Global Power Monitoring Market Study Analysis: Power Monitoring Market Is Likely To Witness A Healthy Growth At A CAGR Of 8%

The global Power Monitoring market is expected to grow from $ billion in 2020 to $ billion in 2028 at a CAGR of 8%. Power monitoring is a network of meters that are connected to a power system to provide real-time data. All electrical equipment in a facility is connected to meters. Power monitoring system performs several functions which include, increase facility uptime, improve response to power-related issues, verify reliable power equipment operation, enhance power quality, extend the lifespan of highly advanced equipment, prevent conductors from overheating, protect and control the network, decrease peak demand power factor penalties, and ensure energy contract compliance.

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Global Power Monitoring Drivers And Restrain:
A convenient as well as reliable power monitoring system is important in any industry. A power monitoring system solves the problem of excess utilization of power in the industry through continuous monitoring. Some companies offer power monitoring systems with an alert function. When the power consumption exceeds a certain limit, the monitoring system raises an alert by sending signals to the main visual monitor, thereby boosting the market demand.

A properly configured and installed power monitoring system is a valuable asset to a large number of energy consumers. The power monitoring system is gaining popularity due to the energy consumption management, range of requirements and load types, and the service level of toleration for an energy source. Energy cost and usage are a few of the essential concerns for a large number of users. Furthermore, the rising awareness regarding green energy sources is boosting the market growth. In addition, governments are also playing a crucial role in conducting awareness events regarding clean energy, thus accelerating the demand for power monitoring systems.

The high demand for reliable power systems is a major factor fuelling the market growth. The commercial segment consists of office spaces, shopping complexes, IT centers, and retail outlets, which consume an enormous amount of power, and hence rely extensively on power monitoring systems. Similarly, owing to the high use of power systems in manufacturing industries, the industrial segment has a high demand for power monitoring systems.

The factors restraining the growth of the global Power Monitoring System market include the high cost of production and synchronizing with existing components.

Covid-19 Scenario:
• Impact on Market Size
• End-User Trend, Preferences, and Budget Impact
• Regulatory Framework/Government Policies
• Key Players Strategy to Tackle Negative Impact
• Opportunity Window

Global Power Monitoring Market Segments:
The global Power Monitoring market is further segmented into component, end-user, and geography.
By Component: Hardware, Software, and Services
By End-User: Manufacturing & Process Industry, Datacentres, Utilities & Renewables, Public Infrastructure, and Electric Vehicle Charging Stations

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa and South America)

North America dominates the market since a power monitoring system is estimated to play a major role in upgrading the aging power infrastructure in the region. The US has witnessed a growth in the demand for power monitoring systems owing to a rise in investments in smart meters, to improve the intelligent infrastructure across the country. The countries in the North American region are highly susceptible to natural disasters, therefore, there is a demand for quick fault location and speedy restoration of electricity. The Asia Pacific is expected to witness the highest growth during the forecast period due to the rapid urbanization and industrialization along with the increase in renewable power generation capacity in the region.

Key Players of Global Power Monitoring Market:
• Schneider Electric
• ABB
• Eaton
• Siemens
• General Electric
• Emerson Electric Co.
• Rockwell Automation, Inc
• Mitsubishi Electric Corporation
• Omron Corporation
• Yokogawa India Ltd

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Key Questioned Answered Through The Report:
• The Impact of COVID-19 on the global market
• What are the potential opportunities for new entrants in the global market
• What is the market Size and Forecast from 2020 to 2028?
• Key Players associated with the global Power Monitoring Market
• Value Chain Analysis of Global Power Monitoring Market
• What is the CAGR of the global Power Monitoring Market from 2021 to 2028
• Major Growth Factor, Challenges, Trends, and Opportunities in the global market
• Key outcomes of SWOT Analysis

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