Press release
Power Monitoring Market was valued USD 4.3 billion in 2021, and will reach USD 6.7 billion in 2029, expanding at a CAGR of 5.8% | Size, Share & Forecast
Power Monitoring Market
The Power Monitoring Market was valued USD 4.3 billion in 2021 and expected to reach USD 6.7 billion in 2029, expanding at a CAGR of 5.8% during 2022-2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/power-monitoring-market/
The factors driving growth of Power Monitoring Market includes rise in the consumption of electricity around the world, emerging need to monitor power consumption, growing adoption of smart meters and increasing installation of solar and wind energy power plants. According to the report published by Statista, the Global Smart Meter Market was valued around USD 19.6 billion in 2021 and is expected to reach USD 30.2 billion by the end of 2026, growing at a CAGR of 9% over the forecast period, which will accelerate the Global Power Monitoring Market in the approaching years. Moreover, rise in the number of electric vehicles charging stations, growing focus by Governments on expanding power generation capacities, increase in Government's expenditure on the smart grid projects and rapid urbanization, are some of the additional factors supplementing the Power Monitoring Market Size. In addition, the increasing investments by leading players on research and development, technological advancements in power monitoring devices, rising disposable incomes, and growing population growth rates, are further contributing towards the market growth.
However, growth of the Power Monitoring Market is hindered owing to cost of power monitoring devices.
The prominent players operating in the Power Monitoring Market are Emerson Electric Company, Rockwell Automation Inc, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd, Eaton Corporation Plc, Omron Corporation, Siemens AG, General Electric Company, and Yokogawa Electric Corporation among others.
Based on Component, the Hardware segment is predicted to grow at a significant CAGR during the forecast period
Rise in the number of smart grid projects and increasing deployment of smart meters in the residential areas, are some of the factors supplementing the market growth.
Based on End-Users, the Datacenters segment is projected to expand at a robust CAGR over the forecast period
Emerging need to monitor electrical power distribution infrastructure of the data center facility, is pushing the demand for power monitoring devices.
Based on Region, the North American region is anticipated to grow at a remarkable CAGR during the forecast period
Emerging need to upgrade the ageing grid infrastructure, rise in the installation of smart meters at the residential areas, technological innovations in the power monitoring devices, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Market Segmentation
Segmentation by Component
Hardware
Metering & Communication Devices
Measurement Devices
Software
Services
Segmentation by End-User
Manufacturing & Process Industry
Datacenters
Public Infrastructure
Utilities & Renewables
Electric Vehicle Charging Station
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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