Power monitoring is a network of meters connected to a power system in order to provide real-time data. All electrical equipment in a facility are connected to meters. Power monitoring system performs several functions such as increase facility uptime, improve response to power related issues, verify reliable power equipment operation, improve power quality, enhance the lifespan of highly advanced equipment, prevent conductors from overheating, protect and control the network, reduce peak demand power factor penalties, and ensure energy contract compliance. It allows to create a proactive approach to energy management. Effective use of power monitoring system depends on selecting correct meters to capture data and events and using the right software to visualize and conduct analysis.
The global power monitoring market can be segmented into component, end-user, and region. Based on component, the power monitoring market can be classified into software, hardware, and firmware. The hardware segment is further divided into measurement devices and metering & communication devices. The software component collects data from the facility electrical network, organizes the data, and presents it as a meaningful and actionable information. The firmware component safeguards the system from internal and external malware. The hardware component segment is projected to expand at the highest CAGR during the forecast period, owing to the growth in smart grid investments globally. The metering & communication devices sub-segment is estimated to expand at a significantly rapid pace and dominate the hardware component market during the forecast period.
Based on end-user, the power monitoring market can be segmented into industrial, commercial, and residential. Industrial power monitoring market is sub-segmented into small, medium, and large manufacturing firms. A convenient and reliable power monitoring system is essential in any industry. Power monitoring system resolves the challenge of excess utilization of power in an industry by continuous monitoring. Certain companies offer power monitoring systems with alert function; when consumption of power is excessively high, the monitoring system raises alert by sending signal to the main visual monitor. The commercial segment comprises shopping complexes, retail outlets, IT centers, and office spaces. Due to wide usage of power monitoring systems in manufacturing industries, the industrial segment leads the power monitoring market among end-user segments.
Based on region, the power monitoring market is divided into North America, Europe, Latin America, Asia Pacific and Middle East & Africa. North America is projected to dominate the market owing to aging transmission and distribution infrastructure and smart grid investment in the region. Asia-Pacific is expected to expand at the highest CAGR during the forecast. It is attributed to the rapid urbanization and industrialization and rise in renewable power generation capacity in the region. Investments in the water and wastewater industry and infrastructural development in the Middle East & Africa are expected to drive the power monitoring market in the region.
The power monitoring market is driven by factors such as the need to control the price of electricity, maximize the reliability of electrical infrastructure, and the need for efficient utilization of power resources. Replacing of exciting power systems also boost the power monitoring market.
Key players operating in the global power monitoring market are ABB Ltd, Emerson Electric Co, Fluke Corporation, Schneider Electric SE, General Electric Company, Fuji Electric FA Components & Systems Co., Ltd., Eaton Corporation PLC, Omron Corporation, Littelfuse Inc., Rockwell Automation, Inc., Mitsubishi Electric Corporation, Yokogawa Electric Corporation, and Siemens AG.