The report "Power Monitoring Market by Component (Hardware, Software, and Services), End-User (Manufacturing & Process Industry, Datacenters, Utilities & Renewables, Public Infrastructure, and Electric Vehicle Charging Stations), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to grow from an estimated value of USD 3.46 Billion in 2017 to USD 4.57 Billion by 2022, at a CAGR of 5.76%, from 2017 to 2022.
Browse 68 Market Data Tables and 27 Figures spread through 135 Pages and in-depth TOC on "Power Monitoring Market"
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The global market is set to witness a significant growth due to increasing investments in smart grids and the renewable sector and increasing focus on efficient utilization of resources.
The hardware segment is expected to hold the largest share of the Power Monitoring Market, by component, during the forecast period
The hardware segment includes metering and communication devices and measurement devices, such as, digital meters, power meters, smart meters, communication networks, power quality analyzers, loggers, recorders, sensors, current transformers, and voltage transformers. The segment is expected to hold the major share due to the smart meter rollout plans and increasing investments in smart grids in regions, such as Asia-Pacific and North America. The market in North America is the largest market for the hardware segment because of investments in the transmission and distribution sector, increasing demand for reliable power, and growth in electric vehicles. All these factors are expected to boost the hardware segment in the Power Monitoring Market.
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The datacenters segment is expected to be the fastest growing end-user segment of the Power Monitoring Market
The datacenters segment is expected to be the fastest growing Power Monitoring Market from 2017 to 2022 due to the growth in digitization, the growth of IT hubs, and use of data-centric industrial processes worldwide. Moreover, datacenters are dynamic in nature as they are driven by new technologies in the IT sector and constantly changing data requirements. The 24*7 uptime of the datacenter is expected to require the entire system to work with reliable and uninterrupted power supply. All these factors are expected to drive the growth of the datacenters segment of the Power Monitoring Market in the coming years.
Asia-Pacific: The fastest growing market for power monitoring
In this report, the Power Monitoring Market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The market in Asia-Pacific is expected to be the fastest growing global Power Monitoring Market due to the growing industrialization and urbanization and increasing electricity demand in the region. The Chinese market is expected to dominate the Power Monitoring Market in the Asia-Pacific region. Power Monitoring Markets in countries, such as India, Japan, and China are expected to grow at high rates. Increasing renewable power generation and industrialization projects in these countries are the main reasons spurring the growth of the Power Monitoring Market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Power Monitoring Market. These include Schneider Electric SE (France), Eaton Corporation plc (Ireland), Siemens AG (Germany), Rockwell Automation, Inc. (U.S.), and General Electric Company (U.S.). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their market shares.
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