The power monitor market comprises companies that manufacture and sell power monitoring devices, software, and services related to power monitoring. These companies serve a variety of industries, including residential, commercial, industrial, and utility. The power monitor market is competitive, with a large number of companies offering a wide range of products and services. In addition to traditional power monitors, the market is also witnessing the emergence of smart power monitors equipped with internet connectivity and advanced features such as data logging, cloud-based data storage, and real-time monitoring and control capabilities. These smart power monitors enable new applications and services related to energy management and optimization. Hence, the emergence of smart power monitors is projected to create lucrative opportunity for the market growth.
The power monitor market is driven by rise in focus on effective utilization of power resources, as businesses and individuals seek for different ways to monitor and optimize their energy usage to reduce costs. Further, aging electrical infrastructure is another factor driving the growth of the power monitor market, as many countries need updated systems that can lead to inefficiencies and higher energy costs. On the other hand, increase in adoption of renewable energy sources, such as solar and wind power, drives the growth of the power monitors market. In addition, technological advancements and surge in demand for data analytics are few other factors that are likely to accelerate the growth of the power monitor market.
The high cost of power monitor is one of the major restraining factors for the growth of the power monitor market. Power monitors can be expensive, particularly those with advanced features such as data logging and cloud-based data storage. Thus, it is a major obstacle to its adoption among businesses and individuals, particularly smaller companies with limited budgets. Another restraint is the competition from alternative solutions that provide similar functionality to power monitors, which inhibits the market growth. For instance, smart thermostats and energy management systems are some alternative solutions that offer similar benefits to power monitors. This makes it difficult for power monitor manufacturers to gain market share.
On the other hand, increase in demand for smart grid technologies is creating numerous opportunities for the power monitor market. Smart grid systems use advanced sensors and communication systems to optimize the operation of the electrical grid, and power monitors can connect to these systems and provide valuable data and insights for improving energy efficiency. In addition, rise in adoption of electric vehicles is opportunistic for the growth of the power monitor market. There will be a projected need for tools to manage and optimize the energy usage of these vehicles with the increase in adoption of electric vehicle, and power monitors can play a key role in this process. This is projected to boost the growth of the power monitor market during the forecast period.
By component: The power monitor market is divided into hardware, software, and services. The hardware segment is further categorized into metering & communication devices, and measurement devices. Metering and communication devices include sensors, meters, and other devices used to measure and transmit power usage data. Measurement devices include the sensors and other equipment used to measure electrical parameters such as voltage, current, power, and energy. On the other hand, the software segment includes the applications used to collect, analyze, and report on power usage data. This may consist of cloud-based platforms, data analysis tools, and visualization software. While, service segment includes professional services related to power monitoring, such as installation, training, maintenance, and support.
By application: The power monitor market is divided into manufacturing and process industry, data centers, public Infrastructure, utilities and renewable energy and electric vehicle charging stations. The manufacturing and process industry sector uses power monitors, especially in manufacturing plants and other industrial settings, to optimize energy usage and reduce costs. Data centers often use power monitors to track and optimize the energy usage of their servers and other equipment. Public infrastructure includes power monitors in public buildings and facilities such as schools, hospitals, and government offices. Utilities and renewable include power monitors for generating, transmitting, and distributing energy and optimizing renewable energy sources such as solar and wind power. Electric vehicle charging stations use power monitors to optimize charging of electric vehicles and manage the energy supply at charging stations.
By region: The power monitor market is segmented into North America, Europe, Asia-Pacific, and Latin America. North America is the emerging market for power monitors, due to surge in demand for these devices with increased industrialization and urbanization. However, Asia-Pacific is a fastest-growing market, owing to strong demand coming from countries such as China and India. The region is witnessing rapid growth in the adoption of smart power monitors due to rise in focus on energy management and optimization needs.
Competitive analysis and profiles of the key players such as ABB Group, Danaher Corporation, Eaton, Emerson Electric Co., General Electric, Honeywell International, Mitsubishi Electric Corporation, Rockwell Automation, Inc., Schneider Electric, and Siemens AG are included in the report. End user power monitor competitors include ADDB Danaher, Eaton, Emerson Electric General Electric, Honeywell International, Mitsubishi Electric Corporation, Rockwelll Automation, Inc., Schenelder Electric and Seimens AG . Major players have adopted product launch and acquisition as their key developmental strategies to improve their product portfolio in the power monitor market.
Power Monitors Market Report Highlights
Key Market Players
Mitsubishi Electric Corporation, Honeywell International, Danaher, Siemens AG, Emerson Electric Co., ABB, Rockwell Automation, Inc., Schneider Electric, Eaton, General Electric