Power Monitoring Market By Type (Hardware, Software, Service), By Application (Manufacturing Industry, Data Center, Utilities and Renewables), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America), Global Forecast 2018 to 2028.

Power Monitoring: Intelligence to Sustainability

A power monitoring system is a collection of flow meters that are connected through the internet connection to offer real-time information over the power system. These meters are equipped with a software system that enables the service providers as well as owners to recognize potential issues with the electronic systems. However, all electronic equipment is equipped to a meter. In addition, the meter is basically a monitoring device that is connected to the internet. Similar to a computer, the monitoring tool has massive storage capacity and it can constantly monitor the power of the meter. The data is fed directly to the software system which is available continuously. On the other hand, email notifications sent out as well as alarms can be set with the power systems. Additionally, a power monitoring system enables you to see things that you can’t see. A properly configured & installed energy monitoring system is a precious asset to a large number of energy consumers. Thus, energy consumers have a huge number of different concerns as well as considerations in which energy consumption is engaged. The power monitoring system increasing popularity owing to the energy consumption management, range of requirements and load types, and the service level of toleration for an energy source.

The global Power Monitoring market is anticipated to increase at a 5.38% CAGR to reach value USD 5.3 Billion in 2028

In addition, there are four major categories of end-users such as governmental, industrial, residential, and commercial. However, each has a distinct objective for power consumption as well as different expectations from service providers. Likewise, energy cloud cost, usage, and reliability of the power monitoring system are some of the major concerns for a large number of energy users. A basic residential user usually prefers a tiered or flat billing system rate which is depending on their power usage. However, more composite loads like the commercial as well as industrial end-users, incur more composite rate structures which typically comprise some deviation of energy demand as well as energy usage. On the other hand, power monitoring systems becoming more advantageous for heavier users. Likewise, monitoring systems are extremely helpful for consumers which have fewer acceptances for electrical perturbations like as pharmaceutical industry and semiconductor fabrication. In such cases, the consumer requires a robust power source that may compensate for their power utilization cost considerations due to the operating cost of the equipment downtime.

Key Market Dynamics

Growing implementation of smart meter data management, an increase in investments for smart grid technologies, and a rising concentration of reducing energy cost by efficient usage of power resources are likely to boost the hardware vertical of the power monitoring system. However, hardware components of a power monitoring system may include several physical components such as measurement, metering as well as communication devices. The main functions of metering devices are to record, monitor, and measure the quantity of power transform through the different parts of the electrical system. Hence, it is anticipated to be the highest global power monitoring market over the predicted period. In addition to this, the growing awareness regarding green energy sources across the globe is rapidly rationalizing the power as well as the energy industry. Thus, the trend of green energy is developing on account of rising environmental pollution from conventional energy resources. Additionally, governments are also playing a substantial role in conducting awareness events regarding clean energy. The raised spending on oil & gas worldwide is also other factors that are expected to boost the growth of the global power monitoring market. Increasing investments across energy efficiency projects conducted by governments might also encourage the growth of the power monitoring market. In addition to this, the penetration of renewable energy sources is rising, boosting the demand for power and that is anticipated to fuel the demand for power monitoring markets across the globe.

Manufacturing and process industry is likely to grow with a substantial share of the global power monitoring market

The manufacturing and process industry is likely to be one of the highest power monitoring vertical. However, the growth of this segment is majorly fuelled by rising demand for effective utilization of power resources across the water, cement, food & beverages, wastewater, semiconductor, and other industries. In addition, the demand for power monitoring and process vertical is hugely driven by several factors which may include power surges, energy efficiency, as well as uninterrupted power supply. In addition, manufacturing and process industries are implementing and adopting energy efficiency measures & employing equipment for offering robust power supply to diminish the complete operating cost and raise the plant uptime.

Power Monitoring Market Scope

The global power monitoring market geographically segmented as follow:

•          Asia Pacific

• China
• India
• Japan
• South Korea
• Australia
• Singapore
• Malaysia

•          Europe & CIS

• France
• Germany
• United Kingdom
• Italy
• Spain

•          North America

• United States
• Mexico
• Canada

•          South America

• Brazil
• Argentina
• Colombia

•          The Middle East and Africa

• South Africa
• Saudi Arabia
• UAE
• Qatar

Out of these geographical regions, North America is likely to account for the highest share of the power monitoring market over the predicted period. In addition, Mexico, Canada, and the United States are the major regions across the country. Likewise, the governments of such countries in North America are majorly focusing on replacing and upgrading their aging infrastructure, enabling smarter power networks and improving grid reliability that is majorly boosting the demand for the power monitoring system. Additionally, the Canadian, as well as United States utilities, are likely to invest around US$ 880 BL and US$ 100 BL for power networks over the forecast period. However, this investment will include several sectors such as digitization, smart grids, energy management, and power monitoring among others. In addition to this, the countries in North America are prone to natural disasters; therefore, there is a huge demand for fast fault location and quick restoration of electricity. However, all such factors will contribute to the growth of the power monitoring market across the region.

In addition, key economies growingly implement power monitoring systems across the globe. Hence, there is a huge competition among the Asia Pacific and the North American region while the Middle East and the European Union comes next in this list. Furthermore, aging electric transmission equipment, as well as the significant investment by the number of private players to restore the existed network with the recent equipment for improved management of electrical supply, is some of the major factors driving the sales across the United States region. In addition to this, efficient electrical requirement management, the urgency of having improved systems, and the requirement for reduced electric supply cost have been major drivers across the region. However, the global power monitoring market represents a huge number of lucrative opportunities and therefore has attracted many leading players in the region.

Competitive Landscape of Power Monitoring Market

Service providers in the global power monitoring market are inevitable and it is supposed to be the part of each and every region across the world. Leading players operating in the global power monitoring market are Fluke Corporation, Schneider Electric, Siemens, Eaton Corporation, Yokogawa, Emerson Electric, Omron Industrial Automation, Fuji Electric FA Components, Rockwell Automation, Hitachi, Just Energy, and many others.

Key Market Movements

•          The recent advancements in power monitoring market, as well as rapidly changing market dynamics, are major driving factors for the market growth.

•          Additionally, the risk factors that will also have a substantial impact on the power monitoring industry globally into the coming future.

Key Study Deliverables

•          An in-depth analysis of the global power monitoring market with SWOT analysis is provided.

•          A comprehensive survey of major service providers depending on their objectives of an enterprise such as product outline, profiling, essential raw material, product quantity has been analyzed briefly.

•          A complete study of key regions and applications offered in the report.

•          The complete research of global market segmentation offered with each and every key region.