Power Monitoring Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By End User; By Region; Segment Forecast, 2023 - 2032

Power Monitoring Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By End User; By Region; Segment Forecast, 2023 - 2032

The global power monitoring market size is expected to reach USD 6.93 billion by 2032, according to a new study by Polaris Market Research. The report “Power Monitoring Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By End User; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

With the endorsement of the energy efficiency goal, businesses and industries are increasingly seeking advanced power monitoring solutions to optimize energy usage and reduce costs, thus driving the growth of the market. During the IEA conference 2023, 45 governments joined forces to endorse the ambitious goal of doubling global energy efficiency progress by 2030. This collective commitment is set to have a profound impact on the power monitoring market. This resounding commitment to energy efficiency fuels the demand for power monitoring solutions and creates a conducive environment for market expansion.

The heightened emphasis on energy efficiency as a key strategy for addressing climate change and achieving sustainability goals has led governments to prioritize energy-efficient measures. Power monitoring plays a pivotal role in these endeavors by providing real-time data on energy consumption and identifying areas of inefficiency.

An electrical power monitoring system offers a comprehensive perspective on an organization's energy consumption within its facility. By providing detailed energy intelligence, power monitoring assists in cost savings, consumption management, efficiency enhancement, anomaly detection in business equipment, and prevention of downtime or disruptions to company operations. For instance, the plant at Pfizer is reported to be 40% more energy efficient in terms of environmental control compared to traditional facilities after collaboration with Siemens technology.

Traditional power monitoring for data centers involves the use of various sensors, meters, and monitoring devices to measure and analyze power consumption and related parameters. Growth in research and development activities to reduce the number of sensors used to control cost is expected to result in better technology in the near future. For instance, the single-point voltage measurement-based server-level power monitoring in data centers was the study published in the 2022 Proceedings of the ACM Conference on Embedded Networked Sensor Systems. The low-cost approach presented in the paper eliminates the need for multiple meters, reducing the overall cost of implementing power monitoring. This cost savings makes power monitoring more accessible to a wider range of data centers, driving market growth.

Power Monitoring Market Report Highlights

Software segment is anticipated to witness faster growth in the coming years due to its advanced analytics capabilities.

Utilities & Renewables segment accounted for the larger market share owing to the integrating renewable energy sources.

APAC is projected to register a higher growth rate in the study period owing to growing focus on renewable energy.

North America is expected to grow larger revenue share owing to the government initiatives to promote smart grid systems.

The global players include Schneider Electric, Siemens, ABB, Eaton, General Electric, Emerson Electric, Yokogawa Electric, Honeywell International, Rockwell Automation Mitsubishi Electric & Socomec.

Polaris Market Research has segmented the power monitoring market report based on component, end user and region:

Power Monitoring, Component Outlook (Revenue - USD Billion, 2019 - 2032)

Hardware

Metering & Communication Devices

Measurement Devices

Software

Services

Power Monitoring, End User Outlook (Revenue - USD Billion, 2019 - 2032)

Manufacturing & Process Industry

Data centers

Public Infrastructure

Utilities & Renewables

Electric Vehicle Charging Station

Power Monitoring, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa