Power Monitoring Market Size & Share, by Component (Software, Services, Hardware); Deployment Board (Web-based, Cloud-based); End-user (Manufacturing, Utilities & Renewables, Public Infrastructure, EV Charging Stations) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3674
  • Published Date: Apr 24, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Power Monitoring Market size is estimated to reach USD 15 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023-2035. The growth of this market is attributed to the growing demand for power monitoring in the industrial sector and the rising demand for power monitoring tools. Rapid expansion in the manufacturing industry and also the significant need for power reliability in the industrial atmosphere are factors driving the growth of this market. According to statics, power dependability is the top issue for 75% of industrial clients, and 85% said that power outages would significantly affect their business operations.

Additionally, the power monitoring system is also used to trace the actual power utilized in installed devices in industrial and commercial buildings, particularly in data centers and manufacturing sectors in order to grow energy efficiency. They have a flexible power distribution system and attain mileage grade, which are the two advantages of a power monitoring system in the end-user sector. Additionally, power supply through UPS, growing digitalization, and cloud computing are factors driving the growth of this market. As per the financial data, the global digital transformation held a market revenue of USD 500 billion in 2020.


Power Monitoring Market
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Power Monitoring Market: Key Insights

Base Year

2022

Forecast Year

2023 – 2035

CAGR

~6%

Base Year Market Size (2022)

~USD 4 billion

Forecast Year Market Size (2035)

~ USD 15 billion

Regional Synopsis

  • 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 Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Growing Adoption of Smart Grids and Smart Meters – In terms of renewable energy sources and utilities, smart grids, and smart meters are the primary factor expected to drive the industry growth. As per a report by U.S. Energy Information Administration, in 2020 around 103 million AMIs were installed in the United States.
  • Enhanced Power Quality with Power Monitoring Systems – Power monitoring systems are designed to measure and monitor power quality parameters, including voltage, current, frequency, power factor, and harmonic distortion, among others. A power monitoring system improves power quality. Therefore, it is expected to fuel the growth of this market in the forecast period. The U.S. Department of Energy estimates that the implementation of power monitoring and control systems can result in energy savings of 5% to 15%, with some companies reporting improvement in the power quality to 30.
  • Increasing Commercial and Industrial Sector – A power monitoring system plays a vital role industrial and commercial sector for various power related purposes such as energy saving, power reliability, power quality and others. Growing commercial and industrial sector gives rise to the demand for better power monitoring system.  According to the U.S. Department of Energy, the commercial and industrial sectors use close to 50% of the nation's total energy, which presents a sizable opportunity for energy savings through the installation of power monitoring systems.
  • Growing Renewable Energy Sources - As the need for electricity is growing across the globe, countries are focusing on establishing more power generating capacity. Therefore, plants need better power monitoring system to process the better. The establishment of renewable energy sources is growing which instead is leading to growth of the power monitoring system all over the globe. As per International Energy Agency report, renewable energy sources will hold 95% hike in global power capacity by 2026.

Challenges

  • High Initial Investment in the Market – The power monitoring system market includes high initial costs this factor can hamper the market in the forecast period.
  • Disturbance in the Supply Chain Owing to COVID-19 Lockdown


Power Monitoring Market Segmentation

Component (Software, Services, Hardware);

The market is segmented and analyzed for demand and supply by component software, services, and others. Out of this, the hardware segment is expected to account for the largest market share by the end of 2035. This can be attributed to the growing number of smart grid deployment projects. The government authorities of various countries are focusing on bringing smart meters in order to reduce carbon emissions. Therefore, they are encouraging installation of smart meters. Also, growing investment by government & market players in smart grids is driving the growth of this segment. By the end of 2019, around 100 million smart electricity meters were deployed in United States, while smart meters in Great Britain reached around 23 million units in 2021. 

End-user (Manufacturing, Utilities & Renewables, Public Infrastructure, EV Charging Stations)

The global power monitoring market is segmented and analyzed for demand and supply by end users into the manufacturing industry, utilities & renewables, public infrastructure, EV charging solutions, and others. Out of this, the manufacturing industry is anticipated to hold the market share in the forecast period. Power monitoring is highly used in the manufacturing industry in industrial facilities and data center facilities in order to enhance energy efficiency. This can be used to track the power drawn by installed devices in these sectors. Growing digitalization and cloud computing, along with variation in power supply with the help of UPS are a few factors driving the growth of this segment in the forecast period. As per data, global digital industrialization held a market revenue of USD 122 billion in 2021.

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

      By Deployment Board

  • Web-based
  • Cloud-based

      By Component

  • Software
  • Services
  • Hardware
  •  Others

      By End User

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

 


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Power Monitoring Industry - Regional Synopsis

APAC Market Statistics

The  market share in Asia Pacific, amongst the market other regions, is projected to hold largest share by the end of 2035. This can be attributed to high power demand, the prevalence of power theft in various sectors, and the growing population in the region. Furthermore, the region's developing urbanization and industrialisation makes power monitoring systems even more essential in the region. Over the projected period, it is anticipated that sales of power monitoring in China and Japan will rise by up to 8% and 4%, respectively. Additionally, government of the countries, including, India, Singapore, and China focusing on the decentralization of the electricity grid, which is further expected to boost the market growth. As per the statistics of the ministry of power, India is the largest producer and consumer of electricity in 2022.

Europe Market Forecast

Europe power monitoring market  is estimated to hold majority of shares by the end of 2035. This can be attributed to the upsurging investments made in electric vehicles (EVs) by the UK, Germany, and Italy are anticipated to help the regional growth. Additionally, digitalization of the power sector, adoption of renewable energy, and high awareness amongst the population regarding energy conservation are expected the fuel the market growth. For instance, in 2021, renewable energy represented 21.8 % of the energy consumed in the Europe, down from 22.1% in 2020.

North American Market Forecast

The market in the North American region is expected to have a significant growth by the end of 2035. The outdated power infrastructure in the area has been greatly improved owing to the market for power monitoring. With growing expenditures in smart meters to advance the country's intelligent infrastructure, the United States has seen an increase in demand for power monitoring systems compared to other countries in the region. The focus of the governments of the North American nations on replacing and upgrading their aging infrastructure, allowing smarter power networks, and enhancing grid dependability has significantly raised the market for power monitoring systems. Some of the main factors propelling the power monitoring market in the region include outdated electric transmission infrastructure and sizable expenditures made by a number of private organizations to update the network's existing equipment for better control of the electrical supply.

Research Nester
Power Monitoring Market Size
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Companies Dominating the Power Monitoring Landscape

top-features-companies
    • 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

In-the-news

In The News

  • Schneider Electric announced the opening of its First Smart Distribution Center in Mumbai, India.
  • Siemens AG launched a precise power measuring device SIRIUS 3UG546 DC load monitoring relay for DC applications

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3674
  • Published Date: Apr 24, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing decentralization of the power sector and the adoption of smart grids are some of the major factors anticipated to drive the growth of the power monitoring market.

The market is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2035.

High initial Investment is the factor estimated to hamper the market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Omron Corporation, Emerson Electric Co., Johnson Controls Inc., Silver Springs Networks, ABB Ltd., and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by deployment board, component, end user, and by region.

The cloud-based segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Power Monitoring Market Report Scope
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