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The power monitoring system market size was USD 3.92 billion in 2020. The market is anticipated to grow from USD 4.10 billion in 2021 to USD 5.99 billion by 2028 at a growth rate of 5.6% in the 2021-2028 period. The global impact of COVID-19 has been unparalleled and staggering, with the power industry witnessing a negative demand globally amid the pandemic. On the basis of our analysis, the global market displayed a decline of -7.1% in 2020 as compared to the average year-on-year growth during 2017-2019. The unforeseen rise in CAGR is due to growing market demand and returning to pre-pandemic stages once the pandemic is over.
A power monitoring system is a network of meters connected to the internet to provide real-time data on the power system in a facility. The meters provide an online software system that allows the owners and services to recognize potential problems with the electrical systems. This electric system helps in proper energy management in commercial, residential, and industrial segments.
COVID-19 Pandemic Affects Industrial Activities and Decline in Power Demand Impacts the Market Growth
The COVID-19 pandemic has spread in more than 200 countries around the world. This pandemic has impacted several business sectors such as railways, construction, manufacturing, oil & gas, aviation, hospitality, and others. The governments in many countries were forced to impose nationwide lockdowns & restrictions in the wake of the pandemic affecting the economies of nations across the globe. The outbreak has also disrupted supply chains as the governments imposed travel bans. Many large-scale and medium-scale industries were closed and the commercial operations were temporarily shut or postponed. Moreover, the closure of schools and colleges also caused a steep decline in power consumption globally, giving further rise to a reduction in demand for power monitoring systems in facilities.
The manufacturing industries of such systems are dependent on imports, which further causes uncertainty in manufacturing. The travel and movement restriction disrupted the supply chain significantly and could substantially impact the global forecast.
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Rising Demand for Electricity to Boost Market Growth
Power consumption has increased considerably over the last few years. The strong growth of the economy, rising population, and flourishing manufacturing sector have led to increased power consumption. The developing countries are experiencing high electricity demand due to expansion works and infrastructure development. The advancement of technology in several nations also increases electricity demand. Industrialization and urbanization are rapidly growing across the world and the living standard of people is also rising. This escalates the demand for electricity generation.
As electricity demand is rising, many countries across the world are increasing their power generating capacity. All such plants need power monitoring systems in their plants. The installation of renewable energy sources is expanding widely across the world and this increases the demand for power monitoring systems across the world.
Increasing Manufacturing and Process Activities Propel Growth in the Market
Industrialization is rapidly gaining prominence worldwide, increasing the power consumption in the industrial sector. Manufacturing and process industries are widely growing in developed and developing countries. The establishment of manufacturing and process industries increases energy consumption and these industries need to monitor the consumption of power. The manufacturing and process industries widely adopt these systems for better energy management.
Rising Demand for Energy Management Augments Growth in the Market
The electricity demand is widely increasing worldwide as consumption is rising rapidly. This increases the demand for energy management around the world so that the extra cost can be saved. This increases the focus on the efficient use of energy sources. Governments across the world are working extensively to reduce energy costs. The governments in many countries encourage the use of effective energy management devices to save energy and its related cost. This increases the adoption of power monitoring systems in the market.
High Cost of Devices May Hinder the Power Monitoring System Market Growth
Power monitoring systems involve the use of various components that are costly. The high cost of such devices hinders market growth as the demand for power generating units continues to grow. The need for high investments across emerging and advanced economies may hamper the growth prospect.
Hardware Segment Dominated the Market in 2020
Based on component, the global market is segmented into hardware, software, and services. The hardware segment is anticipated to dominate the market in the forecast period. The number of smart grid deployment projects is increasing across the world. Smart grid investments are also increasing worldwide. Governments across the world are highly focused on reducing carbon emission and thus, encouraging the installation of smart meters across the world.
The software segment to register significant growth. The integration of artificial intelligence is widely increasing in the power sector as it proves to be advantageous for the energy sector. There are various software that provide real-time information regarding the use of energy and also assess and analyze the real-time data and historical data for the efficient management of energy. The above factors drive growth in the software segment in the forecast period.
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Utility Segment to Grow at Highest CAGR during the Forecast Period
Based on the application, the global market is segmented into utilities and renewable, data centers, manufacturing & process industry, public infrastructure, and others. The utilities & renewable segment held a dominant share of the market in 2020 and is expected to have the largest market in the forecast years. The utilities segment will gain traction from the installation of monitoring devices to monitor the generation and transmission of energy. The installation of renewable is also widely increasing across the world. This increases the demand to monitor energy. Thus, the above factors are expected to drive growth in the utilities and renewable segments during the forecast.
The manufacturing and process industry segment is anticipated to grow significantly. Industrialization is growing rapidly across the world, increasing power consumption from the industrial segment. The industry needs to manage the energy use for its high voltage equipment. This increases the need for monitoring devices during the forecast period.
North America Power Monitoring System Market Size, 2020 (USD Billion)
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Geographically, the global market has been researched across North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific is anticipated to dominate the global market over the forecast period. The electricity demand is rapidly increasing in this region due to the burgeoning population. Urbanization and industrialization are also rapidly growing in this region. The rising investments in the power generation sector in this region pushed the growth of the power sector. The government is increasing electricity generation within the region, which escalates the demand for the installation of power monitoring systems. The capacity of renewable energy is increasing and leads to the deployment of such devices in the renewable power plant.
Europe is projected to grow significantly in the forecast period. This region is constantly expanding its electricity generation capacity due to rising demand for uninterrupted power supply. This increases the demand and adoption of smart meters in the market. The deployment of datacenters is also widely expanding in this region along with increasing electric vehicle charging stations. The region has high installation of wind as well as solar energy which escalates the demand for monitoring devices in the market.
North America is expected to register significant growth owing to high power consumption and high demand for energy management. This increases the power capacity generation, which further surges the demand for the monitoring system. Industrialization is also rapidly growing and this sector widely demands to monitor energy so that it can analyze its real-time energy consumption. The above factors are responsible for the growth in the North America region in the power monitoring system sector through the forecast period.
The Middle East and Africa region is likely to witness a significant CAGR throughout the forecast period. Governments in this region are focused on expanding the power generation capacity, especially renewable energy capacity. Industrialization and the development of public infrastructure is increasing rapidly. This augment the growth in the Middle East and Africa region in the forecast period.
Latin America is estimated to witness growth throughout the forecast period. The demand for uninterrupted power supply is widely increasing within the region, which increases the need to expand electricity generation capacities in the region. The development of public infrastructure is increasing along with an increase in number of datacenters. This increases the demand for power monitoring systems in the market.
Key Players Increasing their Focus on New Contracts to Bolster Portfolio
The global market is fragmented owing to the presence of a large number of companies in developed and developing countries. Currently, ABB, Schneider Electric, Siemens, Eaton, General Electric, and Emerson Electric are leading the market. These companies are expanding their reach and focusing on securing new contracts.
For instance, in February 2020, Eaton announced that it has acquired Power Distribution Inc. which is a leading supplier of power distribution and power monitoring systems and services for commercial, industrial, and datacenters clients.
An Infographic Representation of Power Monitoring Market
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The power monitoring system market research report includes a detailed industry analysis and focuses on key aspects such as leading companies, components, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several drivers that have contributed to the growth of the advanced market over recent years.
Value (USD Billion)
By Component, By Application, and By Region
Fortune Business Insights says that the global market size was USD 3.92 billion in 2020.
In 2020, the North America market value stood at USD 1.47 billion.
The global market is projected to grow at a CAGR of 5.6% in the forecast period
The utilities & renewable application segment is expected to be the leading segment in this market.
The global industry size is anticipated to reach USD 5.99 billion by 2028
Increasing manufacturing and process industries propel growth in the market
Asia Pacific dominated the market in terms of share in 2020.
ABB, General Electric, Siemens, Schneider Electric, and Eaton are the major players in the global market.
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