Global Power Monitoring Market - 2022-2029
The global power monitoring market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.
A power monitoring device can measure power consumption to support energy-saving actions. The primary goal of energy conservation initiatives was to lower electricity rates, but it was later expanded to include environmental protection. Furthermore, it is now necessary to make items while reducing energy consumption, protecting the environment and increasing productivity and quality. The measurement devices must be able to readily assess power consumption and continuously measure it to help save energy.
The growing R&D activities and manufacturing and the need to monitor the energy involved in the respective process are major market drivers for the global power monitoring market. Nevertheless, the high pricing of power monitoring devices restrains the market's growth.
Industrialization is quickly gaining traction worldwide, driving up industrial power consumption. Manufacturing and process sectors are expanding rapidly in both developed and developing countries. The expansion of manufacturing and process sectors increases energy consumption, necessitating these industries' power usage monitoring. Further, electricity demand is rapidly increasing worldwide as consumption rises, thus raising the demand for energy management worldwide to save money.
Since the importance of spending money on research and development (R&D) has never been clearer in modernity, global firms are investing enormous sums of money in developing several advanced products. As per Unistat by the United Nations, in 2018, global R&D spending increased to US$2.2 trillion (purchasing power parity), up from $1.4 trillion in 2010. As a result, R&D spending as a percentage of global GDP climbed from 1.61 percent in 2010 to 1.73 percent in 2018. Globally, the number of researchers per million people increased from 1,022 in 2010 to 1,235 in 2018.
The respective factor puts a greater emphasis on making efficient energy sources. Governments throughout the world are working hard to lower energy costs. Many governments encourage the adoption of efficient energy management equipment to reduce energy use and costs. As product development and research grow, the requirement to manufacture devices is also experiencing a significant increase. Since power monitoring serves an important role in managing energy, managing operation costs and playing a crucial role in environmental protection without sacrificing the growing manufacture of products. As a result, the growing manufacturing process across the globe and increasing need for energy conservation act as a pivotal market driver for the global power monitoring market.
Power monitoring systems entail the employment of several expensive components. Modern power monitoring devices employ advanced technologies such as sensors and sophisticated software that uses AI and machine learning.
As the demand for power-generating units grows, the expensive cost of such devices is limiting industry expansion. The requirement for large investments could affect the movement of power monitoring devices in emerging and advanced economies and could stifle the growth of the respective market.
The COVID-19 outbreak has severely affected several service and manufacturing industries due to the enactment of lockdowns and reducing operational capacities to curb the spread of the virus, thereby causing the economy to witness a pitfall. Due to the pandemic, a decline has been witnessed in investments and disruptions in commerce and supply networks globally. Further, the following factors developed due to the COVID-19 pandemic also caused a major downward rift in the global power monitoring market.
The pandemic's first and most significant influence on the market is on the supply chain, which tarnishes the availability of raw materials and the sale of finished goods due to a large demand-supply mismatch caused by the unavailability of raw materials and disruption of production operations.
Second, because of the COVID-19 pandemic, the manufacturing processes required by the power monitoring market were significantly inhibited due to lockdowns and institutional constraints.
Disruptions and downfall can further explain the pandemic's strong impact on the global power monitoring industry witnessed in important end-user verticals.
Nevertheless, the witnessed growth in end-user verticles after the first three pandemic waves is expected to aid the market's development in the foreseeable future. The growing technological advancement also offers some major support to the respective market.
The global power monitoring market is classified based on type, distribution lines, application and region.
The global market is divided into manufacturing, data centers, utilities & renewables, public infrastructure, EV charging stations and others, depending on the application. The utilities & renewables segment dominates the market due to the growing installation of monitoring systems to monitor energy generation and transmission and help it gain industry pace, further, due to growing environmental concerns and paradigm shifts in the energy consumption sector. The aforementioned factor is expected to result in a growth in the need for energy monitoring.
On August 18, 2021, Mitsubishi Electric Power and its US subsidiary Mitsubishi Electric Power Products reached an agreement to acquire UK-based DER management software provider Smarter Grid Solutions (SGS to address this growing demand growth for power monitoring in the utility sector. SGS is a global manufacturer and supplier of solutions that help grid operators to create flexible interconnection, integrate and manage DER for capacity management of microgrids, fleet energy asset operations and virtual power plants that offer energy as a service.
The Asia-Pacific is expected to dominate the global market. Because of the growing population, the need for power in this area is fast increasing. In this region, urbanization and industrialization are also quickly increasing. The electricity sector grew due to increased investments in the power generation sector in this region. The government is increasing electricity generation in the region, increasing the need for power monitoring systems to be installed. The renewable energy capacity is growing, necessitating installing such devices in renewable power plants.
The power monitoring market is extremely active in terms of the number and scope of global and local producers. Because of the existence of numerous manufacturers such as ABB, Eaton, Siemens, General Electric, Emerson, Rockwell Automation, Mitsubishi Electric, Schneider Electric, Fuji Electric FA Components & Systems Co. Ltd. and Fluke Corporation, the market has been described as fragmented. Mergers, acquisitions, product launches, investments and collaborations are common market strategies big market players use to receive a competitive advantage and improve their reputation.
Siemens unveiled its new PowerLink CM, a condition monitoring system for high-voltage AC and DC transmission lines, on December 17, 2020. The gadget is meant to precisely find faults in the transmission grid and continuously track line conditions to assure dependable power supply, optimize grid utilization and minimize blackouts. A single PowerLink CM device can monitor lines up to 500 kilometers long. Faults and line status can be identified in powered, unpowered, or grounded lines utilizing the product.
Overview: Mitsubishi Electric focuses on applying innovation to all elements of its business to improve its technology and services. Mitsubishi Electric has established itself as a major market player r in the production and distribution of electric and electronic equipment for energy and electric systems, Industrial Automation, Information and Communication Systems, Electronic Devices and Home Appliances. The company was established in 1921 and is headquartered in Tokyo, Japan. The major product portfolio of the company includes edge computing products, circuit breakers, controllers, FA sensors, drive products, low-voltage power distribution products, power monitoring products, processing machines and medium-voltage power distribution products, among others.
On April 14, 2021, Mitsubishi Electric announced the company had refreshed its SCADA range under the series name "GENESIS64," offering two types of software for system monitoring and process control, replacing the former "MC Works64" SCADA software. The new product line will address many IoT requirements, from small production line monitoring and control to multi-site monitoring and business intelligence (BI) of plant-wide systems, process automation and utility and building automation. The "GENESIS64 Basic SCADA" is an entry-level program for small production lines with necessary functionality. At the same time, the "GENESIS64 Advanced Application Server" is a full SCADA suite for large-scale monitoring of factories, buildings and utilities.
The global power monitoring market report would provide approximately 62 tables, 58 figures and almost 190 pages.
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