Power Monitoring Market report delivers a detailed competitors analysis and a detailed overview in terms of market segmentation by component, deployment type, end-user, and by region.
Power Monitoring Market Statistics –
- USD 4 billion revenue in 2022
- The market size is projected to record a valuation of over USD 15 billion by 2035
- The Power Monitoring industry is slated to observe 6% growth rate through 2023-2035
Growing Demand for Power Monitoring in Commercial and Industrial Sectors to Promote Global Market Share of Power Monitoring
The global power monitoring market is estimated to grow majorly on account of the growing demand for power monitoring in the industrial sector and the rising demand for power monitoring tools is also anticipated to drive the growth of this market. Rapid expansion in the manufacturing and procedure industry and also the significant need for power reliability in the industrial atmosphere are one of the significant factors driving the growth of this market. The industrial power monitoring system grew at CAGR of 5% in 2021
According to recent study by Research Nester, the power monitoring market size is anticipated to surpass USD 15 Bn by 2035 and is projected to expand at CAGR of over 6% from 2023 to 2035.
Major players include in the global power monitoring market:
- Omron Corporation
- Emerson Electric Co.
- Johnson Controls Inc.
- Silver Springs Networks
- ABB Ltd.
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Some of the major growth factors and challenges that are associated with the growth of the global drug delivery systems market are:
Growth Drivers:
- Improved Power Quality with Power Monitoring Systems
- Growing Commercial and Industrial Sector
Challenges:
- The power monitoring system includes high initial costs and disturbance in the Supply Chain owing to COVID-19 Lockdown are some of the major factors anticipated to hamper the growth of the global power monitoring market.
By end user, the global power monitoring market is segmented into the manufacturing industry, utilities & renewables, public infrastructure, EV Charging solutions, and others. The manufacturing industry segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Growing digitalization and cloud computing, along with variation in power supply with the help of UPS are a few factors driving the growth of this segment in the forecast period.
By region, the Asia Pacific power monitoring market is to generate the highest revenue by the end of 2035. This can be attributed owing to the highest power demand, the prevalence of power theft in various sectors, and the growing population in the region.
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