According to a research report “Circuit Monitoring Market by Type (Modular Circuit Monitoring, Others (Branch Circuit & Multi Circuit)), End Use (Commercial, Industrial, Data Centers), & Region (North America, Europe, Asia Pacific, South America, Middle East & Africa) – Global Forecast to 2028″ published by MarketsandMarkets, the global circuit monitoring market is projected to reach USD 829 million by 2028 from an estimated USD 659 million in 2023, at a CAGR of 4.7% during the forecast period. Rising concern overpower stability for uninterrupted business operation, huge investments, along with enforcement of stringent standards, to reduce carbon footprint in data centers, and increasing number of data centers are the factors driving the circuit monitoring market.
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The Industrial segment, by end user, is expected to be the second fastest growing segment during the forecast period
This report segments the circuit monitoring market based on end users into four segments: data centers, commercial, industrial, and residential. The industrial segment is expected to be the second fastest growing segment during the forecast period. Maximizing machine uptime, increased efficiency and lower costs are the features driving the indusrtial segment for circuit monitoring market.
The others segment, by type, is expected to be the largest market during the forecast period.
This report segments the circuit monitoring market based on type into two types: Modular circuit monitoring, and others. The others segment is expected to be the largest market during the forecast period. The others segment include branch circuit monitoring, and multi circuit monitoring. Both multi-circuit monitors and branch circuit monitors are compact and, hence, use lesser space as compared to traditional single-circuit energy meters. These are used by industries, data centers, and commercial and residential end users
Europe is expected to be the second largest region in the circuit monitoring market
Europe is expected to be the second largest circuit monitoring market during the forecast period. Commercial data center market is expanding at an unprecedented speed across Europe. The UK set Euro 400 million fast-track for government data centers for government offices and commercial sectors, also countries in this region are focusing on developing cloud technology and infrastructure. For instance, Emerson (US) rapidly deployed one of the t-systems’ largest modular data centers in Europe to maximize the availability, capacity, and efficiency of critical infrastructure. These factors are expected to fuel the growth of the circuit monitoring market in the region.
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Some of the major players in the circuit monitoring market are ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Toshiba International Corporation (Japan), and Legrand (Ireland). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.
