A power monitoring system is a network of meters connected to the internet to provide real-time data on the power system. The power monitoring system market is expected to grow at a CAGR of more than 5.8% during the forecast period 2020-2025. The major factors attributing to the growth of the market are the increasing focus on the efficient utilization of power resources, increasing urbanization and industrialization, and maximizing the reliability of electrical infrastructure. Increasing the adoption of smart grid technologies and a growing focus on industrial developments has led to a rise in the implementation of power monitoring systems. However, factors like poor compatibility with existing components, and the rising cost of high-end monitoring devices are likely to hinder the market during the forecast period.
Key Highlights
- The commercial and industrial segment is expected to witness significant growth during the forecast period.
- Growing implementation of smart meters and an increase in investments for smart grid technologies are expected to offer opportunities in the global power monitoring market and therefore is likely to attract many leading players across the globe.
- North America is expected to be the largest market owing to the factors like increasing focus on upgrading the aging power infrastructure and increase in installation of new smart meters.
Key Market Trends
Commercial and Industrial Segment to Witness Significant Growth
- Power monitoring is being deployed in the commercial and industrial facilities especially in manufacturing facilities and data centers to improve energy efficiency. This can be used to monitor the actual power drawn from the installed devices in the facility. The benefits of power monitoring in this end-suer segment are they have an adaptable power distribution system and achieve utility-grade accuracy.
- Variation in power supply through the UPS system and the rise in digitalization and cloud computing are some of the key drivers for the commercial and industrial segment in the power monitoring system market.
- The commercial segment is expected to witness significant growth during the forecast period. This growth is attributed to the need for reliable power supply and increasing investments in the IT hubs and electrical power distribution infrastructure.
- Moreover, data centers consume a large amount of energy for its functioning. Any loss of power can result in data loss and huge monetary loss. So, power monitoring systems are used in data centers for the optimization of power utilization.
North America to dominate the Market
- North America is expected to be the largest market owing to the fact that the power monitoring system market plays a significant role in upgrading the aging power infrastructure in the region.
- Among the other countries in the region, the United States has seen a rising demand for power monitoring systems due to an increase in investments in smart meters to enhance the intelligent infrastructure across the country.
- The governments of the 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.
- 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 market in the region.
- Being one of the industrialized regions, the energy & power sector is key to the operations of various industries in this region. This is one of the important factors governing the growth of power monitoring system market in the North America regions.
Competitive Landscape
The power monitoring system market is fragmented. Some of the major key players in the market include Eaton Corporation Inc., Fluke Corporation, General Electric Company, Siemens AG, and Emerson Electric Co.
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