Industrial Power Monitoring Market – Increasing emphasis on energy efficiency in industrial settings and Growing awareness of the benefits of power monitoring are likely to drive the market in the forecast period.
According to TechSci Research report, “Industrial Power Monitoring Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Industrial Power Monitoring Market stood at USD 4.08 billion in 2022 and is anticipated to grow with a CAGR of 5.19% in the forecast period.One of the primary drivers propelling the industrial Power Monitoring market is the growing emphasis on energy efficiency and sustainability across industries worldwide. As businesses and governments aim to reduce energy consumption, greenhouse gas emissions, and operational costs, power monitoring solutions have emerged as crucial tools to achieve these objectives. Industries are under constant pressure to minimize their environmental footprint and improve their energy performance.
Power monitoring systems provide the means to gain real-time insights into energy consumption patterns, identify areas of inefficiency, and implement targeted measures for optimization. This capability enables businesses to make informed decisions regarding equipment upgrades, maintenance schedules, and the adoption of energy-efficient technologies. Moreover, the ability to remotely monitor and manage energy usage allows for proactive energy management, ensuring that industrial equipment operates at peak efficiency levels. In a global landscape where sustainability is a competitive advantage and regulatory compliance is becoming stricter, the adoption of power monitoring solutions continues to rise as industries seek to meet their energy efficiency and environmental goals.
The rapid evolution and adoption of Industrial Internet of Things (IIoT) technologies represent another significant driver of the industrial Power Monitoring market. IIoT involves connecting industrial equipment, sensors, and devices to the internet to collect and analyze real-time data for improved decision-making and operational efficiency. Power monitoring is a critical component of IIoT ecosystems, enabling industries to gather vital data on energy consumption and power quality. With the proliferation of sensors, smart meters, and connected devices, power monitoring systems have become more advanced and capable of delivering real-time insights. These interconnected systems allow for predictive maintenance, where anomalies in power consumption can trigger automated alerts and maintenance requests.
This proactive approach minimizes downtime, reduces maintenance costs, and extends the lifespan of industrial equipment, which are critical considerations for industries striving to maintain competitiveness in the global market. As industries continue to embrace IIoT technologies to gain a competitive edge, the demand for advanced power monitoring solutions is poised to expand further, driving innovation and growth in the industrial Power Monitoring market. The integration of power monitoring with IIoT ecosystems offers industries the potential for greater operational visibility, efficiency, and agility, positioning it as a key driver of market development.
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The Global Industrial Power Monitoring Market is segmented into component, application and region. Based on component, The Hardware segment had the largest market share in 2022 & expected to maintain it in the forecast period. Hardware components, such as power meters, sensors, and data acquisition equipment, are the foundational elements of any power monitoring system. They are responsible for collecting essential data on energy consumption, voltage levels, current, power quality, and other critical electrical parameters. This data forms the basis for understanding a facility’s energy usage and performance. Hardware components are engineered for accuracy and reliability, ensuring the precise measurement of electrical parameters.
In industries where even minor deviations can have significant consequences, such as manufacturing or data centers, the reliability of hardware is paramount. Businesses depend on accurate data to make informed decisions about energy efficiency, equipment maintenance, and operational optimization. Hardware components are designed to work seamlessly with a wide range of industrial equipment and systems. They can be integrated into existing infrastructure without major disruptions. This compatibility is essential for industries with legacy equipment and diverse systems, ensuring that power monitoring can be implemented effectively.
Hardware components provide real-time data acquisition capabilities, allowing industries to monitor power quality and consumption continuously. This real-time visibility enables immediate response to anomalies, voltage fluctuations, or equipment malfunctions, reducing downtime and minimizing the risk of equipment damage. Hardware components are built to last and withstand the rigors of industrial environments. They have longer lifespans compared to software components, reducing the need for frequent replacements and associated costs. Many industries are subject to regulatory requirements regarding power monitoring and data accuracy.
Based on application, The Manufacturing & Process Industry segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. Manufacturing and process industries rely heavily on continuous and reliable operations to meet production targets and maintain product quality. Even brief interruptions or fluctuations in power supply can lead to significant downtime and production losses. Power monitoring systems are essential to ensure a stable and high-quality power supply, helping industries avoid costly disruptions and maintain operational efficiency. Manufacturing and process industries are often energy-intensive, with high electricity consumption levels. Effective power monitoring enables these industries to gain insights into their energy usage patterns, identify inefficiencies, and implement measures to optimize energy consumption.
Reducing energy costs is a significant driver for these sectors, and power monitoring plays a crucial role in achieving energy efficiency goals. The manufacturing and process industries operate complex machinery and equipment that are sensitive to variations in power quality. Power monitoring systems continuously monitor equipment performance and power quality parameters, such as voltage and harmonics. By detecting anomalies and irregularities, these systems enable predictive maintenance, allowing industries to address potential issues before they lead to costly breakdowns. Many manufacturing and process industries are subject to regulatory requirements related to energy efficiency and emissions reduction.
Power monitoring solutions help these industries gather the necessary data to demonstrate compliance with energy and environmental regulations. Accurate data collection and reporting are essential for avoiding fines and penalties. Controlling operational costs is a top priority for manufacturing and process industries to maintain competitiveness. Power monitoring systems provide insights into how different processes impact energy consumption. This information allows businesses to identify areas where energy is being wasted and make data-driven decisions to reduce operational expenses. In recent years, there has been a growing focus on environmental sustainability.
Major companies operating in the Global Industrial Power Monitoring Market are:
- Schneider Electric SE
- Eaton Corporation plc
- Siemens AG
- General Electric Company
- ABB Ltd
- Honeywell International Inc.
- Rockwell Automation Inc
- Emerson Electric Co.
- Yokogawa Electric
- Mitsubishi Electric Corporation
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“The Global Industrial Power Monitoring market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The primary driver of the global industrial Power Monitoring market is the pressing need for energy efficiency. Industries across the spectrum are increasingly focused on optimizing energy consumption, reducing operational costs, and adhering to stringent environmental regulations. Power monitoring solutions provide real-time insights into energy usage, enabling businesses to identify inefficiencies, improve equipment performance, and make informed decisions for cost savings and sustainability.
As the demand for energy-efficient practices grows, the industrial Power Monitoring market continues to expand to meet these critical industry requirements. Also, The Asia Pacific region is expected to be the fastest-growing market for industrial power monitoring over the forecast period. This growth is being driven by the rapid industrialization and urbanization in the region, as well as the growing awareness of the benefits of power monitoring. Therefore, the market of Industrial Power Monitoring is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Industrial Power Monitoring Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Component (Hardware, Software, Services), By Application (Utilities & Renewables, Manufacturing & Process Industry, Datacenters, Public Infrastructure, and Others), By Region, By Competition”, has evaluated the future growth potential of Global Industrial Power Monitoring Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Industrial Power Monitoring Market.
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