As per FMI estimates, the industrial power monitoring system industry is projected to reach USD 7,191.2 million by 2023-end. The market for industrial power monitoring systems is likely to flourish at a CAGR of 8% from 2023 to 2033. By the end of the said forecast period, the industrial power monitoring system market is poised to be valued at USD 14,375.2 million.
The growth is attributed to the increasing emphasis on the efficient use of power resources, mounting attention to decreasing costs, and increasing the reliability of electrical infrastructure.
| Data Points | Key Statistics |
|---|---|
| Global Industrial Power Monitoring System Market CAGR (2023 to 2033) | 8% |
| Anticipated Market Value (2023) | USD 7,191.2 million |
| Global Industrial Power Monitoring System Market (2033) | USD 14,375.2 million |
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From 2018 to 2022, sales witnessed significant growth, registering a CAGR of 7.5%. Manufacturing plants, energy, and utilities, mining, and metallurgy, as well as commercial establishments, whether the electric system is complex or huge, call for centralized monitoring of energy, power, and control. The industrial power monitoring system helps an industrial enterprise to monitor power distribution and consumption and achieve energy efficiency through well-laid-out procedures and methods aiding in overall cost savings.
These savings vary from savings in energy units consumed per hour, maximum demand charges, and controlling energy wastages thus enabling better utilization of manpower and avoidance of critical breakdown in the electrical systems, etc. Industrial Power monitoring systems support the ability to monitor the status of power distribution, backup power system, and power quality involved in core operations and utilities. It delivers detailed information required to prevent tripped circuits, diagnose power problems, and balance loads.
They are energy efficient as they understand the total power usage of the data center or the facility, and use that information to maintain severe utilization, UPS efficiency, and more. Industrial power monitoring systems also track the power consumption of the industry to calculate the utilization of the energy being used by the facility. The related data can be lost or corrupted if power fluctuates even for a second.
A momentary disturbance can trigger damage that requires hours of data recovery time. Also, it can cause a malfunction in crucial servers and processes and can damage sensitive components. Industrial power monitoring systems can manage or remotely control an enterprise-wide network of many UPSs or provide power protection to complete infrastructure.
It provides near real-time or real-time conditions of power throughout the industry, monitors UPSs, notifies automatically if there is any device failure, conducts orderly unattended shutdowns, and selectively shuts down noncritical systems. Power Monitoring Systems are generally used in healthcare institutions, the electronic industry, telecommunications, and governmental and financial organizations.
The overall demand for Industrial Power Monitoring Systems is projected to grow at a CAGR of 8% between 2023 and 2033.
Increasing Adoption of Voluntary or Mandatory Energy Management Systems to Propel Growth
The global industrial power monitoring systems market has been driven by the increasing adoption of voluntary or mandatory energy management systems & widespread environmental regulations against energy wastage. Industrial power monitoring systems' ability to communicate and monitor the components of power distribution from any place and anytime to avoid these critical losses resulting in high demand for industrial power monitoring systems.
Industrial power monitoring systems are projected to find a high scope of application in some particular sectors like telecommunication (for remote monitoring and notification), healthcare, and governmental and financial organizations where data is sensitive and requires trouble-free operations.
High Investment Costs to Hamper the Implementation of Industrial Power Monitoring Systems
Industrial power monitoring systems have gradually gained the interest of electronic and manufacturing industries as they help in the efficient utilization of power resources, reduce energy costs, and maximize the reliability of electrical infrastructure; nevertheless, their implementation and adaptation arise with barriers and challenges like initial high investment cost, shortage of skilled resources. Also, hidden costs and a longer payback period are hindering the market for industrial power monitoring systems.
Advancement of Prevailing Power Infrastructure to Spur Sales in the Region
| Country | The United States |
|---|---|
| Market Share % (2023) | 30.3% |
North America is expected to account for a significant share of the industrial power monitoring systems market, supported by penalty-based environmental regulations and high awareness of economic energy conservation. Future Market Insights expects that the United States market share is expected to account for 30.3% in 2023.
Sturdy market revenue growth can be attributed to snowballing initiatives of governments for the advancement of prevailing power infrastructure to improve power efficiency among commercial, industrial, and residential segments.
The Smart Grid Investment Grant (SGIG) program launched by the United States government is intended at speeding up the modernization of electric transmission and distribution systems in the United States. The program designated projects which received federal financial support for up to 50% of qualified project costs.
With the execution of these projects, the Smart Grid Investment Grant (SGIG) program encouraged funds for smart grid technologies, techniques, and tools, which upsurge functionality, flexibility, cybersecurity, interoperability, operational efficiency, and situational efficiency. The mounting necessity to improve system reliability and reduce equipment malfunctions, power spikes, and shutdowns is propelling demand for industrial power monitoring systems and electrical system performance monitoring across manufacturing and process industries in North America.
Installation of Solar and Wind Energy Plants to Push Sales
| Country | Market Share % |
|---|---|
| Germany’s Market Share % (2023) | 5.2% |
| The United Kingdom’s Forecast CAGR | 7% |
Industry players expect Europe to provide compelling growth opportunities with the rising expansion of data centers. Furthermore, investments in electric vehicles (EVs) in the United Kingdom, Germany, and Italy are expected to bode well for regional growth. Leading companies are also likely to bank on installing solar and wind energy to gain a competitive edge.
Besides, among the end-user verticals, the manufacturing industry of Europe accounted for a substantial share as they have systems installed that function incessantly, which is crucial to plant operations. The end-user industries are making efforts to minimize their carbon footprint by instigating energy management systems due to stringent environmental regulations.
In June 2022, Servotech Power Systems, a key manufacturer in Europe developed a unique solar performance monitoring and controlling device in association with the German development agency Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ). Likewise, the development of advanced power monitoring systems by key manufacturing is augmenting the adoption across Europe. A market share of 29% is projected for the European industrial power monitoring system market.
Sustainable Energy to Compel Investors to Infuse Funds into the Landscape
| Country | Forecast CAGR % (2023 to 2033) |
|---|---|
| China | 8.6% |
| India | 9% |
In terms of regional contribution, Asia Pacific is estimated to gain the highest traction and witness significant growth over the forecast period. This market growth is attributed to the increasing adoption of smart meters for electricity consumption in China.
Shareholder projects in China, India, Australia, and Vietnam are likely to observe an extraordinary electricity demand in the coming future. The growing trend for industrialization and urbanization has fostered the need for industrial monitoring solutions and systems. Also, the global drive for sustainable energy will compel investors to infuse funds into the landscape. This, in turn, the market growth is estimated to propel over the forecast period in wake of the increasing investment.
Countries in the region such as China, India, and Japan are investing in the up-gradation of grid infrastructure and this is expected to continue to drive the growth of the monitoring market in the region. Furthermore, increasing investments from prominent players such as Mitsubishi Electric, Omron Corporation, and Yokogawa Electric for the production of advanced monitoring systems and the system is expected to further increase the demand for various industrial power monitoring systems in the Asia Pacific.
Some of the major market players in the industrial power monitoring system market globally include ABB Ltd, Emerson Electric Company, Eaton Corporation PLC, EnerNOC, Inc., General Electric Company, Honeywell International, Inc., and Rockwell Automation, Schneider Electric SE, Siemens AG, and others. These companies are highly focused on the development of advanced Industrial Power Monitoring systems further contributing to the growth of the Industrial Power Monitoring System market globally.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 8% from 2023 to 2033 |
| Market Value in 2023 | USD 7,191.2 million |
| Market Value in 2033 | USD 14,375.2 million |
| Base Year for Estimation | 2022 |
| Historical Data Available for | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Control System, Technology, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | ABB Ltd; CISCO Systems; Emerson Electric Company; Eaton Corporation PLC; EnerNOC, Inc.; General Electric Company; Honeywell International, Inc.; Rockwell Automation; Schneider Electric SE; Siemens AG |
| Customization | Available Upon Request |
The market’s net worth is expected to be USD 7,191.2 million in 2023.
The market is expected to be worth USD 14,375.2 million by 2033.
The market witnessed sales of 7.5% CAGR in the historical period.
China and India demonstrate high growth rate.
ABB Ltd, CISCO Systems, and Emerson Electric Company are the leading performers.
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Industrial Power Monitoring System Market
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