Power Monitoring Device Market Trends

Growth Drivers

• Rise in Concern for Lowering the Cost of Electricity- Consumers worldwide have noticed increases in electricity costs, which has raised concerns over the falling cost of energy. With this concern, it is essential for a number of utilities, individual consumers and other industries to adopt electricity monitoring systems that can monitor voltage, cost, power factor etc. with the ultimate aim of reducing energy wastage in order to help customers reduce their consumption. According to these figures, in the United States average household electricity prices have risen from around 12.5 cents (KWh) for 2018 to approximately 13 cents (KWh) this year.
• Increasing Demand for Electricity- A number of countries around the globe have increased their power generation capacity due to an increase in electricity demand. The power monitoring device must be in place for all these plants. The International Energy Agency claims that since 2010 global electricity demand has increased 65 %, which is the largest ever increase of more than 1500 terawatt hours in 2021. Moreover, China is expected to make up a third of global electricity demand by 2025, as compared with 5% in 1990 and 25% in 2015,.
• Increasing Investments in Smart Grid Deployment Projects- Smart grid deployment projects are also being implemented across the world, and it is estimated that market growth will be driven by increasing demand for electricity. In order to meet the varied electricity needs of end users, a Smart Grid is using Digital and Other Advanced High-End Technology for Monitoring and Management of Electricity Transmission from All Energy Sources. For instance, investments in smart grid projects in the state of Uttar Pradesh were planned by the Energy Efficiency Service Limited in India.

Challenges

• Rising Cost of High-End Monitoring Devices- They are available at a very high price range because of the wide difference in quality, design and technological characteristics. The measuring and monitoring apparatus shall be priced at a range of 150-400 USD, while the meters and communication equipment shall be priced between 90 to 500 USD. The products in the high price range are well equipped with advanced technologies, providing more efficient and noncompromising quality of systems' functioning or product life. Despite the price itself being a major drawback.
• Availability of Alternatives Such as Energy Management Systems Is Anticipated to Hinder the Market Growth.
• Fluctuating Raw Material Prices May Hamper the Growth of the Market.