Power Monitoring System Market
Growth Factors of Power Monitoring System Market
The global power monitoring market size was valued at USD 4.52 billion in 2023 and is projected to grow from USD 4.76 billion in 2024 to USD 7.64 billion by 2032, exhibiting a CAGR of 6.08% during the forecast period of 2024-2032.
The pandemic affected the Power Monitoring System Market by causing mission delays and supply chain disruptions. However, the developing need for remote monitoring and expanded electricity calls in sectors like healthcare helped the market rebound, impeding the power monitoring market growth.
The Power Monitoring System Market is driven by rising power efficiency needs, increasing power charges, and stringent guidelines on electricity usage. Advancements in IoT and clever grid technology additionally decorate gadget abilities, making them vital for optimizing strength intake in industrial and business sectors.
Integrating the Internet of Things (IoT) into electricity grids is a tremendous trend in the energy-tracking gadget marketplace. IoT-enabled devices and sensors are being deployed for the duration of the grid to enable real-time tracking and management of electricity intake. This information-driven approach and superior metering infrastructure (AMI) affords clients accurate and well-timed energy usage records, expanding the global power monitoring market share. This empowers them to make informed decisions and take steps to reduce their energy intake, ultimately leading to increased efficiency and sustainability.
Comprehensive Analysis of Power Monitoring Market
Issues and applications segment the power monitoring system market. The hardware phase is anticipated to dominate because of growing intelligent grid deployments and authorities' incentives for innovative meter installations. The software program section will increase significantly via AI integration for actual-time strength control. In terms of application, the utilities and renewable phase held the most crucial percentage and is projected to develop further as tracking gadgets for electricity technology and transmission become more critical. The production and method enterprise section is likewise expected to grow as industrialization will increase the want for energy tracking solutions.
The North America region led the power monitoring system market by benefitting a size of USD 1.71 billion in 2023 due to the rapid urbanization and industrialization growing in this area.
The leading Power Monitoring System Market players significantly influence its growth trajectory and set industry standards. Key companies, including ABB (Switzerland), General Electric (U.S.), Schneider Electric (France), Eaton (Ireland), Siemens (Germany), Emerson (U.S.), Rockwell Automation (U.S.), Mitsubishi Electric (Japan), Omron (Japan), Yokogawa (Japan), Fuji Electric FA Components & Systems (Japan), and Fluke Corporation (U.S.), contribute to a competitive landscape, driving innovation and market advancement.
In January 2024, Starline, a sub-emblem of Legrand, unveiled the M70 CPM, the 0.33 technology of its Critical Power Monitor products. Initially released in 2014, the Starline Critical Power Monitor has become the move-to answer for busway electricity monitoring in data centers for leading providers around the globe.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 6.08% from 2024-2032
Unit Value (USD Billion)
Segmentation By Component
- Hardware
- Software
- Services
- Utilities & Renewable
- Manufacturing & Process Industry
- Datacenters
- Public Infrastructure
- Others
- North America (By Component, By Application, By Country)
- U.S. (By Application)
- Canada (By Application)
- Europe (By Component, By Application, By Country)
- U.K. (By Application)
- France (By Application)
- Spain (By Application)
- Germany(By Application)
- Italy (By Application)
- Rest of Europe (By Application)
- Asia Pacific (By Component, By Application, By Country)
- China (By Application)
- India (By Application)
- Japan (By Application)
- Southeast Asia (By Application)
- Rest of Asia Pacific (By Application)
- Latin America (By Component, By Application, By Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
- Middle East and Africa (By Component, By Application, By Country)
- GCC (By Application)
- Saudi Africa (By Application)
- Rest of Middle East & Africa (By Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Porter’s Five Forces Analysis
- 4.5. Impact of COVID-19 on the Power Monitoring System Market
- 5. Global Power Monitoring System Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Component
- 5.2.1. Hardware
- 5.2.2. Software
- 5.2.3. Services
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Utilities & Renewable
- 5.3.2. Manufacturing & Process Industry
- 5.3.3. Datacenter
- 5.3.4. Public Infrastructure
- 5.3.5. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Power Monitoring System Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Component
- 6.2.1. Hardware
- 6.2.2. Software
- 6.2.3. Services
- 6.3. Market Analysis, Insights and Forecast – By Application
- 6.3.1. Utilities & Renewable
- 6.3.2. Manufacturing & Process Industry
- 6.3.3. Datacenter
- 6.3.4. Public Infrastructure
- 6.3.5. Others
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S. Market Analysis, Insights and Forecast – By Application
- 6.4.1.1. Utilities & Renewable
- 6.4.1.2. Manufacturing & Process Industry
- 6.4.1.3. Datacenter
- 6.4.1.4. Public Infrastructure
- 6.4.1.5. Others
- 6.4.2. Canada Market Analysis, Insights and Forecast – By Application
- 6.4.2.1. Utilities & Renewable
- 6.4.2.2. Manufacturing & Process Industry
- 6.4.2.3. Datacenter
- 6.4.2.4. Public Infrastructure
- 6.4.2.5. Others
- 7. Europe Power Monitoring System Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Component
- 7.2.1. Hardware
- 7.2.2. Software
- 7.2.3. Services
- 7.3. Market Analysis, Insights and Forecast – By Application
- 7.3.1. Utilities & Renewable
- 7.3.2. Manufacturing & Process Industry
- 7.3.3. Datacenter
- 7.3.4. Public Infrastructure
- 7.3.5. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. U.K Market Analysis, Insights and Forecast – By Application
- 7.4.1.1. Utilities & Renewable
- 7.4.1.2. Manufacturing & Process Industry
- 7.4.1.3. Datacenter
- 7.4.1.4. Public Infrastructure
- 7.4.1.5. Others
- 7.4.2. Germany Market Analysis, Insights and Forecast – By Application
- 7.4.2.1. Utilities & Renewable
- 7.4.2.2. Manufacturing & Process Industry
- 7.4.2.3. Datacenter
- 7.4.2.4. Public Infrastructure
- 7.4.2.5. Others
- 7.4.3. France Market Analysis, Insights and Forecast – By Application
- 7.4.3.1. Utilities & Renewable
- 7.4.3.2. Manufacturing & Process Industry
- 7.4.3.3. Datacenter
- 7.4.3.4. Public Infrastructure
- 7.4.3.5. Others
- 7.4.4. Spain Market Analysis, Insights and Forecast – By Application
- 7.4.4.1. Utilities & Renewable
- 7.4.4.2. Manufacturing & Process Industry
- 7.4.4.3. Datacenter
- 7.4.4.4. Public Infrastructure
- 7.4.4.5. Others
- 7.4.5. Italy Market Analysis, Insights and Forecast – By Application
- 7.4.5.1. Utilities & Renewable
- 7.4.5.2. Manufacturing & Process Industry
- 7.4.5.3. Datacenter
- 7.4.5.4. Public Infrastructure
- 7.4.5.5. Others
- 7.4.6. Rest of Europe Market Analysis, Insights and Forecast – By Application
- 7.4.6.1. Utilities & Renewable
- 7.4.6.2. Manufacturing & Process Industry
- 7.4.6.3. Datacenter
- 7.4.6.4. Public Infrastructure
- 7.4.6.5. Others
- 8. Asia Pacific Power Monitoring System Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Component
- 8.2.1. Hardware
- 8.2.2. Software
- 8.2.3. Services
- 8.3. Market Analysis, Insights and Forecast – By Application
- 8.3.1. Utilities & Renewable
- 8.3.2. Manufacturing & Process Industry
- 8.3.3. Datacenter
- 8.3.4. Public Infrastructure
- 8.3.5. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. China Market Analysis, Insights and Forecast – By Application
- 8.4.1.1. Utilities & Renewable
- 8.4.1.2. Manufacturing & Process Industry
- 8.4.1.3. Datacenter
- 8.4.1.4. Public Infrastructure
- 8.4.1.5. Others
- 8.4.2. India Market Analysis, Insights and Forecast – By Application
- 8.4.2.1. Utilities & Renewable
- 8.4.2.2. Manufacturing & Process Industry
- 8.4.2.3. Datacenter
- 8.4.2.4. Public Infrastructure
- 8.4.2.5. Others
- 8.4.3. Japan Market Analysis, Insights and Forecast – By Application
- 8.4.3.1. Utilities & Renewable
- 8.4.3.2. Manufacturing & Process Industry
- 8.4.3.3. Datacenter
- 8.4.3.4. Public Infrastructure
- 8.4.3.5. Others
- 8.4.4. Southeast Asia Market Analysis, Insights and Forecast – By Application
- 8.4.4.1. Utilities & Renewable
- 8.4.4.2. Manufacturing & Process Industry
- 8.4.4.3. Datacenter
- 8.4.4.4. Public Infrastructure
- 8.4.4.5. Others
- 8.4.5. Rest of Asia Pacific Market Analysis, Insights and Forecast – By Application
- 8.4.5.1. Utilities & Renewable
- 8.4.5.2. Manufacturing & Process Industry
- 8.4.5.3. Datacenter
- 8.4.5.4. Public Infrastructure
- 8.4.5.5. Others
- 9. Latin America Power Monitoring System Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Component
- 9.2.1. Hardware
- 9.2.2. Software
- 9.2.3. Services
- 9.3. Market Analysis, Insights and Forecast – By Application
- 9.3.1. Utilities & Renewable
- 9.3.2. Manufacturing & Process Industry
- 9.3.3. Datacenter
- 9.3.4. Public Infrastructure
- 9.3.5. Others
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. Brazil Market Analysis, Insights and Forecast – By Application
- 9.4.1.1. Utilities & Renewable
- 9.4.1.2. Manufacturing & Process Industry
- 9.4.1.3. Datacenter
- 9.4.1.4. Public Infrastructure
- 9.4.1.5. Others
- 9.4.2. Mexico Market Analysis, Insights and Forecast – By Application
- 9.4.2.1. Utilities & Renewable
- 9.4.2.2. Manufacturing & Process Industry
- 9.4.2.3. Datacenter
- 9.4.2.4. Public Infrastructure
- 9.4.2.5. Others
- 9.4.3. Rest of Latin America Market Analysis, Insights and Forecast – By Application
- 9.4.3.1. Utilities & Renewable
- 9.4.3.2. Manufacturing & Process Industry
- 9.4.3.3. Datacenter
- 9.4.3.4. Public Infrastructure
- 9.4.3.5. Others
- 10. Middle East & Africa Power Monitoring System Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Component
- 10.2.1. Hardware
- 10.2.2. Software
- 10.2.3. Services
- 10.3. Market Analysis, Insights and Forecast – By Application
- 10.3.1. Utilities & Renewable
- 10.3.2. Manufacturing & Process Industry
- 10.3.3. Datacenter
- 10.3.4. Public Infrastructure
- 10.3.5. Others
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. GCC Market Analysis, Insights and Forecast – By Application
- 10.4.1.1. Utilities & Renewable
- 10.4.1.2. Manufacturing & Process Industry
- 10.4.1.3. Datacenter
- 10.4.1.4. Public Infrastructure
- 10.4.1.5. Others
- 10.4.2. South Africa Market Analysis, Insights and Forecast – By Application
- 10.4.2.1. Utilities & Renewable
- 10.4.2.2. Manufacturing & Process Industry
- 10.4.2.3. Datacenter
- 10.4.2.4. Public Infrastructure
- 10.4.2.5. Others
- 10.4.3. Rest of Middle East & Africa Market Analysis, Insights and Forecast – By Application
- 10.4.3.1. Utilities & Renewable
- 10.4.3.2. Manufacturing & Process Industry
- 10.4.3.3. Datacenter
- 10.4.3.4. Public Infrastructure
- 10.4.3.5. Others
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. Eaton
- 11.2.1.1. Business Overview
- 11.2.1.2. Product & Service Offering
- 11.2.1.3. Overall Revenue
- 11.2.1.4. Recent Development
- 11.2.2. ABB
- 11.2.2.1. Business Overview
- 11.2.2.2. Product & Service Offering
- 11.2.2.3. Overall Revenue
- 11.2.2.4. Recent Development
- 11.2.3. Siemens AG
- 11.2.3.1. Business Overview
- 11.2.3.2. Product & Service Offering
- 11.2.3.3. Overall Revenue
- 11.2.3.4. Recent Development
- 11.2.4. Schneider Electric
- 11.2.4.1. Business Overview
- 11.2.4.2. Product & Service Offering
- 11.2.4.3. Overall Revenue
- 11.2.4.4. Recent Development
- 11.2.5. Mitsubishi Electric Corporation
- 11.2.5.1. Business Overview
- 11.2.5.2. Product & Service Offering
- 11.2.5.3. Overall Revenue
- 11.2.5.4. Recent Development
- 11.2.6. General Electric
- 11.2.6.1. Business Overview
- 11.2.6.2. Product & Service Offering
- 11.2.6.3. Overall Revenue
- 11.2.6.4. Recent Development
- 11.2.7. Emerson
- 11.2.7.1. Business Overview
- 11.2.7.2. Product & Service Offering
- 11.2.7.3. Overall Revenue
- 11.2.7.4. Recent Development
- 11.2.8. Rockwell Automation
- 11.2.8.1. Business Overview
- 11.2.8.2. Product & Service Offering
- 11.2.8.3. Overall Revenue
- 11.2.8.4. Recent Development
- 11.2.9. Omron
- 11.2.9.1. Business Overview
- 11.2.9.2. Product & Service Offering
- 11.2.9.3. Overall Revenue
- 11.2.9.4. Recent Development
- 11.2.10. Yokogawa
- 11.2.10.1. Business Overview
- 11.2.10.2. Product & Service Offering
- 11.2.10.3. Overall Revenue
- 11.2.10.4. Recent Development
- 11.2.11. Fluke Corporation
- 11.2.11.1. Business Overview
- 11.2.11.2. Product & Service Offering
- 11.2.11.3. Overall Revenue
- 11.2.11.4. Recent Development
- 11.2.12. Fuji Electric FA Components & Systems
- 11.2.12.1. Business Overview
- 11.2.12.2. Product & Service Offering
- 11.2.12.3. Overall Revenue
- 11.2.12.4. Recent Development
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