Dublin, March 07, 2024 (GLOBE NEWSWIRE) -- The "Industrial Power Monitoring Market - Global Industry Size, Share, Trends Opportunity, and Forecast, 2028F" report has been added to ResearchAndMarkets.com's offering.
With a valued market size of USD 4.08 billion in 2022, the global industrial power monitoring market is poised to achieve a substantial CAGR of 5.19% throughout the forecast period ending in 2028. This mark is indicative of an industry experiencing dynamic growth due to heightened demands for energy efficiency, regulatory compliance pressure, and the integration of advanced technologies such as the Industrial Internet of Things (IIoT).
Within the sector, critical components including sensors, meters, control systems, and communication technologies are being utilized to enhance real-time monitoring and analyze key electrical parameters. This initiative aims to bolster energy efficiency, assure power quality, minimize equipment downtime, and reduce operational costs across various industries such as utilities, manufacturing, data centers, and mining.
Key Market Drivers and Competitive Landscape
- North America emerges as the leader in the industrial power monitoring landscape with a strong portfolio of smart technologies driving the regional market share to 30% in 2022.
- Europe follows closely, fueled by sustainability and energy conservation initiatives.
- The Asia Pacific region witnesses the fastest growth, driven by rapid industrialization and greater awareness of power monitoring benefits.
Manufacturing and process industries hold the largest market segment due to critical needs for uninterrupted production and high energy consumption, necessitating the advanced application of robust power monitoring systems to reduce operational costs and adhere to stringent regulatory compliances.
In the landscape filled with major players such as Schneider Electric, Eaton, Siemens, General Electric, and ABB, the industrial power monitoring market offers diverse solutions across Utilities & Renewables, Datacenters, Public Infrastructure, and beyond. Ensuring compliance with policies and taking part in demand response initiatives highlight the importance of power monitoring systems in contemporary industrial operations.
Market Challenges and Segmental Insights
- Integration with existing complex and legacy systems remains a notable challenge, requiring specialized expertise and technology investments.
- Managing and analyzing large quantities of data from multilayered systems presents complexities that necessitate advanced data governance and analytical models.
- However, the reliance on power monitoring hardware, which constitutes the largest market share, ensures long-term reliability and accuracy, extending beyond mere software capabilities.
Regional analyses and segment insights further encapsulate the current trends and future potential of the industrial power monitoring market internationally.
As businesses work towards enhancing their energy efficiency and sustainability, the importance of advanced power monitoring solutions is becoming increasingly prominent. The anticipated global market growth underlines the urgency for industries to leverage such technologies to maintain competitiveness and contribute to global environmental objectives.
This thorough study of the industrial power monitoring market is crucial for stakeholders to comprehend the evolving market dynamics, the integration of renewable energy, and the mitigation of power quality concerns. Detailed analyses of the various market segments and regional breakdowns provide a comprehensive picture of the industrial power monitoring landscape.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 182 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $4.08 Billion |
| Forecasted Market Value (USD) by 2028 | $5.58 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Schneider Electric SE
- Eaton Corporation plc
- Siemens AG
- General Electric Company
- ABB Ltd.
- Honeywell International Inc.
- Rockwell Automation Inc
- Emerson Electric Co.
- Yokogawa Electric
- Mitsubishi Electric Corporation
For more information about this report visit https://www.researchandmarkets.com/r/w5g1gk
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