Power Monitoring Market

Power Monitoring Market Outlook (2023 to 2033)

The global power monitoring market is valued at US$ 3.1 billion in 2023 and is expected to reach US$ 5.3 billion by 2033. Worldwide sales of power monitoring systems are predicted to increase at a CAGR of 5.5% from 2023 to 2033. Growing attention to cost-cutting measures, maximizing the reliability of electrical infrastructure, and efficient use of electricity resources are key factors driving the demand for power monitoring systems.

A power monitoring system is a collection of internet-connected meters that offers real-time information about a facility's power supply. Owners and services can identify possible issues with electrical systems due to the meter’s online software system. In the industrial, residential, and commercial sectors, this electric system aids in efficient energy management.

Power monitoring technologies are segmented into hardware, software, and services. Global demand for power monitoring hardware systems is projected to progress at a CAGR of 5.5% from 2023 to 2033.

Around the globe, there are more deployment projects for the smart grid. Investments in smart grid technologies are rising globally. Governments, across the world, are very concerned with lowering carbon emissions, due to which they are supporting the installation of smart meters. Thus, all the above-mentioned aspects are propelling the hardware demand.

Sales of power monitoring software systems are expected to evolve at a CAGR of 4.5% over the forecast period. Additionally, the integration of artificial intelligence in the power sector is also growing rapidly.

Many programs are available that offer real-time data on energy consumption, which help to evaluate, analyze, and compare data and manage energy more effectively. This fact is driving software sales in the market.

• Growing emphasis on modernizing outdated electricity infrastructure and rising installation of new smart meters are boosting the sales of power monitoring devices in North America.

Report Attributes	Details
Market Size (2023E)	US$ 3.1 Billion
Forecasted Market Value (2033F)	US$ 5.3 Billion
Global Market Growth Rate (2023 to 2033)	5.5% CAGR
China Market Growth Rate (2023 to 2033)	7.5% CAGR
Japan Market Growth Rate (2023 to 2033)	3.5% CAGR
Germany Market Growth Rate (2023 to 2033)	5% CAGR
Canada Market Growth Rate (2023 to 2033)	5% CAGR
Key Companies Profiled	ABB Ltd. Eaton Corporation PLC Analog Devices, Inc. Advantech Co., Ltd. Delta Electronics, Inc. EXFO, Inc. Fluke Corporation Eaton Industries GmbH Aveva Group PLC ElMeasure India Pvt., Ltd. Albireo Energy LLC eGauge Systems LLC Accuenergy Canada Inc. Atandra Energy Private Limited

Why are Power Monitoring Systems Gaining Traction in the Market?

“Rising Demand from Power Generation Sector”

Over the past few years, there has been a noticeable increase in power use. Power consumption is increasing as a result of the booming manufacturing sector, expanding population, and robust economic expansion. The construction of new infrastructure and development projects are generating strong demand for electricity in developing nations.

Power demand is also rising across many countries as a result of technological improvements. Urbanization and industrialization are expanding quickly, and people's living standards are improving, as a result, there is a rising need for electricity generation.

Many countries around the world are expanding their capacity to produce power as the global electricity demand is increasing. Thus, power monitoring equipment is required in all of these plants. Worldwide demand for power monitoring meters is booming as a result of the widespread installation of renewable energy sources.

“Rapid Industrialization Propelling Demand for Electricity Monitoring Devices”

Globally, industrialization is gaining traction significantly due to which there is a high consumption of energy in the power industry. In both developed and developing nations, manufacturing and process industries are expanding rapidly.

Manufacturing and process businesses require more energy to operate, so they need to keep an eye on their usage. Electricity monitoring systems are often used in the manufacturing and process industries to improve energy management.

“Growing Need for Energy Monitoring Devices”

Worldwide electricity demand is rapidly rising due to their increasing consumption rates. Energy monitoring & management is crucial to reduce additional costs. This puts even more emphasis on using energy sources efficiently.

Energy cost reduction is a top priority for governments all around the world. Several governments promote the adoption of efficient energy management tools to reduce energy use and associated costs. Thus, such factors are boosting the growth of the power monitoring market.

What is a Major Challenge Hampering the Sales of Power Monitoring Technologies?

“High Cost of Monitoring Tools and Lack of Product Awareness”

Over the projected period, sales growth is anticipated to be limited to a certain extent due to the high costs of advanced power monitoring tools and a lack of awareness regarding their advantages.

Other factors expected to impede sales of power monitoring systems over the forecast period are problems in implementing advanced technologies and processing, the low adoption rate of power monitoring devices in some regions of the globe, worries about the security of data, and the rising rate of information breaches in energy usage meters.

Country-wise Analysis

Which Factor is Propelling the Demand for Power Monitoring Systems in the United States?

“Increasing Focus on Upgrading Intelligent Infrastructure”

North America is anticipated to hold a dominant position in the global market due to the region's need to upgrade its deteriorating electrical infrastructure. Respective governments of the North American nations are primarily concentrating on repairing and replacing their outdated infrastructure, permitting smarter power systems, and enhancing grid dependability, which is significantly increasing the demand for power monitoring technologies.

In comparison to other countries in the region, the United States is experiencing a surge in demand for power monitoring devices because of increasing investments in smart meters to improve the nation's intelligent infrastructure. Large investments made by several private businesses to upgrade the existing network with new technologies for better control of the electrical supply are boosting sales of power monitoring devices in the United States.

Why is Germany a Rapidly Developing Market in the European Region?

“Advancements in Power Monitoring Equipment”

With the spread of data centers, market players in Europe are anticipated to offer enticing growth opportunities in the power monitoring market. Also, the United Kingdom, Germany, and Italy's investments in electric vehicles (EVs) are expected to be beneficial for local economic development. Larger firms are increasing their capacities to produce solar and wind energy to acquire a competitive edge in the market.

In addition, the manufacturing sector in Europe accounted for a sizeable portion of the end-user verticals since it has continuous operating systems that are essential for operations. Due to strict environmental laws, the end-use sectors have started implementing the energy management system to reduce their carbon impact.

• In June 2022, Servotech Power Systems and German development organisation Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH jointly created a novel solar performance monitoring and controlling device.

The creation of advanced power monitoring devices is accelerating market growth in Germany.

Which Factor is Pushing the Sales of Power Monitoring Devices in Japan & China?

“Rapid Urbanization and Installation of Power Plants”

Power monitoring systems and solutions are becoming necessary in Asia Pacific due to the region's expanding industrialization and urbanization trends. Sales of power monitoring technologies in China & Japan are expected to increase at a CAGR of 7.5% and 3.5% respectively, over the forecast period.

In Asia Pacific, power plant construction projects are growing rapidly, especially in significant nations such as Japan, China, and India. Due to the increasing pace of power generation projects brought on by the growing demand for electricity, there is a rising need for power monitoring systems.

The Asia Pacific market is anticipated to expand as a result of high investments being made by several companies in grid infrastructure upgrades.

Category-wise Analysis

Why are Power Monitoring Systems Widely Used in Utilities & Renewable Sectors?

“Rising Rate of Renewable Energy Projects Driving Demand for Energy Management Systems”

Based on end use, power monitoring systems are segmented into manufacturing & process industries, utilities & renewables, public infrastructure, data centers, and electric vehicle charging stations. The utility & renewable sectors are currently dominating the overall electric power monitoring systems.

This can be due to the growing installation of monitoring equipment to track energy generation and transmission in renewable energy plants. The rising installation of renewable energies and the increasing need for energy management is boosting sales of energy monitoring devices.

During the forecast period, demand for power monitoring systems from commercial and industrial sectors is expected to progress at a healthy pace. To increase energy efficiency, power monitoring is being used in commercial and industrial buildings, particularly in manufacturing and data center facilities.

The real power consumption by the facility's installed equipment can be observed using monitoring devices. The advantages of power monitoring in commercial and industrial sectors are that they can attain utility-grade precision and have flexible power distribution systems.

Some of the main factors promoting sales growth include variation in power supply via the UPS system, increasing digitalization and cloud computing, the necessity for a dependable power supply, and rising investments in IT hubs and electrical power distribution infrastructure.

Also, data centers require a significant quantity of energy to operate. Any power outage can cause data loss and substantial financial loss. As a result, data centers use power monitoring systems to maximize power efficiency.

Competitive Landscape

According to Fact.MR, a market research and competitive intelligence provider, some of the leading companies in the power monitoring market are ABB Ltd., Eaton Corporation PLC, Analog Devices, Inc., and Advantech Co., Ltd. to earn more and gain strong market position, key players in the market are introducing advanced monitoring systems.

• In December 2020, Siemens unveiled a new PowerLink CM solution for tracking high-voltage AC and DC transmission lines. The tool is made to continuously monitor line conditions and pinpoint transmission grid issues. The innovative gadget is being introduced in response to the growing demand for reliable power supply, blackout prevention, and grid use.

Key Segments of Power Monitoring Industry Research

• By Component :

  • Hardware
  • Software
  • Services

• By End Use :

  • Manufacturing & Process Industries
  • Utilities & Renewables
  • Public Infrastructure
  • Data Centers
  • Electric Vehicle Charging Stations

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA