Global Power Monitoring Market Size/Share Projected to Reach USD 6.93 Billion By 2032, at 5.7% CAGR Increase: Polaris Market Research
NEW YORK, Sept. 11, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Power Monitoring Market Share, Size, Trends, Industry Analysis Report, By Component (Hardware, Software, Services); By End User; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.
"According to research report, the global power monitoring market size/share was valued at USD 3.99 Billion in 2022 and is expected to touch USD 6.93 Billion By 2032, growing at a CAGR of 5.7% during the forecast period."
Global Power Monitoring Market: Report Overview
Power monitoring is a system that is connected to the Internet in order to support energy-saving activities. A power monitoring system is used to monitor, analyze, and manage energy consumption and environmental conditions of businesses. The system intends to collect information on power usage throughout a facility and provide it to consumers. The owners and service providers can spot possible issues with the electrical systems by using an online software system that receives data from the meters. All electrical machinery in your building is connected to the meter.
Power monitoring system is equipped with power monitors, sensors, and meters such as uninterruptable power supply (UPS) units and power distribution units (PDUs). In addition, utility feeds, generators, and branch circuits are also used. Ensured availability, improved efficiency, lower total cost of ownership, and accurately allocated power usage are key advantages of a power monitoring system. Rising focus on efficient utilization of power resources is driving the power monitoring market size growth.
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Power Monitoring Market: Report Scope
Prominent Growth Driving Factors
Recent Trends Influencing the Market
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By component analysis power monitoring market segmentation, software segment is predicted to grow at the fastest rate in the coming years as the power monitoring software provides advanced analytics capabilities that enable businesses to process and analyze huge amounts of information obtained from power monitoring devices. Real-time monitoring, data visualization, and reporting are made possible by these software solutions, offering important information about equipment performance, patterns of energy usage, and power quality. Its ability to derive actionable insights from data boosts the segment demand. The software enables businesses to monitor energy consumption in real time, understand inefficiencies, and build energy-saving measures. It provides advantages, including load profiling, demand response, and energy benchmarking, that allow organizations to cut costs and optimize their energy use.
By end user, utilities & renewables dominate the market as this is at the leading edge of incorporating renewable energy sources like solar and wind into the electrical system. Power monitoring systems are essential for monitoring the production, distribution, and use of renewable energy and will help you manage the integration of renewable energy effectively. These systems allow businesses to monitor the performance of renewable energy resources, raise their output, and balance supply and demand rapidly. The requirement for management and incorporation of renewable energy sources propels the demand for advanced power monitoring solutions. Power monitoring systems are crucial for building sophisticated grid management strategies like predictive maintenance, fault detection, and outage management. The demand for power monitoring systems in utilities and renewables grows with the increasing adoption of smart grid solutions.
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Based on geography, power monitoring market in APAC is expected to register a major growth rate owing to the significant renewable energy plans and goals established by nations such as China, India, and Indonesia. China has planned to raise its renewable power capacity to over 50% of the total initiated capacity by 2025. Effective power monitoring systems are required to effectively integrate and manage renewable sources like solar and wind power due to this commitment to renewable energy. China's renewable energy plan scope drives the demand for power monitoring solutions, thereby fostering market expansion.
Furthermore, North America is estimated to register a high market share throughout the study period as the region is now implementing smart grid initiatives to update the aging power infrastructure. Smart grids constitute advanced technologies, including power monitoring systems, to allow monitoring, regulating, and improving power production, transmission, and distribution in real-time. Implementation of power monitoring solutions is an important aspect of smart grid initiatives, fueling the regional power monitoring market growth.
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Key Offerings of This Report
Polaris Market Research has segmented the power monitoring market report based on component, end user and region:
By Component Outlook
By End User Outlook
By Region Outlook
About Polaris Market Research:
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SOURCE Polaris Market Research