Research Nester published a report titled “Power Monitoring Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global power monitoring market in terms of market segmentation by component, deployment mode, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global power monitoring market is estimated to witness growth with a CAGR of ~6% during the forecast period, i.e., 2022 – 2030. The market is segmented on basis of end-user into manufacturing industry, utilities & renewables, public infrastructure, EV charging stations, and others, out of which, the EV charging stations segment is anticipated to hold the significant market share over the forecast period owing to the growing adoption of electric vehicles across the world. Increasing investment in setting up EV chargers is further expected to fuel the market growth.
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The global power monitoring market is anticipated to grow on the back of growing digitalization and decentralization of power grid, along with the rising adoption of smart grids across the world. Moreover, various advantages of power monitoring, such as, better power quality, more facility uptime, reduced peak demand power factor penalties, prevention of conductor overheating, and enhance the lifespan of equipment, are estimated to further fuel the market growth.
On the basis of geographical analysis, the global power monitoring market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is anticipated to gain the largest market share throughout the forecast period owing to the growing government initiatives to decentralize electricity grid, in order to prevent power theft. Moreover, rapid urbanization, and growing population in the APAC region is estimated to boost the market growth.
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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Adoption of Smart Grids to Fuel the Market Growth
According to other data by the IEA, USD 21 billion were invested in smart meters in 2019, up from USD 11 billion in 2015.
The digitalization of the power sector is leading to increased adoption of smart grid and smart meters, which is estimated to boost the market. Moreover, the growing environment awareness amongst the people is further anticipated to strengthen the market growth.
However, high initial investment, and disrupted supply-chain due to COVID-19 are expected to operate as key restraint to the growth of the global power monitoring market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global power monitoring market which includes company profiling of Yokogawa Electric Corporation, Johnson Controls Inc., Silver Springs Networks, ABB Ltd., Siemens AG, General Electric, Omron Corporation, Emerson Electric Co., Schneider Electric SE, and Eaton Corporation plc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global power monitoring market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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