Global Power Monitoring Market was valued at US$ xx Mn in 2019 is expected to reach US$ xx Mn by the end of 2026 at a CAGR of 6.2% from 2020 to 2026.
A Power Monitoring Device measures power consumption in order to support energy-saving activities. The most common cause of data center outages is a power failure. In addition, the direct and indirect costs of such an event continue to rise year after year. Companies are more focusing on power failure issues and acquiring the machine expertise that comes with power monitoring to avoid wasting thousands of dollars and adversely affecting continuity, end-user efficiency, equipment lifecycles, and other key business metrics.
One of the means to avoid unplanned downtime and the astronomical costs that come with it is power monitoring. A power management solution plays a key role in other big data center issues, such as enhancing energy efficiency and promoting better capacity planning, in addition to identifying power problems that could lead to outages. Power monitoring is an essential tool for protecting and optimizing the data center environment for data center managers charged with ensuring an around-the-clock system availability, efficient operations, and a future-ready facility.
Global Power Monitoring Market Dynamics:
Rising awareness towards power saving has led growing need for efficient utilization of power resources to Drive Power Monitoring Market
The growing emphasis on the efficient utilization of power resources, increasing urbanization and industrialization, and optimizing the reliability of electrical infrastructure are all contributing to the market's development. An increase in the use of power monitoring systems has been attributed to the increasing adoption of smart grid technology and a rising emphasis on industrial developments.
To improve energy efficiency, power monitoring is being used in commercial and industrial facilities, especially in manufacturing facilities and data centers. This can be used to keep track of how much power is being drawn from the facility's installed equipment. This end-user category benefits from power control because they have an adaptable power delivery system and achieve utility-grade accuracy. The rise in digitalization and cloud computing, as well as variations in power supply through UPS systems, are some of the main drivers for the commercial and industrial segment of the power monitoring system market. However, during the forecast period, factors such as poor compatibility with existing components and the increasing cost of high-end monitoring devices are likely to thwart the market.
The report has profiled fifteen key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimation the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analysis and report has come up with recommendations for a future hot spot in the North America. Major country’s policies about manufacturing and their impact on Power Monitoring demand are covered in the report.
Global Power Monitoring Market Segment Analysis
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The data center's segment is expected grow at a CAGR of xx% during the forecast period.
Based on the end-user, in 2019, the Data center’s segment holds the largest market share of xx% in 2019 and it is estimated to reach USD$ XX Mn by 2026. Thanks to the increased investments in IT hubs and a rising need for monitoring of the data center facility's electrical power delivery infrastructure, data centers are the fastest-growing sector. Furthermore, data centers require a significant amount of resources to operate. Any loss of power will result in data loss as well as significant financial loss. As a result, power monitoring systems are used in data centers to optimize power use.
Global Power Monitoring Market Regional Insights:
Global Power Monitoring Market Regional Insights
North America to witness high market growth rate and is expected to grow at a CAGR of xx% by 2026
In North America, the market growth is attributed to increased oil and gas activities in the region, North America is expected to dominate the global Power Monitoring market by 2022. From 2019 to 2026, the demand in North America is projected to expand at the fastest pace. The power monitoring system is expected to be crucial in upgrading the region's aging power infrastructure. Thanks to the increased investments in smart meters to improve the country's intelligent infrastructure, there has been a rise in demand for power monitoring systems in the United States.
The objective of the report is to present a comprehensive analysis of the global Power Monitoring market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Power Monitoring market dynamics, structure by analyzing the market segments and project the global Power Monitoring market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Power Monitoring market make the report investor’s guide.
Global Power Monitoring Market, Key Highlights:
• Global Power Monitoring Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Power Monitoring Market
• Global Power Monitoring Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Power Monitoring Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Power Monitoring Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Power Monitoring Market are also profiled.
The report has considered the base year of 2019 and past four years trend. 2020 figures are at actuals, however due to different dynamics of year 2020, market forecast is not only dependent upon 2020, but on the basis of 2016-2020.
Global Power Monitoring Market Scope: Inquire before buying
Global Power Monitoring Market, by Region
• North America
• Middle East Africa
• Asia Pacific
• South America
Global Power Monitoring Market Key Players
• Schneider Electric
• General Electric
• Rockwell Automation
• Mitsubishi Electric
• Fluke Corporation
• Fuji Electric FA Components Systems Co., Ltd.
• Littelfuse Inc.
• Yokogawa Electric Corporation
• Other key players
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