Report Code: A09029 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Power Monitoring Market
Request Now !A power monitoring system is a collection of meters, which are connected through the internet connection to offer real-time information over the power system. These meters are equipped with a software system that allows service providers as well as owners to recognize potential issues with electronic systems.
Power monitoring system performs various functions such as increase facility uptime, improve response to power related issues, improve power quality, enhance the lifespan of highly advanced equipment, verify reliable power equipment operation, Â prevent conductors from overheating, protect & control the network, reduce peak demand power factor penalties, Â and ensure energy contract compliance. Thus, a properly configured & installed energy monitoring system is a precious asset to many energy consumers.
COVID-19 impact
The power monitoring market is driven by factors such as the need to control the price of electricity, the need for efficient utilization of power resources and maximize the reliability of electrical infrastructure. Replacement of exciting power systems also boost the power monitoring market. Â Increasing the adoption of smart grid technologies and a growing focus on industrial developments has led to a rise in the implementation of power monitoring systems and is anticipated to create lucrative opportunities for revenue generation in the forecasted period.
Datacenter is one of the end-user segment of power monitoring market and is the fastest growing market because of the increasing investments in the IT hubs as well as an increase in the need for monitoring of the electrical power distribution infrastructure of the data center facility.
The Global power monitoring market is studied across major four regional markets including North America, Europe, Asia-Pacific, and LAMEA. North America region is expected to be the largest market over the coming years in response to the aging transmission and distribution infrastructure and smart grid investment in the region. In addition to this is further expected to complement the growth of this region. Besides this, Asia-Pacific is expected to register significant growth due to rapid urbanization and industrialization and rise in renewable power generation capacity in the region. Furthermore, in Middle East & Africa, investments in the water and wastewater industry and infrastructural development are anticipated to boost the power monitoring market in the region.
Key benefits of the report:
Power Monitoring Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
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Key Market Players | Mitsubishi Electric, Rockwell Automation, Eaton, Omron, ABB, Emerson, General Electric, Schneider Electric, Siemens, Yokogawa |
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