Circuit Monitoring Market to Grow with a CAGR of 5.45% through 2028
Increasing adoption of smart grid technologies and Expansion
of the data center industry are likely to drive the market in the forecast
period, 2024-2028.
According to TechSci Research report, “Circuit
Monitoring Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Circuit Monitoring Market
stood at USD 712.10 million in 2022 and is anticipated to grow with a CAGR of 5.45%
in the forecast period, 2024-2028. One of the primary drivers
for the adoption of Circuit Monitoring systems is the growing emphasis on
energy efficiency in various sectors, including commercial, industrial, and
residential. As energy costs continue to rise and environmental concerns become
more pressing, organizations and individuals alike are seeking ways to optimize
their energy usage. Circuit Monitoring provides a key solution in achieving
this goal. Circuit Monitoring systems continuously track and analyze the
electrical parameters of circuits, such as voltage, current, and power
consumption. This real-time data enables users to identify energy-intensive
processes, equipment, or areas within a facility. Armed with this information,
they can implement energy-saving measures, redistribute loads, and make
informed decisions to reduce energy waste and lower electricity bills. Moreover,
energy efficiency regulations and sustainability initiatives, promoted by
governments and environmental organizations, further drive the demand for
Circuit Monitoring. To comply with these regulations and meet sustainability
targets, businesses and industries are adopting Circuit Monitoring as a means
to monitor, control, and report on their energy usage. Overall, the increasing
focus on energy efficiency is a powerful driver propelling the Circuit
Monitoring market forward.
The rapid expansion of data centers and
the pervasive growth of cloud computing services have emerged as another
significant driver for the Circuit Monitoring market. Data centers are the
backbone of the digital age, powering everything from online services to
enterprise applications. These facilities demand consistent, uninterrupted
power supply, making electrical system reliability paramount. Circuit
Monitoring systems play a vital role in ensuring the continuous operation of
data centers. They monitor electrical circuits, detecting anomalies, load
imbalances, or faults that could disrupt operations. By providing real-time
insights into the electrical infrastructure's health, Circuit Monitoring helps
data center operators prevent downtime and costly equipment failures. As the
demand for data storage and processing continues to surge, new data centers are
constructed, and existing ones are expanded. This trend directly fuels the
demand for Circuit Monitoring solutions. The scalability, efficiency, and
reliability that Circuit Monitoring brings to data center operations make it an
indispensable technology in an era where digital data is the lifeblood of
countless industries and services. The growth of data centers and the
subsequent need for dependable electrical infrastructure are key drivers
contributing to the ongoing expansion of the Circuit Monitoring market.
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The Global Circuit Monitoring Market is segmented into
prime mover, speed, power rating, end user and region. Based on end-user, The Data Center segment
emerged as the dominant segment in the global market for Circuit Monitoring in
2022. The rapid proliferation of data centers worldwide is a primary driver of
the Circuit Monitoring market. As businesses and organizations increasingly
migrate to cloud services, there has been a surge in the construction and
expansion of data centers. These facilities require precise monitoring of
electrical circuits to ensure uninterrupted operation. Data centers are
designed for continuous operation, and even minor disruptions can lead to
substantial financial losses. Circuit Monitoring solutions are critical for
monitoring power distribution, identifying potential issues, and enabling rapid
responses to prevent downtime. This focus on uptime drives the demand for
advanced Circuit Monitoring systems in data centers. Energy efficiency is a top
priority for data center operators due to the substantial power requirements of
these facilities. Circuit Monitoring systems help data centers optimize power
usage effectiveness (PUE) by providing real-time insights into energy
consumption. This not only reduces operational costs but also aligns with
sustainability goals, a growing concern for data center operators. Circuit
Monitoring systems in data centers play a crucial role in predictive
maintenance.
Major companies operating in Global Circuit
Monitoring Market are:
- ABB Ltd
- Schneider Electric SE
- Siemens AG
- Eaton Corporation PLC
- General Electric Company
- Mitsubishi Electric Corporation,
- LEGRAND
- Phoenix Contact
- chweitzer Engineering Laboratories,
Inc.
- Sensata Technologies, Inc.
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“The Global Circuit Monitoring market is expected to
rise in the upcoming years and register a significant CAGR during the forecast
period. The growth of the market is driven by the increasing number of data
centers, rising concern over power stability for uninterrupted business
operations, and advancements in energy monitoring systems. The data center
industry is growing rapidly due to the increasing demand for cloud computing,
big data, and artificial intelligence. Data centers require a large amount of
power to operate, and circuit monitoring systems can help to improve efficiency
and reduce costs. The rising concern over power stability is also driving the
growth of the market. Businesses need to ensure that their electrical systems
are reliable and can withstand disruptions. Circuit monitoring systems can help
to detect and troubleshoot problems early on, preventing outages and other
costly incidents. Therefore the market of Circuit Monitoring is expected to
boost in the upcoming years..,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Circuit Monitoring Market-– Global Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented By Type (Modular Circuit Monitoring and
Others), By End User (Data Centers, Commercial, Industrial, and Residential), By Region, By Competition Forecast & Opportunities, 2018-2028F” has evaluated the future growth potential of Global Circuit
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 take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Circuit Monitoring
Market.
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