Circuit Monitoring Market - Forecasts from 2024 to 2029

Circuit Monitoring Market - Forecasts from 2024 to 2029

The circuit monitoring market is projected to reach US$1,018.032 million in 2029 from US$748.756 million in 2024 at 6.34% (CAGR).

Circuit monitoring is a multichannel measurement process that establishes electrical parameters for monitoring AC & DC branches. This process ensures optimum energy flow through critical power applications by tracking PUE (Power Usage Effectiveness). Favorable investments in housing units and commercial and industrial establishments across major economies have provided a major scope for the circuit monitoring market’s growth.

Moreover, the establishment of new power grids and data centers, coupled with ongoing initiatives to bolster circuit protection to prevent major power losses and accidents, have also led to an upward market trajectory. Major governing authorities have also laid guidelines for monitoring electrical grid performance, acting as an additional driving factor.

Circuit Monitoring Market Drivers:

Growing investments in commercial establishments are driving the overall market expansion.

Rapid urbanization, improvement in living standards, and growing work culture worldwide have accelerated the demand for commercial spaces such as offices, malls, hotels, and institutions. Circuit monitoring bridges the gap between the energy supply and energy usage by tracking the load distribution. With the ongoing investment in commercial spaces, the demand for circuit monitoring tools & devices is anticipated to experience positive growth.

According to Statistics Canada, in Q2 2024, investment in building construction reached $62.8 billion, with non-residential construction accounting for $19.1 billion, and the year-on-year growth in the second quarter stood at 7.2%. Moreover, construction activities are also witnessing positive growth across major Middle Eastern economies such as Saudi Arabia, with investment in commercial buildings, hotels, and recreational facilities experiencing an upward trajectory.

Circuit Monitoring Market Geographical Outlook:

North America is estimated to constitute a significant share of the market.

Based on geography, the circuit monitoring market is divided into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American region is projected to account for a considerable market share, fueled by favorable investment in public and private construction covering residential and commercial aspects in major regional nations, namely the United States and Canada.

Economies are investing in bolstering their grid development to optimize the energy flow across varied applications. For instance, in October 2023, the Biden Administration announced an investment of US$3.46 billion in 58 projects that would strengthen the electric grid resilience across 44 US states.

Moreover, the well-established presence of major market players, namely ABB, Eaton Corporation, Omron, and CircuitMeter Inc., followed by ongoing developments of circuit protection devices, is acting as an additional driving factor for the regional market growth.

Asia Pacific is poised for the quickest market growth during the given timeframe, with ongoing investments in smart grids and energy-efficiency devices.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The Circuit Monitoring market is segmented and analyzed as given below:

By Type

Modular Circuit Monitoring
Brach & Multi-Circuit Monitoring

By Current

AC
DC

By End-User

Residential
Commercial
Industrial

By Geography

North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
Japan
China
India
South Korea
Indonesia
Thailand
Others