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.
The 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.
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
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.
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.
The global power monitoring market is further classified on the basis of region as follows:
Our in-depth analysis of the global power monitoring market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing decentralization of power sector, and adoption of smart grids are estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
The high initial investment in the market are estimated to hamper the market growth.
The market in the Asia Pacific is estimated to provide more business opportunities over the forecast period, owing to the decentralization of electricity grid in the region.
The major players in the market are Johnson Controls Inc., Silver Springs Networks, ABB Ltd., Siemens AG, General Electric, Schneider Electric SE, Eaton Corporation plc, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, deployment mode, end-user, and others.
The cloud-based segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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