Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Circuit Monitoring Market Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global circuit monitoring market is on a growth trajectory, estimated to expand from USD 659 million in 2023 to USD 829 million by 2028, registering a CAGR of 4.7% during the forecast period. Key drivers such as significant investments, stringent carbon footprint reduction standards in data centers, and the rising number of data centers are propelling the demand for circuit monitoring solutions.
Market Segmentation & Growth
- Modular Circuit Monitoring Leading Growth: Among different types of circuit monitoring solutions, the modular circuit monitoring segment is experiencing the fastest growth. Its benefits, including accuracy, easy installation, and connectivity, are driving its adoption in the market.
- Commercial Segment Emerging as Second Largest End-user: In terms of end-users, the commercial segment, encompassing banking, financial services, insurance, healthcare, government, and defense, is expected to be the second largest segment during the forecast period, contributing to the market's expansion.
- North America Dominating the Market: North America is projected to be the largest circuit monitoring market during the forecast period, driven by the rise of new data centers and numerous growth opportunities in the region.
Key Players
The circuit monitoring market is dominated by a few major players with significant regional presence, including ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Toshiba International Corporation (Japan), and Legrand (Ireland).
Market Dynamics
Drivers:
- Uninterrupted Business Operations: Growing concerns over power stability for uninterrupted business operations are driving the demand for circuit monitoring solutions.
- Increasing Number of Data Centers: With a rising number of data centers, the need for efficient circuit monitoring systems is on the rise.
- Carbon Neutrality Goals: The need to monitor energy consumption and achieve carbon neutrality is pushing the adoption of circuit monitoring solutions.
Opportunities:
- Stringent Regulations for Carbon Footprint Reduction: Enforcing stringent regulations to reduce the carbon footprint of data centers creates opportunities for circuit monitoring providers.
- Shift to Cloud-Based Data Centers: The shift towards cloud-based data centers offers potential growth avenues for the circuit monitoring market.
Challenges:
- Advancements in Energy Monitoring Systems: The decline in circuit monitoring adoption can be attributed to the advancements in energy monitoring systems.
- Supply Chain Constraints and Integration Complexities: The challenges of supply chain constraints and complexities in integrating circuit monitoring systems into operational data centers are obstacles in the market.
Conclusion
The global circuit monitoring market is poised for significant growth, driven by the increasing demand for data centers and the need for uninterrupted power stability. Modular circuit monitoring solutions and commercial sectors are expected to be the key drivers for market expansion. As the world embraces carbon neutrality goals, circuit monitoring systems will play a pivotal role in monitoring energy consumption and ensuring efficient data center operations.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Circuit Monitoring Market, by Type
7 Circuit Monitoring Market, by End-user
8 Circuit Monitoring Market, by Region
9 Competitive Landscape
10 Company Profiles
11 Appendix
Companies Mentioned
- ABB
- Accuenergy
- Acrel - Electric Co
- Anord Mardix
- Bay Power Inc.
- Cet Inc.
- Circuitmeter
- Daxten
- Eaton
- Elmeasure
- Legrand
- MPL Technologies
- NHP
- Nlyte Software
- Omron Corporation
- Packet Power
- Schneider Electric
- Senva Inc.
- Socomec
- Toshiba International Corporation
For more information about this report visit https://www.researchandmarkets.com/r/9hg976
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