 2020: Schneider Electric announced the opening of its First Smart Distribution Center in Mumbai, India.

·   July, 2019: Siemens AG launched a precise power measuring device SIRIUS 3UG546 DC load monitoring relay for DC applications.

Global Power Monitoring Market Highlights over 2022 – 2030

The global power monitoring market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the changing structure of power sector, with the introduction to smart meters and smart grids, coupled with the rising need to optimize power consumption. Power monitoring systems provide various advantages, such as, improving power quality, increasing facility uptime, and reducing peak demand power factor penalties. Moreover, power monitoring can also help with conductor overheating, and enhance the lifespan of equipment, which is a major factor contributing to the market growth. The growing demand for power amongst the rising population and urban development has resulted in immense pressure on the power sector. According to the statistics by the International Energy Agency (IEA), the global electricity demand is anticipated to increase by 4.5% in 2021. The use of power monitoring to tackle various supply issues is expected to surge in the upcoming years, owing to the benefits of power monitoring systems. The population growth, urbanization, and industrial development are some of the major factors projected to indirectly boost the market growth.

Global Power Monitoring MarketThe decentralization and digitalization of power grids, along with the increasing adoption of smart electric meters is estimated to boost the market growth. Furthermore, the growing smart grid investment across the globe is assessed to be another major factor propelling the market growth. According to other data by the IEA, USD 21 billion were invested in smart meters in 2019.

Smart Meters

The market is segmented by end-user into manufacturing industry, utilities & renewables, public infrastructure, EV charging stations, and others, out of which, the EV charging stations segment is anticipated to hold the significant share in the global power monitoring market over the forecast period on account of increasing investment for setting up EV charging stations, backed by growing adoption of electric vehicles. Over USD 6 billion were invested in EV chargers in 2019, as per a report by the IEA. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Power Monitoring Market Regional Synopsis

On the basis of geographical analysis, the global power monitoring market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Europe region is estimated to witness modest growth over the forecast period on the back of digitalization of power sector, adoption of renewable energy, and high awareness amongst the population regarding energy conservation.

The market in the Asia Pacific region is anticipated to gain the largest market share throughout the forecast period owing to the highest power demand, prevalence of power theft in various sectors, and growing population in the region. APAC region is witnessing rapid industrial growth and technological advancement. Government of the countries, including, India, Singapore, and China are focusing of decentralization of electricity grid, which is further expected to boost the market growth.

Power Monitoring Market

The global power monitoring market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global power monitoring market includes the following segments:

By Component

  • Software
  • Services
  • Others

By Deployment Mode

  • Web-Based
  • Cloud-Based

By End-User

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

Growth Drivers

  • Growing Adoption of Smart Grids and Smart Meters
  • Enhanced Power Quality with Power Monitoring Systems

Challenges

  • High Initial Investment in the Market
  • Disturbance in the Supply Chain due to COVID-19 Lockdown

Top Featured Companies Dominating the Market

  • Yokogawa Electric Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Omron Corporation
  • Emerson Electric Co.
  • Johnson Controls Inc.
  • Silver Springs Networks
  • ABB Ltd.
  • Siemens AG
  • General Electric
  • Schneider Electric SE
  • Eaton Corporation plc

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