Energia
Power Monitoring Market to Reach USD 4062.5 Million by 2026 at CAGR 3.3% - Valuates Reports
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Consumers, including the industries around the world, are witnessing a consistent rise in their electricity bills, raising questions about how to reduce the cost of electricity. Furthermore, the continued increase in electricity demand has put a strain on electricity generation and transmission infrastructure, raising concerns about meeting potential demand. As a result, a number of utility providers, individual customers, and other industries began to adopt power monitoring systems. This, in turn, is expected to drive the growth of the power monitoring market size. Voltage, cost, power factor, and frequency can all be tracked with power monitoring meters.
Power monitoring meters assist in lowering overall high energy bills and enable consumers to make more informed decisions about power usage. By continuous management, a power monitoring device solves the problem of excessive power use in industries. These advantages, in turn, are expected to drive the growth of the power monitoring market size.
The increasing adoption of the smart grid is expected to increase the growth of the power monitoring market size. Governments across the globe have enacted several supportive policies and mandates focusing on the implementation of smart grids and spreading awareness about energy conservation. Furthermore, heavy investments are being made for the development of smart grids across the globe. All these factors will influence the growth of the power monitoring market.
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the hardware segment is expected to be one the largest contributor to the power monitoring market share during the forecast period. This is due to an increase in the number of smart grid implementation programs, global smart grid investments, and government legislation requiring the installation of smart meters to minimize carbon emissions.
, the data center segment is expected to be one of the largest contributors to the power monitoring market share during the forecast period. This is due to an increase in the need for monitoring of the data center's electrical power delivery system, as well as increased investments in IT hubs.
, North America is expected to be one the largest contributor to the power monitoring market share during the forecast period. The governments of North American countries are concentrating their efforts on repairing and upgrading aging infrastructure, allowing smarter power networks, and improving grid reliability, all of which are driving up demand for power monitoring systems.
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- The Smart grid market size was valued at USD 66.96 Billion in 2017 and is projected to reach USD 169.18 Billion by 2025, growing at a CAGR of 12.4% from 2018 to 2025. Factors such as rising environmental issues and increased adoption of smart grid technologies to boost energy storage and usage efficiency are propelling the smart grid market forward. Furthermore, favourable government policies and legislation for the use of smart metres, as well as an increase in investments in digital electricity infrastructure, are some of the key factors driving market growth.
- The global Power Management System market size is projected to reach USD 4905.7 Million by 2027, from USD 3640.3 Million in 2020, at a CAGR of 3.9% during 2021-2027.
- The Commercial Smart Meters Market contains segmentation (Single-Phase Smart Meters, Three-Phase Smart Meters), (Smart Grid, Intelligent Transportation, Intelligent Logistics, Other) and Regional Opportunity Analysis and Industry Forecast.
- The Power Quality Meters Market contains segmentation (Single Phase, Three Phase), (Industrial, Commercial, Residential, Other) and Regional Opportunity Analysis and Industry Forecast.
- The Energy and Power Quality Meter Market contains segmentation (Detached Type, Portable Type, Embedded Type), (Industrial, Commercial, Residential) and Regional Opportunity Analysis and Industry Forecast.
- The Power Analyzer Market contains segmentation (Digital Power Analyzer, Power Quality Analyser, Clamp-on Power Analyzer), (Frontline Troubleshooting, Long-Term Analysis, Load Studies, PowerWave Data Capture, Power Inverter Efficiency, Energy Monetization, Energy Assessment, Predictive Maintenance) and Regional Opportunity Analysis and Industry Forecast.
- The Industrial Power Monitoring System Market contains segmentation (Peak Load Control System, Energy Management Information System, Demand Response Management Solution), (Oil and Gas Industry, Mining Industry, Power Industry, Others) and Regional Opportunity Analysis and Industry Forecast.
- The Power Monitoring and Control Devices Market contains segmentation (Power Monitoring Device,s Power Control Devices), (Oil & Gas, Mining, Manufacturing Industry, Energy Utility, Construction) and Regional Opportunity Analysis and Industry Forecast..
- The Global Energy Management System Market size is expected to grow from USD 51,852.87 Million in 2019 to USD 95,766.99 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 10.76%.
- The Smart Meter Market size is expected to grow from USD 11,385.96 Million in 2018 to USD 21,847.89 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 9.75%.
- The Global Smart Electric Meter Market size is expected to grow from USD 8,237.63 Million in 2019 to USD 12,186.70 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 6.74%. Based on Technology, the Smart Electric Meter Market studied across Cellular, Power Line Communication, and Radio Frequency.
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