Circuit Monitoring Market Forecasts to 2028 – Global Analysis By Type (Modular Circuit Monitoring, Branch Circuit Monitors and Multi-Circuit Monitors), End User (Data Centers, Residential, Commercial, Industrial and Other End Users), and By Geography

Circuit Monitoring Market Forecasts to 2028 – Global Analysis By Type (Modular Circuit Monitoring, Branch Circuit Monitors and Multi-Circuit Monitors), End User (Data Centers, Residential, Commercial, Industrial and Other End Users), and By Geography

According to Stratistics MRC, the Global Circuit Monitoring Market is accounted for $617.6 million in 2022 and is expected to reach $911.3 million by 2028 growing at a CAGR of 6.7% during the forecast period. The Circuit Monitoring System (CMS) is a multichannel measurement system for AC and DC branch monitoring that is incredibly small and high-performing. It offers a comprehensive method of keeping track of electrical parameters in distribution panels, enabling measurement of energy usage in buildings and other crucial power applications. One can keep an eye on and track the entire system with a reliable power monitoring system. Systemic power monitoring warns when peak capacity is likely to be reached, preventing demand charges. It saves a tonne of money by lowering energy use and monitoring the facility's equipment.

According to the Energy Information Administration (EIA), computers and related equipment were the major consumers of electricity in 2018. Other systems that used electricity in bulk were refrigeration, space cooling, ventilation, lighting, and space and water heating.

Market Dynamics

Driver

Requirement of electricity stability for continuous business operations

For economies and industries to function, electricity is a fundamental and essential requirement, but many places lack a reliable power distribution infrastructure. As power density in contemporary industrial and commercial applications rises, more attention would turn to enhancing the infrastructure for power distribution's efficiency. For effective power monitoring to boost efficiency, circuit monitoring units serve as the foundation. A similar power-intensive sector is the healthcare sector, which broadly encompasses hospitals and dispensaries. This is because vital applications like medical equipment, lighting and heating requirements, and computer operations all require electricity on a continuous basis which propels the growth of the market.

Restraint

Improvements in energy monitoring systems declined the adoption of Circuit monitoring

Data centres, businesses, residential and commercial sectors, and other establishments all deploy energy management systems. This system has many advantages, including increased safety, higher production, better power quality, and more scalability. Circuit monitoring systems not only assist with monitoring but also, to a certain extent, with measuring the power quality. As a result, energy management systems are more advantageous and give more functions than circuit monitoring systems and as a result, end users in the commercial, data centre, residential, and industrial sectors generally are implementing them. The aforementioned is preventing more circuit monitoring systems from being used.

Opportunity

Compliance with strict guidelines to lessen data centres' carbon footprint

Data centres generate a sizable amount of carbon emissions and are heavy users of water and electricity. By placing a ban on new data centre projects starting in 2019 and announcing a temporary halt to data centre development in the nation, the Infocomm Media Development Authority (IMDA) of the Singaporean government, for example, regulated the growth of data centres in that city-state. Data centres can minimise their energy use, carbon emissions, and environmental effect by employing circuit monitoring. This is crucial at a time when demand for data processing and storage is rising and data centres are playing a bigger role in the world's technological infrastructure.

Threat

Disturbances in the supply chain

Circuit monitoring component manufacturers are forced to contend with fluctuating raw material prices and supply chain disruptions. Circuit monitoring systems have parts and components from China, the US, and Europe. In the coming years, the circuit monitoring industry may experience modest growth due to manufacturing interruptions in China and the US. The local currencies of various nations have declined as a result of the inflation and economic crisis, which has an impact on the purchasing prices of products that are often exchanged in US dollars. The mismatch between supply and demand causes losses for component and part makers.

Covid-19 Impact

After COVID-19, the market for raw materials experienced a bullwhip effect-recovery as a result of an abrupt increase in demand for components and raw materials brought on by significant stimulus injections and Federal Reserve actions. Component producers who had reduced their production owing to the epidemic were adversely affected by this. The war between Russia and Ukraine and COVID-19's reappearance in China have had a negative influence on raw material and energy costs, which have sharply risen.

The branch circuit monitoring segment is expected to be the largest during the forecast period

The branch circuit monitoring segment is estimated to have a lucrative growth; due to users can monitor branch circuits from a single place to track power consumption effectiveness (PUE). This comprises both IT and facilities equipment, down to the level of the specific branch circuit and the utility metre. The data centre manager can monitor each cabinet's branch circuit in real time to monitor total load versus available capacity. Sharing this data with the BMS enables better operational efficiency and energy savings while assisting in capacity planning.

The data centers segment is expected to have the highest CAGR during the forecast period

The data centers segment is anticipated to witness the highest CAGR growth during the forecast period, due to particular metrics in real time and sends alerts or notifications when measurements surpass or fall below predetermined limits. This gives insights into the health and status of data centres. DCIM software's business intelligence and analytics dashboards and reports may store, analyse, and show the data gathered from monitoring data centre to assist in making data-driven management decisions for data centre.

Region with highest share

North America is projected to hold the largest market share during the forecast period owing to increased expenditures in green power generation and the focus on smart city projects, there is an increasing demand for IoT devices to enhance the operation and monitoring of traffic lights, electrical grids, and other infrastructure. The increased demand for circuit protection solutions from electronic and telecommunications companies as a result of growing concerns surrounding equipment is also projected to drive the market rise.

Region with highest CAGR

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the need for circuit protection products is predicted to rise as a result of the high energy consumption caused by rapid urbanisation and rising construction activity. Additionally, rising sales of electric vehicles in the area are anticipated to support market expansion.

Key players in the market

Some of the key players profiled in the Circuit Monitoring Market include Schneider Electric, Eaton, Legrand, Accuenergy, ABB, Senva Inc, CET Inc, Socomec, Packet Power, Anord Mardix, Daxten, Nlyte Software, Elmeasure, MPL Technology, Toshiba International Corporation, NHP, Omron, Bay Power Inc and Circuitmeter Inc

Key Developments

In March 2023, Eaton and Sunverge expand strategic collaboration to help utilities manage residential EV charging infrastructure, bringing together Eaton’s innovative EV charging solutions with Sunverge’s advanced, intelligent, and holistic home energy management and real-time multi-service.

In December 2022, Schneider Electric launches AltivarTM Soft Starter ATS480 for the Indian market, the system drives the complete lifecycle of a motor from design, build, operate & maintain to achieve sustainability goals in your plant, Machines & Buildings.

Types Covered
• Modular Circuit Monitoring
• Branch Circuit Monitors
• Multi-Circuit Monitors

End Users Covered
• Data Centers
• Residential
• Commercial
• Industrial
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities,Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliance