Power Monitoring and Control Software Market With Highlights on the Impact of COVID-19, (2020-2024) | Growing Need for Efficient Power Monitoring and Control to Boost Market Growth | Technavio
The power monitoring and control software market is expected to grow by USD 3.19 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters - with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Power Monitoring and Control Software Market 2020-2024 (Graphic: Business Wire)
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Electrical equipment such as motors, pumps, and transformers are highly prone to failures. With a power monitor system, end-users can identify the root cause of the failure that causes tripping which could adversely impact the operations at a manufacturing facility. Also, the integration of power monitoring systems with the generator control system, UPS, and electrical distribution equipment reduces the risk of overloading and improves the longevity of electrical systems. Many such benefits are increasing the adoption of power monitoring systems among end-users, which is driving the growth of the market.
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As per Technavio, the increasing focus on energy efficiency will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Power Monitoring and Control Software Market: Increasing Focus on Energy Efficiency
Growing environmental concerns and rising carbon emissions from thermal power plants have increased the focus on energy efficiency. Hence, many industrial and commercial end-users are aiming to reduce the consumption and wastage of energy. Electrical equipment used in industries such as motors, pumps, and blowers consumes a lot of energy. With the growing stringency of regulations regarding energy consumption, there has been a significant rise in the deployment of power monitoring systems among industrial and residential end-users. These factors are expected to boost the growth of the global power monitoring and control software market during the forecast period.
"High adoption of data centers and the rising need for power distribution analysis among power utilities will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Power Monitoring And Control Software Market: Segmentation Analysis
This market research report segments the power monitoring and control software market by Application (Industrial, Commercial, and Residential) and Geography (Europe, North America, APAC, MEA, and South America).
The European region led the power monitoring and control software market in 2019, followed by North America, APAC, MEA, and South America respectively. However, during the forecast period, North America is expected to register the highest incremental growth due to the high adoption of smart grids in the region.
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Some of the key topics covered in the report include:
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