Power Monitoring Market Trends

Growth Drivers

• Growing Adoption of Smart Grids and Smart Meters – In terms of renewable energy sources and utilities, smart grids, and smart meters are the primary factor expected to drive the industry growth. As per a report by U.S. Energy Information Administration, in 2020 around 103 million AMIs were installed in the United States.

• Enhanced Power Quality with Power Monitoring Systems – Power monitoring systems are designed to measure and monitor power quality parameters, including voltage, current, frequency, power factor, and harmonic distortion, among others. A power monitoring system improves power quality. Therefore, it is expected to fuel the growth of this market in the forecast period. The U.S. Department of Energy estimates that the implementation of power monitoring and control systems can result in energy savings of 5% to 15%, with some companies reporting improvement in the power quality to 30.
• Increasing Commercial and Industrial Sector – A power monitoring system plays a vital role industrial and commercial sector for various power related purposes such as energy saving, power reliability, power quality and others. Growing commercial and industrial sector gives rise to the demand for better power monitoring system.  According to the U.S. Department of Energy, the commercial and industrial sectors use close to 50% of the nation's total energy, which presents a sizable opportunity for energy savings through the installation of power monitoring systems.
• Growing Renewable Energy Sources - As the need for electricity is growing across the globe, countries are focusing on establishing more power generating capacity. Therefore, plants need better power monitoring system to process the better. The establishment of renewable energy sources is growing which instead is leading to growth of the power monitoring system all over the globe. As per International Energy Agency report, renewable energy sources will hold 95% hike in global power capacity by 2026.

Challenges

• High Initial Investment in the Market – The power monitoring system market includes high initial costs this factor can hamper the market in the forecast period.
• Disturbance in the Supply Chain Owing to COVID-19 Lockdown