Industrial Power Monitoring System Market Analysis, Size, Share, Growth, Trends & Forecast 2022 to 2032
The global industrial power monitoring system market is projected to reach a value of US$ 6,534.7 Mn in 2032 while exhibiting a steady CAGR of 4.2% over the forecast period of 2022 to 2032. Driven by a growing emphasis on efficient use of power resources, the industrial power monitoring system market is expected to reach US$ 4,318.6 Mn by the end of 2022. This growth is further supplemented by the demand for increased reliability and reduction in the costs of electrical infrastructure.
The need for a distinctive power monitoring system is highlighted by the massive consumption of power by end-use industries like mining & mineral, oil & gas, and many others. Industrial power monitoring systems have the capability to communicate and monitor the components of power distribution from any place and anytime to evade critical losses.
This leads to a surge in demand for industrial power monitoring systems. Moreover, the rising adoption of voluntary or compulsory energy management systems and large-scale implementation of environmental regulations against energy wastage is likely to fuel the demand for industrial power monitoring systems.
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Owing to the fact that power fluctuation can corrupt or loss of data, industrial power monitoring systems are in immense demand in different industrial sectors. The industrial power monitoring systems are likely to discover a wide range of applications in various industrial verticals, specifically in healthcare, telecommunications (for remote monitoring and notification), governmental and financial organizations where the existence of sensitive data needs zero issues and smooth operations.
“Due to its high reliability and efficiency factor, industrial power monitoring systems are registering high demand from various industries which is expected to bolster the sales of industrial power monitoring systems over the forecast period,” says an FMI analyst.
Key Takeaways:
Benefit of remote access and management of power resources to boost market possibilities. Shortage of skilled resources and high investment costs may deter the sales of industrial power monitoring systems. In 2022, North America is expected to account for a 27% market share. Industrial power monitoring system market in Europe is to hold a 29% market share. Asia Pacific's industrial power monitoring system market is predicted to offer many lucrative opportunities over the forecast period.
More Insights into the Industrial Power Monitoring System Market Report
In its latest report, FMI offers an unbiased analysis of the global industrial power monitoring system market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032.
To understand the global market potential, growth, and scope, the market is segmented based on control system (programmable logic controls (PLC) industrial power monitoring system, supervisory control and data acquisition (SCADA) industrial power monitoring system, distributed control industrial power monitoring system (DCS)), technology (meter data management (MDM) industrial power monitoring system, peak load control system (PLCS) industrial power monitoring system, demand response management solution (DRMS) industrial power monitoring system, energy management information system (EMIS) industrial power monitoring system), application (mining and metals, power generation and transmission, oil and gas, data centers and server rooms, general manufacturing), and region.
According to the latest FMI reports, based on region, the industrial power monitoring system market in North America is expected to present considerable growth and account for nearly 27% of the market share. Elevated government investments in power infrastructures coupled with the rising necessity to improve system reliability and lessen equipment malfunctions, power spikes, and shutdowns are driving the demand for industrial power monitoring systems in this region.
In Europe, the industrial power monitoring system market is likely to hold a 29% market share. This growth is attributed to the increasing demand for industrial power monitoring systems from the expanding data centers. Mounting investments in electric vehicles in countries like Italy, Germany, and the U.K. also promotes market growth in this region.
The Asia Pacific industrial power monitoring system market is projected to witness impressive growth over the forecast period. The growth in this market is primarily driven by China's rapid adoption of smart meters for electricity consumption.
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Competitive Landscape
ABB Ltd, Emerson Electric Company, Eaton Corporation PLC, EnerNOC, Inc., General Electric Company, Honeywell International, Inc., and Rockwell Automation, Schneider Electric SE, Siemens AG, and others are some of the major players in the industrial power monitoring system market profiled in the full version of the report.
Major market players are concentrating on product development and introducing advanced industrial power monitoring systems to the market.