The market for industrial power monitoring systems is anticipated to grow at a CAGR of 4.2% from 2022 to 2032, reaching US$ 4,318.6 Million by 2022's end.
The global industrial power monitoring system market is projected to reach a value of US$ 6,534.7 Million in 2032 while exhibiting a steady CAGR of 4.2% over the forecast period of 2022 to 2032. Driven by a growing emphasis on efficient use of power resources, the industrial power monitoring system market is expected to reach US$ 4,318.6 Million by the end of 2022. This growth is further supplemented by the demand for increased reliability and reduction in the costs of electrical infrastructure.
The enormous amount of power consumed by end-use industries like mining, oil, and gas, among others, emphasises the requirement for a unique power monitoring system. Industrial power monitoring systems have the ability to communicate and keep an eye on the power distribution's parts at any time and from any location in order to prevent serious losses. As a result, demand for industrial power monitoring systems rises sharply. Additionally, the need for industrial power monitoring systems is projected to increase due to the growing adoption of voluntary or mandatory energy management systems and the widespread application of environmental legislation against energy wastage.
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Industrial power monitoring systems are extremely popular across all industrial sectors because power fluctuations can corrupt or destroy data. In particular, the healthcare, telecommunications (for remote monitoring and notification), governmental, and financial sectors—where the presence of sensitive data necessitates smooth operations—are likely to find a wide range of applications for industrial power monitoring systems.
Key Takeaways:
Competitive Landscape
ABB Ltd, Emerson Electric Company, Eaton Corporation PLC, EnerNOC, Inc., General Electric Company, Honeywell International, Inc., and Rockwell Automation, Schneider Electric SE, Siemens AG, and others are some of the major players in the industrial power monitoring system market profiled in the full version of the report.
Major market players are concentrating on product development and introducing advanced industrial power monitoring systems to the market.
More Insights into the Industrial Power Monitoring System Market Report
In its latest report, FMI offers an unbiased analysis of the global industrial power monitoring system market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032.
To understand the global market potential, growth, and scope, the market is segmented based on control system (programmable logic controls (PLC) industrial power monitoring system, supervisory control and data acquisition (SCADA) industrial power monitoring system, distributed control industrial power monitoring system (DCS)), technology (meter data management (MDM) industrial power monitoring system, peak load control system (PLCS) industrial power monitoring system, demand response management solution (DRMS) industrial power monitoring system, energy management information system (EMIS) industrial power monitoring system), application (mining and metals, power generation and transmission, oil and gas, data centers and server rooms, general manufacturing), and region.
According to the latest FMI reports, based on region, the industrial power monitoring system market in North America is expected to present considerable growth and account for nearly 27% of the market share. Elevated government investments in power infrastructures coupled with the rising necessity to improve system reliability and lessen equipment malfunctions, power spikes, and shutdowns are driving the demand for industrial power monitoring systems in this region.
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In Europe, the industrial power monitoring system market is likely to hold a 29% market share. This growth is attributed to the increasing demand for industrial power monitoring systems from the expanding data centers. Mounting investments in electric vehicles in countries like Italy, Germany, and the U.K. also promotes market growth in this region.
The Asia Pacific industrial power monitoring system market is projected to witness impressive growth over the forecast period. The growth in this market is primarily driven by China’s rapid adoption of smart meters for electricity consumption.
Key Segments Covered in the Industrial Power Monitoring System Industry Survey
Industrial Power Monitoring System Market by Control System:
Industrial Power Monitoring System Market by Technology:
Industrial Power Monitoring System Market by Application:
Industrial Power Monitoring System Market by Region:
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Industrial Power Monitoring System Market review , outlook , forecast , demand , size , share , keytrends , analysis , Research , overview
May 22, 2023
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