Power Monitoring Market Analysis

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: