The GMI Research states that the Power Monitoring Market will undergo an expansion in demand over the forecast period. This is because of the accumulating investment in IT hubs, growing need to monitor the electrical power distribution infrastructure and soaring focus on effective usage of power resources.
Introduction of the Power Monitoring Market
Power monitoring refers to a network of meters linked with the internet to offer real-time data on the power system. They are lodged with online software enabling the service providers and owners to recognize viable problems with electrical systems. In addition, the system discharges various functions such as better facility uptime, enhanced response to power-related problems, ameliorated power quality, a minor penalty of peak demand power factor, and certifies energy contract passivity.
Key Players of Market:
· Eaton Corporation Plc
· Siemens AG Schneider Electric SE
· ABB Ltd
· General Electric Company
· Emerson Electric Company
· Omron Corporation
· Rockwell Automation Inc
· Mitsubishi Electric Corporation
· Yokogawa Electric Corporation
Power Monitoring Market Dynamics
The amplified dependence on electrical infrastructure, growing emphasis on efficient usage of power resources, and surging consciousness to decrease power cost are inflaming the growth of the global Power Monitoring market. Also, consumers, in the recent past, have witnessed an elevation in electricity bills resulting in rising agitation to reduce the cost of electricity. Thus, this ongoing enlargement in demand for electricity has put increasing pressure on power generation and modification facilities as well as concerns concerned with future demand. Thus, the multifarious utility organizations, individual consumers, and industries inclined individuals towards power monitoring systems. Also, these meters possess the potential to trace cost, power factor, voltage, and frequency which is another factor fuelling the Power Monitoring Market Size. In addition, the regular power meter is well suited for enormous costumers as they help reduce the electricity bill and make better decisions. However, the inflated cost of high-end devices is contemplated to hinder the Global Power Monitoring Market Size.
Component Segment Drivers
On the basis of components, the market is classified into software, hardware, and service. Amongst which, the hardware is contemplated to witness a faster rate over the coming years. This is because of the accelerating number of smart grid deployment projects and surging investment by the government to lodge smart meters to minimize carbon discharge. Also, their main function is to note, administer, and compute the power flowing quantity through any part of the electric system.
End-User Segment Drivers
Based on end-user, the datacentre segment will increase at a notable CAGR during the coming years. This is because of the accelerating investments in IT hubs and escalating demand to oversee the electrical power distribution infrastructure of the data centre. Moreover, data centres demand a huge amount of energy for their work. Also, the power loss may result in monetary as well as data loss. Hence, these systems are increasingly employed for the optimization of power usage, thereby propelling the global Power Monitoring Market opportunities.
Power Monitoring Market Segmentation:
Segmentation by Component
o Metering & Communication Devices
o Measurement Devices
Segmentation by End-User
· Manufacturing & Process Industry
· Public Infrastructure
· Utilities & Renewables
· Electric Vehicle Charging Station
Segmentation by Region:
o United Kingdom
o Rest of Europe
· Asia Pacific
o Rest of APAC
· North America
o United States of America
o South Africa
o Saudi Arabia
About GMI Research
GMI is a consulting and market research company emphasising on accumulating all desired information about various industries with both external and internal databases. The enterprise imparts perception and research reports to help clients understand the approaching challenges and chances across different sectors. The team of analysts and experts assist in interpreting the influence of dynamics such as drivers, share, size, growth opportunities, and other aspects. We proffer a complete guidance to our clients to grab a supervisory decision.