The global power monitoring market size is expected to reach USD 5.86 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need to enhance energy efficiency and minimize energy costs. Emergence of advanced power monitoring system allow users to obtain detailed information regarding the amount of energy consumed. Manufacturing and process industries are increasingly adopting power monitoring systems to manage, analyze, and control energy usage. Power monitoring systems provide detailed information about the amount of energy consumed, which helps in identifying a wide range of ways to boost efficiency by minimizing waste and reducing rates of energy consumption. These factors are expected to drive demand for power monitoring systems during the forecast period.
The Global Power Monitoring Market report contains historical, current, and forecast estimation of the revenue generation and profits for each segment and sub-segment of the Power Monitoring Market in each key region of the world. The report additionally sheds light on the emerging growth opportunities in the business sphere that are anticipated to bolster the growth of the market.
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Key Highlights from the Report
- In February 2020, Eaton, which is a power management company, announced the complete acquisition of Power Distribution, Inc., which is a leading supplier of mission critical power distribution, power monitoring equipment, and services and static switching for data centers and commercial and industrial customers. The acquisition is expected help the company in enhancing services offered to data center customers.
- Hardware segment accounted for largest revenue share in 2020. Rising need to enhance energy efficiency and minimize energy costs is expected to drive revenue growth of the hardware components segment going ahead.
- Manufacturing process industry segment revenue is expected to expand at a rapid CAGR during the forecast period. Increasing demand for secure, reliable, and uninterrupted supply of power among manufacturing and process industries is a key factor boosting demand for power monitoring systems.
Scope of the Report:
With all the data gathered and analyzed using SWOT analysis, there was a clearer picture of the competitive landscape of the global Power Monitoring provider market. Sources for the future market growth were uncovered and outlying competitive threats also surfaced. There was strategic direction eminent in the market and this shows in the key trends and developments studied. By getting market background and using current norms, policies, and trends of other leading markets for cross-references, market data was completed.
Key players in the market include Schneider Electric, ABB, Eaton Corporation plc, Siemens AG, General Electric, Emerson Electric Co., Rockwell Automation, Inc., Mitsubishi Electric, Omron Corporation, and Yokogawa Electric.
Emergen Research has segmented the global power monitoring market on the basis of component, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Utilities Renewables
- Manufacturing Process Industry
- Electric Vehicle Charging stations
- Public Infrastructure
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