Rockville, March 06, 2023 (GLOBE NEWSWIRE) -- As per the latest estimates by Fact.MR, a market research and competitive intelligence provider, the global power monitoring market is valued at US$ 3.1 billion in 2023 and is expected to reach US$ 5.3 billion by the end of 2033.
Real-time energy cost and efficiency management are accomplished by using power monitoring technologies. The online network of meters which gives real-time information on the power system is referred to as a power monitoring system. Using power monitoring has several advantages, including cost savings, identification of inefficiencies, higher profit margin, reduced downtime, quality control, early problem detection, and lower energy costs. Choosing suitable meters to record data and events and the appropriate software to display and analyze are essential aspects of a power monitoring system.
Download Sample Copy of This Report –
https://www.factmr.com/connectus/sample?flag=S&rep_id=8409
Power monitoring systems enable the automatic retrieval and analysis of power quality events in sectors that are experiencing power quality difficulties. Power quality problems can result in halted processes and trashed products, which results in a significant loss of annual revenue. A power monitoring system immediately flags severe occurrences that could result in facility damage.
These systems provide a dependable clean power supply that ensures employee safety, avoids automatic resetting of control devices or bothersome tripping, enables automation of emergency power supply system (EPSS) reporting for compliance, and can handle complicated cost allocation computations. Systems for power monitoring can reduce incidents that lead to the early failure of some machinery, including motors, control devices, transformers, pumps, and other electrical equipment.
Growing end-use sectors such as manufacturing and process, utilities & renewables, data centers, and public infrastructure have a significant impact on market growth. The high attention to industrial automation and the introduction of advanced power monitoring tools are boosting sales growth.
Widespread adoption of energy management systems and environmental laws against energy waste are boosting the growth of the market for power monitoring systems. Power monitoring systems are in high demand due to their capability to interact with and monitor the power distribution system's components from any location at any time to prevent crucial losses.
Key Takeaways from Market Study
- The global power monitoring market is expected to increase at a CAGR of 5.5% over the next 10 years.
- The market for power monitoring systems is predicted to expand at a CAGR of 5% in Germany.
- Sales of power monitoring systems in China are expected to rise at a CAGR of 7.5% over the period 2023 to 2033.
- Demand for power monitoring hardware systems is predicted to grow at a CAGR of 6% from 2023 to 2033.
Get Customization on this Report for Specific Research Solutions –
https://www.factmr.com/connectus/sample?flag=RC&rep_id=8409
Recent Market Development
- In February 2020, Power Distribution, Inc., a leading provider of power distribution and power monitoring tools and services, was fully acquired by Eaton, a power management firm. The acquisition is anticipated to improve its data services.
Competitive Landscape
In December 2020, Siemens unveiled a new PowerLink CM solution for tracking high-voltage AC and DC transmission lines. The tool is made to continuously monitor line conditions and pinpoint transmission grid issues. The innovative gadget is being introduced in response to the growing demand for reliable power supply, blackout prevention, and grid use.
Key Companies Profiled
- ABB Ltd.
- Eaton Corporation PLC
- Analog Devices, Inc.
- Advantech Co., Ltd.
- Delta Electronics, Inc.
- EXFO, Inc.
- Fluke Corporation
- Eaton Industries GmbH
- Aveva Group PLC
- ElMeasure India Pvt., Ltd.
- Albireo Energy LLC
- eGauge Systems LLC
- Accuenergy Canada Inc.
- Atandra Energy Private Limited
Key Segments of Power Monitoring Industry Research
- By Component:
- Hardware
- Software
- Services
- By End Use:
- Manufacturing & Process Industries
- Utilities & Renewables
- Public Infrastructure
- Data Centers
- Electric Vehicle Charging Stations
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Quick Buy: Power Monitoring Market Report –
https://www.factmr.com/checkout/8409
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global power monitoring market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study divulges essential insights into the market based on component (hardware, software, services) and end use (manufacturing & process industries, utilities & renewables, public infrastructure, data centers, electric vehicle charging stations), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Highlights from Table of Contents:
Global Market - Pricing Analysis
- Regional Pricing Analysis By Component
- Pricing Break-up
- Manufacturer Level Pricing
- Distributor Level Pricing
- Global Average Pricing Analysis Benchmark
Check out more related studies published by Fact.MR Research:
Substation Monitoring System Market Size: This research report covers detailed information on Global Substation Monitoring System Market Size, Share, application, competition and growth opportunities till 2028. Substation monitoring system refers to an ecosystem consisting of hardware and software components that is used to monitor substation equipment, such as transformers, switching devices, and circuit breakers, among others.
Load Monitoring Systems Market Demand: With the increasing presence of small- and medium-sized businesses with revenues less than US$ 10 million, the load monitoring systems market demand is expected to remain fragmented.
Aircraft Health Monitoring System (AHMS) Market Research: Aircraft health monitoring system helps to improve the dependability of the aircraft by shortening its downtime. The Aircraft Health Monitoring System (AHMS) market research includes the application of advanced software and hardware along with vast data analysis in order to increase the efficiency of an oil and gas field.
Switchgear Monitoring System Market Share: Switchgear monitoring system is a key component in electrical power systems and is used to both distribute electrical power and selectively isolate electrical loads. The switchgear monitoring system monitors the distribution of electrical current and heat build-up in the power transmission system. This research report covers detailed information on Global Switchgear Monitoring System Market Share, Size, application, competition and growth opportunities till 2029
About Fact.MR
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Connect to Author: Mr. Shubham Patidar
Email : shubham@factmr.com
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | YouTube
