Power Monitoring Market Forecasts to 2030 – Global Analysis By Component (Services, Software and Hardware), End User (Electric Vehicle Charging Station, Utilities & Renewables, Public Infrastructure, Data Centers and Other End Users) and By Geography

Power Monitoring Market Forecasts to 2030 – Global Analysis By Component (Services, Software and Hardware), End User (Electric Vehicle Charging Station, Utilities & Renewables, Public Infrastructure, Data Centers and Other End Users) and By Geography

According to Stratistics MRC, the Global Power Monitoring Market is accounted for $5.66 billion in 2024 and is expected to reach $9.13 billion by 2030 growing at a CAGR of 8.3% during the forecast period. Power monitoring involves the systematic observation and analysis of electrical parameters within a system or device to ensure efficient and safe operation. It typically includes monitoring aspects such as voltage, current, power factor, frequency, and energy consumption over time. The primary goals of power monitoring are to identify inefficiencies, diagnose issues like voltage sags or surges, track energy usage patterns for optimization, and ensure compliance with regulatory standards. Advanced power monitoring systems utilize sensors, meters, and software to collect real-time data, which is then analyzed to provide insights into power quality and usage trends.

According to the U.S. Department of Energy, the commercial and industrial sectors use close to 50% of the nation's total energy, which presents a sizable opportunity for energy savings through the installation of power monitoring systems.

Market Dynamics:

Driver:

Rising importance of power quality

Power quality refers to the stable and uninterrupted delivery of electricity that meets the requirements of electrical devices and systems. As industries become more reliant on sensitive electronic equipment, maintaining consistent and reliable power has become crucial to ensure optimal performance and longevity of machinery. Power monitoring systems now employ sophisticated sensors and analytics to continuously assess voltage levels, frequency variations, harmonics, and other parameters that affect quality. Furthermore, these systems provide real-time data and alerts, enabling proactive measures to mitigate potential issues such as voltage sags, surges, or harmonic distortions before they can cause equipment damage or operational disruptions.

Restraint:

High cost of implementation

The high cost of implementation presents a significant barrier to widespread adoption of Power Monitoring systems. These systems are crucial for businesses and industries to track and manage energy usage efficiently, aiding in cost savings and sustainability efforts. The initial investment required for equipment, installation, and integration with existing infrastructure can be prohibitively expensive. However, retrofitting older facilities or integrating monitoring systems into complex industrial environments adds further to the expenses. These elements are hindering the market growth.

Opportunity:

Increasing demand for energy efficiency

Increasing demand for energy efficiency is driving advancements in power monitoring technologies. These systems enable real-time measurement and analysis of energy consumption across various sectors including residential, commercial, and industrial settings. By monitoring power usage continuously, organizations and individuals can identify inefficiencies, optimize energy usage patterns, and ultimately reduce operational costs and environmental impact. Advanced power monitoring solutions utilize sensors, smart meters, and IoT (Internet of Things) devices to collect data on electricity consumption and distribution. Moreover, this data is then analyzed through sophisticated software platforms that provide insights into energy usage trends, peak demand periods, and opportunities for conservation.

Threat:

Cybersecurity concerns

As critical infrastructure becomes increasingly digitized and interconnected, the risk of cyber threats targeting power grids and monitoring systems escalates. Vulnerabilities in software, inadequate encryption methods, and insufficient protection measures can expose these systems to malicious attacks, potentially leading to disruptions in power supply, data breaches, or even physical damage. Balancing the imperative for advanced power monitoring capabilities with the necessity of safeguarding against cyber risks remains a critical challenge for stakeholders in the energy sector, necessitating ongoing vigilance and investment in cybersecurity strategies and technologies.

Covid-19 Impact:

The COVID-19 pandemic significantly impacted power monitoring across various sectors. As countries implemented lockdowns and restrictions to curb the virus spread, shifts in energy demand patterns emerged. Commercial and industrial sectors saw reduced activity, leading to decreased electricity consumption in offices, factories, and public spaces. Conversely, residential areas experienced higher energy use due to remote working, online learning, and stay-at-home orders. However, the pandemic accelerated the need for more flexible and resilient energy monitoring solutions to adapt to these unprecedented changes.

The Hardware segment is expected to be the largest during the forecast period

Hardware segment is expected to be the largest during the forecast period as it focuses on integrating sophisticated sensors and analytics into devices and infrastructure to precisely measure, analyze, and optimize power consumption in real-time. Advanced hardware components such as smart meters, energy monitors, and circuit-level sensors enable detailed tracking of electricity usage patterns across different appliances, circuits and entire buildings. Furthermore, these innovations not only provide granular insights into energy usage but also facilitate proactive energy management strategies.

The Data Centers segment is expected to have the highest CAGR during the forecast period

Data Centers segment is expected to have the highest CAGR during the forecast period. Data centers are massive consumers of energy, necessitating efficient management to optimize operational costs and environmental impact. Enhanced power monitoring involves the deployment of advanced sensors and monitoring systems throughout the facility. These systems continuously track power consumption at various levels, from individual servers to entire data halls, providing real-time data on energy usage patterns, load distribution, and potential inefficiencies. Moreover, sophisticated analytics software processes this data to identify trends, anomalies, and opportunities for improvement. By leveraging this information, data center operators can make informed decisions to optimize energy efficiency, allocate resources more effectively, and ensure reliable performance while minimizing downtime risks.

Region with largest share:

North America region commanded the largest share of the market throughout the projected period of time. As industries expand and populations grow, the need for reliable power becomes more critical than ever. Power monitoring systems play a pivotal role in ensuring uninterrupted supply by monitoring electrical parameters, identifying potential faults or inefficiencies, and enabling proactive maintenance. This enhanced monitoring capability not only improves operational efficiency but also enhances overall grid reliability and resilience against outages or disruptions.

Region with highest CAGR:

Europe region is anticipated to hold profitable growth over the extrapolated period. By enforcing guidelines on monitoring and reporting energy consumption, European governments encourage the adoption of advanced monitoring technologies. This not only helps in accurately tracking energy usage but also promotes the implementation of smart grid solutions and renewable energy sources. Furthermore, regulatory frameworks drive innovation among companies operating in the Power Monitoring sector, fostering the regional development of new technologies and solutions that comply with these standards.

Key players in the market

Some of the key players in Power Monitoring market include ABB Ltd, Danaher Corporation, Delta Electronics, Eaton Corporation, Emerson Electric Co, Fluke Corporation, Honeywell International Inc, Mitsubishi Electric Corporation, Omron Corporation, Schneider Electric and Siemens AG.

Key Developments:

In December 2023, Danaher has completed the $5.7 billion acquisition of Abcam, opens new tab, overcoming the initial opposition from the founder of the protein consumables maker. Danaher agreed to buy Abcam for $24 per share to expand its portfolio of products and services, but founder Jonathan Milner opposed it saying the offer undervalued the company.

In May 2023, Siemens announced its plans to acquire the EV division of Mass-Tech Controls, a move that will significantly expand its eMobility offering in India. This acquisition is driven by the increasing demand for electric vehicle charging infrastructure in the country.

Components Covered:
• Services
• Software
• Hardware

End Users Covered:
• Electric Vehicle Charging Station
• Utilities & Renewables
• Public Infrastructure
• Data Centers
• 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 2022, 2023, 2024, 2026, and 2030
- 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