With the emergence and long-term Impact of COVID-19, Global Power Monitoring Market to reach USD XXX Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Power Monitoring Market is poised to raise up to USD XXX Billion by 2030. Power monitoring refers to the process of measuring and analyzing electrical power consumption in various systems, such as buildings, industrial facilities, or individual devices. It involves tracking and analyzing power-related parameters to gain insights into energy usage, identify potential issues, optimize energy efficiency, and ensure reliable operation. Power monitoring systems typically include sensors, meters, data loggers, and software platforms that collect, store, and analyze power data. These systems provide real-time or historical information about electricity consumption, voltage levels, current flow, power factor, harmonics, and other relevant parameters. The requirement to control energy costs, maximize the dependability of electrical infrastructure, and optimize the best use of existing power resources are some of the factors that are driving the growth of the power monitoring market. The market for power monitoring is further boosted by the replacement of exciting power systems. Also, the rising adoption of smart grid technologies is anticipated to create lucrative demand for the market during forecast period 2023-2030.
Geographically, the global Power Monitoring market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the rise in investments in smart metering to enhance the advanced infrastructure across the country, growing deployment of datacenters, increasing electric vehicle charging stations and growing investment in energy sectors. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising investments in the power generation sector, and growing continues urbanization and industrialization in the region.
The global Power Monitoring market is highly competitive owing to the presence of several key manufacturers such as Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), Siemens (Germany), General Electric (US), Emerson (US), Rockwell Automation (US), Mitsubishi Electric (Japan), Omron (Japan) and others.
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Key findings of the study suggest:
- Global Power Monitoring Market is anticipated to grow with a healthy growth rate of more than XX.X% over the forecast period 2023-2030.
- In the Component segment, Hardware emerged out as the leading market segment in 2022.
- In the Industry Vertical, Manufacturing & process industry emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth Owing to rise in investments in smart metering to enhance the advanced infrastructure across the country, growing deployment of datacenters,.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Component:
- Hardware
- Software
- Services
Industry Vertical:
- Manufacturing & Process Industry
- Datacenters
- Public Infrastructure
- Utilities & Renewables
- Electric Vehicle Charging Station
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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