Power Monitoring Market Scope
Power monitoring allow to observe equipment performance, discover electrical problems, assess how an asset is consuming power and is assets are on or off. It examines voltage, current and frequency from electrical systems to detect the problems or component wear in assets. It helps to improve equipment productivity and life, reduces power use and its costs.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), Siemens (Germany), General Electric (United States), Emerson (United States), Rockwell Automation (United States), Mitsubishi Electric (Japan), Omron (Japan) and Yokogawa (Japan) |
CAGR | % |
Research Analyst at AMA estimates that Japanese and United States Manufacturers will contribute to the maximum growth of Global Power Monitoring market throughout the predicted period.
Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), Siemens (Germany), General Electric (United States), Emerson (United States), Rockwell Automation (United States), Mitsubishi Electric (Japan), Omron (Japan) and Yokogawa (Japan) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Power Monitoring market and Region with country level break-up.
On the basis of geography, the market of Power Monitoring has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
In December 2018, Hitachi, Ltd. has decided to acquire the world-leading power grids business from ABB Ltd and has signed an agreement with ABB.
In September 2019, ABB launched its first Bluetooth-equipped network analyzers, which guarantee accurate electrical measuring and power monitoring of all energy assets. The new M4M empowers the digital transformation of buildings by leveraging the scalability of ABB’s energy and asset management solutions.
Market Trend
- Rise in the Adoption of Smart Grid Technologies
Opportunities
- Increasing Urbanization and Industrialization
- Rise in the Replacement of Existing Power Systems
Restraints
- High Cost Associated With Power Monitoring Devices
Challenges
- Synchronization with Existing Components
Key Target Audience
Power Monitoring Devices Providers, Research Professionals, Emerging Companies, Distributors, Government Body & Associations and End-user