Power Monitoring Market Size

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.