The power monitoring market is expected to grow at a CAGR of 5.76%, from 2017 to 2022, to reach a market size of USD 4.57 billion by 2022. Power monitoring system is a network of meters which are connected to internet through communication networks, to provide real-time and historical data to energy consumers. The investment in such infrastructure is supported by higher energy efficiency, reduced energy bill, and reduced risk of downtime in the facility due to power outages. The growing demand for efficient utilization of power resources coupled with investments in smart grids and increasing focus on renewable power generation has increased the use of power monitoring devices. These are some of the factors behind the growth of the power monitoring market.   

Market Ecosystem:

The power monitoring market is dominated by both global and regional players. The key players operating in the market include Schneider Electric SE (France), Eaton Corporation plc (Ireland), Siemens AG (Germany), Rockwell Automation, Inc. (U.S.), and General Electric Company (U.S.), among others.

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Scope of the Report:

• By Component
  • Hardware
    • Metering and Communication Devices
    • Measurement Devices
  • Software
  • Services
• By End-User
  • Manufacturing and Process Industry
  • Datacenters
  • Utilities and Renewables
  • Public Infrastructure
  • Electric Vehicle Charging Stations
• By Region
  • North America
  • Europe
  • Asia-Pacific
  • Middle East & Africa
  • South America

The market in Asia-Pacific is estimated to be the fastest growing market for power monitoring from 2017 to 2022. There is likely to be an increase in the use of power monitoring in the region. Increasing electricity demand and growth of the renewable sector coupled with numerous industrialization projects in the region, are driving the power monitoring market in the Asia-Pacific region. The Chinese market is estimated to dominate the power monitoring market in the region in 2017. Moreover, the power monitoring market is also expected to grow significantly in countries, such as, India, Japan, China, and Southeast Asia during the forecast period.  

The hardware segment is expected to be largest and the fastest growing power monitoring market, by component, from 2017 to 2022. This growth can be attributed to the investment in smart grids, growth of renewables, and smart meter roll out plans in regions, such as, North America, Asia-Pacific, and Europe. The hardware segment is further sub-segmented into metering and communication devices and measurement devices. The applications of metering devices include data collection, customer billing, metering, sub-metering, panel metering, revenue metering, and advanced utility metering. Moreover, the requirement for quality and reliable power in the manufacturing and processing industry, datacenters, and utilities is expected to increase during the forecast period. All these factors offer lucrative business opportunities in the hardware segment in power monitoring market.

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The report segments the power monitoring market, by end-user, into manufacturing and processing industry, datacenters, utilities and renewables, public infrastructure, and electric vehicle charging stations. The manufacturing and process industry is the largest market for power monitoring systems. The increased use of automation and digitization in these industries, require uninterrupted and quality power supply for higher energy efficiency and reduced downtime. The datacenters segment is estimated to be the fastest growing market during the forecast period due to the growth of IT hubs, increased adoption of IoT, and digitization globally. Moreover, the use of smart grid and distributed transmission technologies in the utilities sector coupled with the growth of the renewable sector is expected to offer new growth opportunities in the power monitoring market. These factors would boost the growth of the power monitoring market and create new revenue pockets for the market during the forecast period.