Power Monitoring Market size was over USD 4.25 Billion in 2023 and is anticipated to reach USD 9.29 Billion by the end of 2036, witnessing around 6.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of power monitoring is assessed at USD 4.49 Billion. The growth of this market is attributed to the growing demand for power monitoring in the industrial sector and the rising demand for power monitoring tools. Rapid expansion in the manufacturing industry and also the significant need for power reliability in the industrial atmosphere are factors driving the growth of this market. According to statics, power dependability is the top issue for 75% of industrial clients, and 85% said that power outages would significantly affect their business operations.
Additionally, the power monitoring system is also used to trace the actual power utilized in installed devices in industrial and commercial buildings, particularly in data centers and manufacturing sectors in order to grow energy efficiency. They have a flexible power distribution system and attain mileage grade, which are the two advantages of a power monitoring system in the end-user sector. Additionally, power supply through UPS, growing digitalization, and cloud computing are factors driving the growth of this market. As per the financial data, the global digital transformation held a market revenue of USD 500 billion in 2020.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.2% |
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Base Year Market Size (2023) |
USD 4.25 Billion |
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Forecast Year Market Size (2036) |
USD 9.29 Billion |
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Regional Synopsis |
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Component (Software, Services, Hardware);
The market is segmented and analyzed for demand and supply by component software, services, and others. Out of this, the hardware segment is expected to account for the largest market share by the end of 2036. This can be attributed to the growing number of smart grid deployment projects. The government authorities of various countries are focusing on bringing smart meters in order to reduce carbon emissions. Therefore, they are encouraging installation of smart meters. Also, growing investment by government & market players in smart grids is driving the growth of this segment. By the end of 2019, around 100 million smart electricity meters were deployed in United States, while smart meters in Great Britain reached around 23 million units in 2021.
End-user (Manufacturing, Utilities & Renewables, Public Infrastructure, EV Charging Stations)
The global power monitoring market is segmented and analyzed for demand and supply by end users into the manufacturing industry, utilities & renewables, public infrastructure, EV charging solutions, and others. Out of this, the manufacturing industry is anticipated to hold the market share in the forecast period. Power monitoring is highly used in the manufacturing industry in industrial facilities and data center facilities in order to enhance energy efficiency. This can be used to track the power drawn by installed devices in these sectors. 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. As per data, global digital industrialization held a market revenue of USD 122 billion in 2021.
Our in-depth analysis of the global market includes the following segments:
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By Deployment Board |
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By Component |
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By End User |
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APAC Market Statistics
The market share in Asia Pacific, amongst the market other regions, is projected to hold largest share by the end of 2036. This can be attributed to high power demand, the prevalence of power theft in various sectors, and the growing population in the region. Furthermore, the region's developing urbanization and industrialisation makes power monitoring systems even more essential in the region. Over the projected period, it is anticipated that sales of power monitoring in China and Japan will rise by up to 8% and 4%, respectively. Additionally, government of the countries, including, India, Singapore, and China focusing on the decentralization of the electricity grid, which is further expected to boost the market growth. As per the statistics of the ministry of power, India is the largest producer and consumer of electricity in 2022.
Europe Market Forecast
Europe power monitoring market is estimated to hold majority of shares by the end of 2036. This can be attributed to the upsurging investments made in electric vehicles (EVs) by the UK, Germany, and Italy are anticipated to help the regional growth. Additionally, digitalization of the power sector, adoption of renewable energy, and high awareness amongst the population regarding energy conservation are expected the fuel the market growth. For instance, in 2021, renewable energy represented 21.8 % of the energy consumed in the Europe, down from 22.1% in 2020.
North American Market Forecast
The market in the North American region is expected to have a significant growth by the end of 2036. The outdated power infrastructure in the area has been greatly improved owing to the market for power monitoring. With growing expenditures in smart meters to advance the country's intelligent infrastructure, the United States has seen an increase in demand for power monitoring systems compared to other countries in the region. The focus of the governments of the North American nations on replacing and upgrading their aging infrastructure, allowing smarter power networks, and enhancing grid dependability has significantly raised the market for power monitoring systems. Some of the main factors propelling the power monitoring market in the region include outdated electric transmission infrastructure and sizable expenditures made by a number of private organizations to update the network's existing equipment for better control of the electrical supply.
Author Credits: Dhruv Bhatia
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