Power Monitoring Market Worth $5.2 billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 11, 2019 /PRNewswire/ -- According to the new market research report "Power Monitoring Market by Component (Hardware, Software, Services), End-User (Manufacturing & Process Industry, Datacentres, Utilities & Renewables, Public Infrastructure, Electric Vehicle Charging Stations), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Power Monitoring Market is projected to reach USD 5.2 billion by 2024 from an estimated USD 3.8 billion in 2019, at a CAGR of 6.1% during the forecast period. Increasing focus on efficient utilization of power resources is driving the demand for the Power Monitoring Market.

Hardware segment is expected to lead the Power Monitoring Market by technology

Increasing deployment of smart meters, rise in investments for smart grid technology, and increasing focus on reducing energy cost by effective utilization of power resources is expected to drive the hardware segment, by component during the forecast period. Asia Pacific is expected to be the fastest growing market for this segment.

Hardware components of a power monitoring system include physical components, such as metering and communication and measurement devices. The basic function of metering devices is to measure, record, and monitor the quantity of power flowing through any part of the electric system. It is expected to be the largest market during the forecast period.

Browse in-depth TOC on "Power Monitoring Market"

69 – Tables

33 – Figures  

141 – Pages  

Download PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=197503460 

Manufacturing & Process Industry segment is expected to capture the significant share of the Power Monitoring Market by end-user

Manufacturing &  Process Industry segment, by end-user, is expected to be the largest market for power monitoring. The growth of this segment is majorly driven by increasing demand for efficient utilization of power resources in cement, semiconductor, water & wastewater, food & beverages, and other industries. The demand for power monitoring in the manufacturing & process segment is driven by factors such as energy efficiency, power surges, and uninterrupted power supply. Furthermore, manufacturing & process industries are adopting & implementing energy efficiency measures and deploying equipment for delivering reliable power supply to reduce the overall operating cost and increase the plant uptime.

North America is expected to dominate the global Power Monitoring Market

North America is expected to dominate the Power Monitoring Market during the forecast period. The US, Canada, and Mexico are the major countries in this region. The governments of these countries in North America are currently focusing on upgrading and replacing their aging infrastructure, improving grid reliability, and enabling smarter power networks which is majorly driving the demand for power monitoring system. In addition to this, the US and Canadian utilities are expected to invest USD 880 billion and USD 100 billion, respectively, in power networks for a period of next 20 years. This investment would include sectors such as smart grids, digitization, power monitoring, and energy management among others. The countries in North America are also prone to natural disasters, hence, there is a demand for quick fault location and speedy restoration of electricity. All these factors would help in the growth of the Power Monitoring Market in the region.

Speak to Analyst:

https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=197503460  

To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Schneider Electric  (France), ABB (Switzerland), Eaton (Ireland), Siemens (Germany), General Electric (US), Emerson (US), Rockwell Automation  (US), Mitsubishi Electric (Japan), Omron (Japan), Yokogawa (Japan) along with other prominent providers of power monitoring technology.

Please Explore Relevant Reports:

• Smart Electric Meter Market by Communication Technology Type (Radio Frequency, Power Line Communication, and Cellular), End-User (Residential, Commercial, and Industrial), Phase (Single Phase, and Three Phase), and Region - Global Forecast to 2023
• Smart Meters Market by Type (Electric, Water, and Gas), Application (Commercial, Residential, and Industrial), Technology (Automatic Meter Reading and Advanced Metering Infrastructure), and Region - Global Forecasts to 2022
• Power Quality Meter Market by Application (Distribution Panels, Substation Monitoring, Equipment, and others), End-User (Industrial, Commercial, Utility, Transportation and Others), Phase, and Region - Global trends & forecasts to 2021

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com 

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/power-monitoring-market.asp 
Visit Our Website: https://www.marketsandmarkets.com 
Content Source: https://www.marketsandmarkets.com/PressReleases/power-monitoring.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg