Power Monitoring Market Regional Analysis:
APAC Market Insight
The market share in Asia Pacific industry is estimated to dominate majority revenue share of 40% by 2035. 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 Insight
Europe region is likely to register significant growth till 2035. 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 Insight
The market in the North American region is expected to have a significant growth by the end of 2035. The outdated power infrastructure in the area has been greatly improved owing to the market for power monitoring.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 Some of the main factors propelling the power monitoring market in the region include outdated electric transmission infrastructure and sizable expenditures made by a number of private organizations to update the network's existing equipment for better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.
