Industrial Power Monitoring Market to Grow with a CAGR of 5.19% through 2028
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.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on "Industrial Power Monitoring Market.”
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
Download Free Sample Report
Customers can
also request for 10% free customization on this report.
“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.
Contact
Mr. Ken Mathews
708 Third
Avenue,
Manhattan, NY,
New
York 10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: www.techsciresearch.com