Power Monitoring System Market is Projected to Reach 5.70 billion, at a 6.44% CAGR by 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Power Monitoring System Market Growth Boost by Rising Adoption of Smart Grid Technologies and Reducing Energy Costs
New York, US, March 31, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Power monitoring system Market Research Report, by Component, End-Use, and Region - Forecast Till 2030”, the global market for Power monitoring systems is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 6.44%. The reports further anticipate the market to acquire a USD 5.70 billion valuation by the end of 2030.
Power Monitoring System Market Overview:
A power monitoring system guarantees a simple manner to automatically retrieve and examine power quality events as this system is permanently installed. The global market for power monitoring systems has showcased immense development in the last few years. The prime aspect supporting the development of the market is the escalated attention to reducing energy costs. Furthermore, maximizing the reliability of electrical infrastructure is also believed to be one of the crucial parameters supporting the development of the market worldwide. The power monitoring system behaves as a home power monitoring system by guaranteeing the efficient use of power resources in the residential end-use industry.
Competitive Analysis
The listing of the prominent leaders across the global market for power monitoring systems includes players such as:
The global power monitoring system market power monitoring systems has showcased immense development in the last few years. The prime aspect supporting the development of the market is the escalated attention to reducing energy costs. Furthermore, maximizing the reliability of electrical infrastructure is also believed to be one of the crucial parameters supporting the development of the market worldwide. The power monitoring system behaves as a home power monitoring system by guaranteeing the efficient use of power resources in the residential end-use industry. For example, applications like smart cities and large residential complexes have installed power monitoring systems in a massive areas needing efficient energy. Consequently, they have installed power monitoring systems for power plant operation, power management, event verification, and billing information.
Market Restraints
On the other hand, certain aspects may impede the power monitoring system market growth. The primary parameter restricting the market's growth is the high up-gradation cost linked with the aging power plants. Furthermore, the changes introduced by the arrival of the pandemic and the lack of standardization of protocols are also likely to limit the performance over the coming years.
Report Scope:
Report Metrics
Details
Market Size 2030
2030: Significant value
CAGR during 2022-2030
6.44% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Opportunities
Increasing the adoption of smart grid technologies
New product launches and R&D amongst major key players
Key Market Drivers
Increased attention to reducing energy costs
Maximizing the reliability of electrical infrastructure
Browse In-depth Market Research Report (111 Pages) onPower Monitoring System Market:
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the power monitoring system market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Power Monitoring System Market Segment Analysis
Among all the components, the hardware segment is predicted to secure the top spot across the global market for power monitoring systems over the assessment period. The hardware segment comprises several gadgets responsible for monitoring and controlling several parameters of the power monitoring system.
Among all the end-users, the data center segment is projected to ensure the top spot across the global market for power monitoring systems over the assessment period. The rising investments in I.T. hubs are considered the main aspect causing a rise in the segment's performance.
The global market for power monitoring systems is analyzed across five main geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR analysis documents imply that the North American region is predicted to secure the leading spot across the global market for power monitoring systems over the review era. The rising emphasis on the upgrade of aging power infrastructure is believed to be the main aspect backing the development of the regional market. Furthermore, the increasing installation of smart meters is also believed to be one of the crucial parameters boosting up the growth of the regional market. As per the U.S. Department of Energy's Smart Grid Investment Grant Program, several plan pronouncements have been made with certain organized implementations by Hawaiian Electric and Consolidated Edison that have assisted in supporting the presence of AMI activity.
In addition, the growing investments in smart meters with the market attaining nearly USD 9 billion by 2022. Such aspects are projected to positively impact the performance of the regional market over the coming years.
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