The Global Power Monitoring Market was valued at USD 3.32 billion in 2016 and is projected to reach USD 5.52 billion by 2025, growing at a CAGR of 5.81% from 2017 to 2025.
Power Monitoring is used for managing your energy cost and efficiency in real time. A power monitoring system is a network of meters connected to the Internet that provide real time data on the power system. There are several benefits of using power monitoring including – saves money, increases profit margin, decreases downtime, identify inefficiencies, early detection of problems, quality control, and energy expenditure reductions.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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1. Market Drivers
1.1 Increasing urbanization and industrialization
1.2 Growing adoption of smart grid technologies
1.3 Rising need for maximizing the reliability of electrical infrastructure
1.4 Increasing focus to reduce energy cost
1.5 Growing need for efficient utilization of power resources
2. Market Restraints
2.1 Poor compatibility with existing components
2.2 Availability of low cost alternatives
2.3 Rising cost of high-end monitoring devices
The Global Power Monitoring Market is segmented on the end user, component, and region.
1. End User:
1.1 Public Infrastructure
1.3 Electric Vehicle Charging Stations
1.4 Manufacturing and Process Industry
1.5 Utilities and Renewables
2. By Component:
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. Eaton Corporation PLC
2. Fluke Corporation
3. General Electric Company
4. Mitsubishi Electric Corporation
5. Rockwell Automation, Inc.
6. Siemens AG
7. Yokogawa Electric Corporation
8. ABB Ltd
9. Emerson Electric Co.
10. Fuji Electric FA Components & Systems Co., Ltd.
11. Littelfuse, Inc.
12. Omron Corporation
13. Schneider Electric SE
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Power Monitoring Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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