The report’s authors have offered necessary details on the latest Power Monitoring Market trends and the crucial parameters impacting both short-term and long-term market growth. Its panoramic view of the Power Monitoring Market entails useful insights into the estimated Power Monitoring Market size, revenue share, and sales distribution networks. Such helpful market insights are bound to help readers outline this industry’s key outcomes in the near future.
The global power monitoring market size is expected to reach USD 5.86 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need to enhance energy efficiency and minimize energy costs. Emergence of advanced power monitoring system allow users to obtain detailed information regarding the amount of energy consumed. Manufacturing and process industries are increasingly adopting power monitoring systems to manage, analyze, and control energy usage. Power monitoring systems provide detailed information about the amount of energy consumed, which helps in identifying a wide range of ways to boost efficiency by minimizing waste and reducing rates of energy consumption. These factors are expected to drive demand for power monitoring systems during the forecast period.
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Key Highlights from the Report
- In February 2020, Eaton, which is a power management company, announced the complete acquisition of Power Distribution, Inc., which is a leading supplier of mission critical power distribution, power monitoring equipment, and services and static switching for data centers and commercial and industrial customers. The acquisition is expected help the company in enhancing services offered to data center customers.
- Hardware segment accounted for largest revenue share in 2020. Rising need to enhance energy efficiency and minimize energy costs is expected to drive revenue growth of the hardware components segment going ahead.
- Manufacturing process industry segment revenue is expected to expand at a rapid CAGR during the forecast period. Increasing demand for secure, reliable, and uninterrupted supply of power among manufacturing and process industries is a key factor boosting demand for power monitoring systems.
Scope of the Report:
With all the data gathered and analyzed using SWOT analysis, there was a clearer picture of the competitive landscape of the global Power Monitoring provider market. Sources for the future market growth were uncovered and outlying competitive threats also surfaced. There was strategic direction eminent in the market and this shows in the key trends and developments studied. By getting market background and using current norms, policies, and trends of other leading markets for cross-references, market data was completed.
Key players in the market include Schneider Electric, ABB, Eaton Corporation plc, Siemens AG, General Electric, Emerson Electric Co., Rockwell Automation, Inc., Mitsubishi Electric, Omron Corporation, and Yokogawa Electric.
Emergen Research has segmented the global power monitoring market on the basis of component, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Software
- Hardware
- Services
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Datacenters
- Utilities Renewables
- Manufacturing Process Industry
- Electric Vehicle Charging stations
- Public Infrastructure
Key point summary of the report:
- The report offers a comprehensive overview of the market size, share, and growth rate in the forecast duration.
- It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.
- The study categorizes the market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.
- It also offers regional market analysis and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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