Global Power Monitoring System Market is valued at approximately USD 4.53 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 6.08% over the forecast period 2024-2032. Power Monitoring System (PMS) is a system designed to monitor, analyze, and manage electrical power in various environments, such as industrial plants, commercial buildings, data centers, and utility substations. It involves the use of hardware and software components to gather data about electrical parameters, such as voltage, current, power factor, energy consumption, and frequency. Also, the key trend of Power Monitoring System Market is the integration of PMS with Internet of Things (IoT) technology and smart grid infrastructure allows for real-time monitoring, control, and optimization of power systems. This trend enables enhanced visibility and management of energy usage, leading to improved efficiency and cost savings.
Moreover, industries are increasingly adopting automation technologies to improve productivity and reduce operational costs. Power monitoring systems play a crucial role in industrial automation by providing real-time data on energy consumption, equipment performance, and power quality, enabling better decision-making and predictive maintenance. Additionally, other factors that support the market growth are the rising adoption of renewable energy sources, increasing demand for energy efficiency, growing awareness of energy management, and increasing focus on grid modernization. However, the high cost of devices is expected to hinder the growth of Power Monitoring System market during the forecast period 2024-2032.
The key regions considered for the global Power Monitoring System market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America was the largest regional market. Increasing awareness among consumers and businesses about the importance of energy conservation and cost reduction drives the adoption of power monitoring systems. These systems provide real-time data and analytics to optimize energy consumption and reduce operational costs. Also, the aging power infrastructure in North America necessitates the replacement and modernization of existing monitoring systems with more advanced solutions. This includes the deployment of smart meters, sensors, and other monitoring devices to enhance grid reliability and resilience. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period 2024-2032.
Major market player included in this report are:
- ABB Ltd. (Switzerland)
- General Electric Company (U.S.)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- Emerson Electric Co. (U.S.)
- Rockwell Automation Inc. (U.S.)
- Mitsubishi Electric Corporation (Japan)
- Omron Corporation (Japan)
- Yokogawa Electric Corporation (Japan)
- Fuji Electric Co., Ltd. (Japan)
The detailed segments and sub-segment of the market are explained below:
By Component
- Hardware
- Software
- Services
By Application
- Utilities & Renewable
- Manufacturing & Process Industry
- Datacenters
- Public Infrastructure
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- RoMEA
Years considered for the study are as follows:
- Historical year - 2022
- Base year - 2023
- Forecast period - 2024 to 2032
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2022 to 2032.
- Annualized revenues and regional level analysis for each market segment.
- Detailed analysis of geographical landscape with Country level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of competitive structure of the market.
- Demand side and supply side analysis of the market
Table of Contents
Chapter 1. Global Power Monitoring System Market Definition and Research Assumptions
- 1.1. Research Objective
- 1.2. Market Definition
- 1.3. Research Assumptions
- 1.3.1. Inclusion & Exclusion
- 1.3.2. Limitations
- 1.3.3. Supply Side Analysis
- 1.3.3.1. Availability
- 1.3.3.2. Infrastructure
- 1.3.3.3. Regulatory Environment
- 1.3.3.4. Market Competition
- 1.3.3.5. Economic Viability (Consumer's Perspective)
- 1.3.4. Demand Side Analysis
- 1.3.4.1. Regulatory frameworks
- 1.3.4.2. Technological Advancements
- 1.3.4.3. Environmental Considerations
- 1.3.4.4. Consumer Awareness & Acceptance
- 1.4. Estimation Methodology
- 1.5. Years Considered for the Study
- 1.6. Currency Conversion Rates
Chapter 2. Executive Summary
- 2.1. Global Power Monitoring System Market Size & Forecast (2022- 2032)
- 2.2. Regional Summary
- 2.3. Segmental Summary
- 2.3.1. By Component
- 2.3.2. By Application
- 2.4. Key Trends
- 2.5. Recession Impact
- 2.6. Analyst Recommendation & Conclusion
Chapter 3. Global Power Monitoring System Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Challenges
- 3.3. Market Opportunities
Chapter 4. Global Power Monitoring System Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top investment opportunity
- 4.4. Top winning strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Power Monitoring System Market Size & Forecasts by Component 2022-2032
- 5.1. Hardware
- 5.2. Software
- 5.3. Services
Chapter 6. Global Power Monitoring System Market Size & Forecasts by Application 2022-2032
- 6.1. Utilities & Renewable
- 6.2. Manufacturing & Process Industry
- 6.3. Datacenters
- 6.4. Public Infrastructure
- 6.5. Others
Chapter 7. Global Power Monitoring System Market Size & Forecasts by Region 2022-2032
- 7.1. North America Power Monitoring System Market
- 7.1.1. U.S. Power Monitoring System Market
- 7.1.1.1. Component breakdown size & forecasts, 2022-2032
- 7.1.1.2. Application breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Power Monitoring System Market
- 7.2. Europe Power Monitoring System Market
- 7.2.1. U.K. Power Monitoring System Market
- 7.2.2. Germany Power Monitoring System Market
- 7.2.3. France Power Monitoring System Market
- 7.2.4. Spain Power Monitoring System Market
- 7.2.5. Italy Power Monitoring System Market
- 7.2.6. Rest of Europe Power Monitoring System Market
- 7.3. Asia-Pacific Power Monitoring System Market
- 7.3.1. China Power Monitoring System Market
- 7.3.2. India Power Monitoring System Market
- 7.3.3. Japan Power Monitoring System Market
- 7.3.4. Australia Power Monitoring System Market
- 7.3.5. South Korea Power Monitoring System Market
- 7.3.6. Rest of Asia Pacific Power Monitoring System Market
- 7.4. Latin America Power Monitoring System Market
- 7.4.1. Brazil Power Monitoring System Market
- 7.4.2. Mexico Power Monitoring System Market
- 7.4.3. Rest of Latin America Power Monitoring System Market
- 7.5. Middle East & Africa Power Monitoring System Market
- 7.5.1. Saudi Arabia Power Monitoring System Market
- 7.5.2. South Africa Power Monitoring System Market
- 7.5.3. Rest of Middle East & Africa Power Monitoring System Market
Chapter 8. Competitive Intelligence
- 8.1. Key Company SWOT Analysis
- 8.2. Top Market Strategies
- 8.3. Company Profiles
- 8.3.1. ABB Ltd. (Switzerland)
- 8.3.1.1. Key Information
- 8.3.1.2. Overview
- 8.3.1.3. Financial (Subject to Data Availability)
- 8.3.1.4. Product Summary
- 8.3.1.5. Market Strategies
- 8.3.2. General Electric Company (U.S.)
- 8.3.3. Schneider Electric SE (France)
- 8.3.4. Siemens AG (Germany)
- 8.3.5. Emerson Electric Co. (U.S.)
- 8.3.6. Rockwell Automation Inc. (U.S.)
- 8.3.7. Mitsubishi Electric Corporation (Japan)
- 8.3.8. Omron Corporation (Japan)
- 8.3.9. Yokogawa Electric Corporation (Japan)
- 8.3.10. Fuji Electric Co., Ltd. (Japan)
Chapter 9. Research Process
- 9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
- 9.2. Research Attributes