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Power Monitoring System Market Growth, Forecast
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Market Scenario
According to MRFR, Global Power Monitoring System Market size is projected to reach USD 5,530.0 Million by 2025, with 6.11% CAGR between 2019 and 2025.
Growing commitment to minimizing electricity costs and optimizing the efficiency of electrical services is the key motivating force for the global demand for power control systems. The tools and systems for automated control of power networks include high-voltage transmission devices, wireless grids, and microgrids. This growth has helped the business discover the possibilities untapped in Africa. Increasing the adoption of smart grid technology would also create an incentive for industry participants in the power monitoring business, thus improving the commercial power monitoring sector, of which the power monitoring system is a member. The high cost of high-end power monitoring products, however, is projected to serve as a limitation on the global demand for power monitoring system market share.
Market Segmentation
The global power monitoring system market growth is segmented based on components and end-use.
The global market comprises, by component, software, hardware, and services. It is estimated that the hardware segment will have the largest share as hardware consists of different instruments responsible for tracking and managing various facets of the power management network. The sub-segment of metering & communication tools is expected to grow at a considerably rapid pace and dominate the demand of hardware components during the forecast period.
The global market is segmented by end-use into utilities & renewables, data centers, public infrastructure, manufacturing & process industries, among others. Despite the fastest CAGR the data center segment is expected to rise during the forecast period since spending in IT centers is growing. Since of the large use of power monitoring systems in manufacturing sectors, the industrial segment is leading the market in power monitoring across end-user segments.
Regional Outlook
The global market for the power monitoring systems is segmented by region into Asia-Pacific, North America, Europe, Middle East & Africa and South America.
Thanks to growing emphasis on improving outdated electricity systems and rising smart meter deployment North America led the electricity management program in terms of power monitoring system market share. In turn, growing uncertainty in the region's power grid will positively cause consumer demand for power monitoring systems. These factors are expected to boost the region’s power monitoring system market trends.
In Europe, Germany is projected to be the largest and fastest growing country in the market for power surveillance systems the global market for the power monitoring systems is segmented by region into Asia-Pacific, North America, Europe, Middle East & Africa and South America.
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Thanks to growing emphasis on improving outdated electricity systems and rising smart meter deployment North America led the electricity management program in terms of market share. In turn, growing uncertainty in the region's power grid will positively cause consumer demand for power monitoring systems. These factors are expected to boost the region’s market for power monitoring systems.
In Europe, Germany is projected to be the largest and fastest growing country in the market for power surveillance systems.
In South America, Brazil is projected to be the largest and fastest growing country in the market for electricity monitoring systems due to increased investment in smart grid initiatives installing innovative power management equipment, boosting the country’s demand.
Competitive Dashboard
The Key Players participants in the Global Power Monitoring System Market are Siemens (Germany), Eaton (Ireland), ABB (Switzerland), Schneider Electric (France), Emerson (US), General Electric (US), Omron (Japan), Rockwell Automation (US), Yokogawa (Japan), Greystone Energy Systems (Canada), Littlefuse (US), Mitsubishi Electric (Japan), Fuji Electric (Japan), Etap- Operation Technology (US), Samsara (US), and Vacom Technologies (US).
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