Real-time energy cost and efficiency management are accomplished by using power monitoring technologies. The online network of meters which gives real-time information on the power system is referred to as a power monitoring system. Using power monitoring has several advantages, including cost savings, identification of inefficiencies, higher profit margin, reduced downtime, quality control, early problem detection, and lower energy costs. Choosing suitable meters to record data and events and the appropriate software to display and analyze are essential aspects of a power monitoring system.
Power monitoring systems enable the automatic retrieval and analysis of power quality events in sectors that are experiencing power quality difficulties. Power quality problems can result in halted processes and trashed products, which results in a significant loss of annual revenue. A power monitoring system immediately flags severe occurrences that could result in facility damage.
These systems provide a dependable clean power supply that ensures employee safety, avoids automatic resetting of control devices or bothersome tripping, enables automation of emergency power supply system (EPSS) reporting for compliance, and can handle complicated cost allocation computations. Systems for power monitoring can reduce incidents that lead to the early failure of some machinery, including motors, control devices, transformers, pumps, and other electrical equipment.
Growing end-use sectors such as manufacturing and process, utilities & renewables, data centers, and public infrastructure have a significant impact on market growth. The high attention to industrial automation and the introduction of advanced power monitoring tools are boosting sales growth.
Widespread adoption of energy management systems and environmental laws against energy waste are boosting the growth of the market for power monitoring systems. Power monitoring systems are in high demand due to their capability to interact with and monitor the power distribution system’s components from any location at any time to prevent crucial losses.
Key Takeaways from Market Study
- The global power monitoring market is expected to increase at a CAGR of 5.5% over the next 10 years.
- The market for power monitoring systems is predicted to expand at a CAGR of 5% in Germany.
- Sales of power monitoring systems in China are expected to rise at a CAGR of 7.5% over the period 2023 to 2033.
- Demand for power monitoring hardware systems is predicted to grow at a CAGR of 6% from 2023 to 2033.
“Rapidly developing manufacturing and power sectors and increasing demand for power stability in industrial settings are driving the need for power monitoring technologies,” says a Fact.MR analyst.
Recent Market Development
- In February 2020, Power Distribution, Inc., a leading provider of power distribution and power monitoring tools and services, was fully acquired by Eaton, a power management firm. The acquisition is anticipated to improve its data services.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global power monitoring market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study divulges essential insights into the market based on component (hardware, software, services) and end use (manufacturing & process industries, utilities & renewables, public infrastructure, data centers, electric vehicle charging stations), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
These insights are based on a report on Power Monitoring Market by Fact.MR.
