The global power monitoring market size is expected to reach USD 5.86 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need to enhance energy efficiency and minimize energy costs. Emergence of advanced power monitoring system allow users to obtain detailed information regarding the amount of energy consumed. Manufacturing and process industries are increasingly adopting power monitoring systems to manage, analyze, and control energy usage. Power monitoring systems provide detailed information about the amount of energy consumed, which helps in identifying a wide range of ways to boost efficiency by minimizing waste and reducing rates of energy consumption.
These factors are expected to drive demand for power monitoring systems during the forecast period. Incentives and rebates offered by utility companies are also encouraging consumers to decrease energy usage, which is resulting in increasing utilization of power monitoring systems. Incentives and rebates available for retrofitting existing buildings, such as high-efficiency motors and energy efficient lighting, is also expected to drive growth of the power monitoring market to a significant extent over the forecast period.
The latest research on the Power Monitoring market applies both qualitative and quantitative data analysis to present an overview of the future adjacencies around the Power Monitoring industry for the forecast period, 2021-2028.An extensive study of the product application and services conducted by subject matter experts assessing the Power Monitoring market will help product owners to make a wise decision. From analyzing which products companies should produce, expand to how brands should position their product the study covers all that business owners require meeting the buyers’ requirement.
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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
The leading market contenders listed in the report are:
Schneider Electric, ABB, Eaton Corporation plc, Siemens AG, General Electric, Emerson Electric Co., Rockwell Automation, Inc., Mitsubishi Electric, Omron Corporation, and Yokogawa Electric
Some Key Highlights from the Report
- In February 2020, Eaton, which is a power management company, announced the complete acquisition of Power Distribution, Inc., which is a leading supplier of mission critical power distribution, power monitoring equipment, and services and static switching for data centers and commercial and industrial customers. The acquisition is expected help the company in enhancing services offered to data center customers.
- Hardware segment accounted for largest revenue share in 2020. Rising need to enhance energy efficiency and minimize energy costs is expected to drive revenue growth of the hardware components segment going ahead.
- Manufacturing & process industry segment revenue is expected to expand at a rapid CAGR during the forecast period. Increasing demand for secure, reliable, and uninterrupted supply of power among manufacturing and process industries is a key factor boosting demand for power monitoring systems.
Research Report on the Power Monitoring Market Addresses the Following Key Questions:
- Who are the dominant players of the Power Monitoring market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Power Monitoring market?
- What are the key growth drivers and restraining factors of the Power Monitoring market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Power Monitoring market and its key segments?
Emergen Research has segmented the global Power Monitoring market on the basis of type, type of care, and region
Segments Covered in this report are:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Software
- Hardware
- Services
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Datacenters
- Utilities & Renewables
- Manufacturing & Process Industry
- Electric Vehicle Charging stations
- Public Infrastructure
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Spain
- Ireland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
In conclusion, the Power Monitoring Market report is an exhaustive database that will help readers formulate lucrative strategies. The Power Monitoring Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
How will this Report Benefit you?
A 250-page report from Emergen Research includes 194 tables and 189 charts and graphics. Anyone in need of commercial, in-depth assessments for the global Power Monitoring market, as well as comprehensive market segment analysis, can benefit from our new study. You can assess the whole regional and global market for Power Monitoring with the aid of our recent study. To increase market share, obtain financial analysis of the whole market and its various segments. We think there are significant prospects in this industry for rapidly expanding energy storage technology. Look at how you may utilise the current and potential revenue-generating prospects in this sector. The research will also assist you in making better strategic decisions, enabling you to build growth strategies, strengthen competitor analysis, and increase business productivity.
About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
