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, prevent conductors from overheating, protect & control the network, reduce peak demand power factor penalties, and ensure energy contract compliance. Thus, a properly configured & installed energy monitoring system is a precious asset to many energy consumers.
- The global market for power monitoring is severely impacted by the outbreak of the COVID-19 pandemic.
- The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of power monitoring devices, which negatively impact the market growth.
- However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities..
Top impacting factors: market scenario analysis, trends, and drivers
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. 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:
- This study presents the analytical depiction of the global power monitoring market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global power monitoring market share.
- The current market is quantitatively analyzed to highlight the global power monitoring market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global power monitoring market analysis depending on competitive intensity and how the competition will take shape in coming years.
Power Monitoring Market Report Highlights
By Industry Vertical
Key Market Players
Omron, General Electric, Mitsubishi Electric, Emerson, Siemens, Eaton, Schneider Electric, Yokogawa, ABB, Rockwell Automation