Vancouver, British Columbia, June 07, 2021 (GLOBE NEWSWIRE) — The global power monitoring market size is expected to reach USD 5.86 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to increasing initiatives of governments for upgradation of existing power infrastructure to enhance energy efficiency among commercial, industrial, and residential sectors. The Smart Grid Investment Grant (SGIG) program by the U.S. government is aimed at accelerating modernization of electric transmission and distribution system in the US. The program selected projects which received federal financial assistance for up to 50% of eligible project costs.
Through these projects, the Smart Grid Investment Grant (SGIG) program promoted investments in smart grid technologies, techniques, and tools, which increase functionality, flexibility, cybersecurity, interoperability, operational efficiency, and situational efficiency. Rising need to enhance system reliability and minimize equipment malfunctions, power spikes, and shutdowns are driving demand for power monitoring systems and electrical system performance tracking across manufacturing and process industries.
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Technological advancements of power monitoring devices is helping in efficient monitoring of overall consumption of power. The next generation power monitoring systems include multilevel Automated Meter Reading (AMR) with power quality and power usage (PQ) monitoring with Wi-Fi connections and intelligent monitoring systems.
Some Key Highlights From the Report
- In March 2020, Schneider Electric announced expansion of the PowerLogic ION9000 series power meter range with the PowerLogic ION9000T. The new ION9000T based on the PowerLogic platform adds high-speed transient capture capabilities, helping critical facilities avoid equipment damage, outages, interruption, and failure of operations.
- Hardware segment accounted for largest revenue share in 2020. Manufacturers are increasingly investing for production of more advanced power monitoring devices in order to enhance system reliability, which is driving demand for power monitoring devices.
- Manufacturing and process industry segment revenue is expected to expand at a rapid CAGR during the forecast period. The ability of power monitoring systems to identify and analyze power quality problems such as voltage sags and harmonics is resulting in increasing usage among manufacturing and process industries.
- North America accounted for largest revenue share contribution to the global power monitoring market in 2020. Increasing investment in the manufacturing & process industry in the region regarding adoption of smart meters in order to meet growing electricity demand is boosting growth of the power monitoring market in the region.
- Key players in the market include Schneider Electric, ABB, Eaton Corporation plc, Siemens AG, General Electric, Emerson Electric Co., Rockwell Automation, Inc., Mitsubishi Electric, Omron Corporation, and Yokogawa Electric.
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Emergen Research has segmented the global power monitoring market on the basis of component, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2018–2028)
- End-use Outlook (Revenue, USD Billion; 2018–2028)
- Utilities & Renewables
- Manufacturing & Process Industry
- Electric Vehicle Charging stations
- Public Infrastructure
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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