Power Monitoring Device Market Size

Power Monitoring Device Market size is expected to cross USD 7.5 Billion by the end of 2036, growing at a CAGR of 6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of power monitoring device was over USD 3.5 Billion. The increased focus on the effective use of power resources is a factor that has contributed to market growth. Moreover, the market is also set to benefit from an increasing awareness and government initiatives on using power monitoring equipment around the world. For instance, in 2021, the New Zealand government funded the eastern Bay of plenty 20 degrees energy hardship collaboration, which will be providing energy education, monitoring, and energy-saving initiatives to households.

In addition, the factors that are said to boost the growth of power measuring equipment, e.g. increased investments in data centers resulting in a higher demand for monitoring electrical distribution devices is also one factor which is likely to enhance market growth. Data center facilities are equipped with thousands of electrical components, e.g. servers, cooling units, power converters, generators, communication equipment and others that require continuous energy supply in order to run information technology operations at a company's premises. It is estimated that, globally, data centers use more than 200 terawatt hours per year. In December 2022, India's data center industry received investments of USD 10 billion as a result of growing data consumption.