Power Monitoring Market Outlook (2023 to 2033)

The global power monitoring market is set to surge to new heights. With an estimated value of USD 3.2 billion in 2023, sparks of potential are ready to stimulate the market's future. FMI estimates that by 2033, the market revenue could skyrocket beyond USD 5.3 billion, unleashing an impressive display of growth with a CAGR of 5.2%.

Key Drivers Boosting the Demand for Power Monitoring:

  • There is a growing emphasis on the efficient utilization of energy sources
  • The rising necessity to optimize power resource utilization and replace existing power systems
  • Stringent government regulations regarding energy management and carbon emissions promote power monitoring implementation
  • Rapid industrialization in addition to infrastructural development in developing economies
  • Many countries are increasing their power-generating capacity to meet the rising electricity demand
  • Rising demand for power consumption monitoring devices in residential, commercial, and industrial sectors
  • Growing awareness among consumers about the benefits of home energy monitoring systems
  • Expansion of renewable energy sources to optimize generation, storage, and distribution
  • Power monitoring systems are essential for all power plants to ensure efficient operation
  • Rising demand for power monitoring ICs and software to optimize energy consumption
  • Growing focus on real-time power monitoring methods for predictive maintenance, cost savings, and performance optimization
  • Power monitoring systems are extensively implemented by manufacturing and process industries to advance energy management
  • Increasing demand for reliable power supply and reduced downtime in critical industries

Challenges for Market Players in the Power Monitoring Industry:

  • High initial investment and installation costs, particularly for small and medium-sized enterprises
  • Lack of standardized protocols and interoperability issues between power monitoring devices and systems
  • Data security and privacy concerns in power monitoring systems, especially in sensitive industries
Attributes Details
Current Year Value (2023) USD 3.2 billion
Expected Forecast Value (2033) USD 5.3 billion
Projected CAGR (2023 to 2033) 5.2%

Don't pay for what you don't need

Customize your report by selecting specific countries or regions and save 30%!

2023 to 2033 Power Monitoring Demand Outlook in Comparison to Sales Registered from 2018 to 2022

The power monitoring market size was USD 3 billion in 2022. It demonstrated a CAGR of 6.9% between 2018 and 2022, signifying a thriving industry with promising prospects. Power consumption has significantly risen during this period due to several factors:

  • Strong economic growth
  • Increasing population
  • Flourishing the manufacturing sector

Developing countries face high electricity demand due to expansion projects and infrastructure development. Rapidly increasing consumption is leading to a significant rise in electricity demand globally. This heightened demand for energy management is driven by the need to save costs associated with increased consumption. Many governments are promoting the use of efficient energy management devices to conserve energy and reduce costs. This increased focus on energy management drives the energy monitoring system market.

Technological advancements in various nations contribute to the increased demand for electricity. Industrialization and urbanization are rapidly expanding worldwide. This has led to a higher living standard and an escalated need for electricity generation. The installation of renewable energy sources is widespread, further driving the power monitoring systems market.

Between 2023 and 2033, the market is projected to grow by 1.6X, indicating significant growth opportunities. The industrial sector is experiencing rapid growth globally. Both developed and developing countries are witnessing a widespread expansion of manufacturing industries. These factors result in a significant increase in power consumption. Therefore, the necessity to monitor power consumption is likely to open up market opportunities.

Power Monitoring Market Key Trends & Opportunities

  • Increasing adoption of smart meters for precise monitoring of power consumption
  • Technological advancements in electricity monitoring devices and systems
  • Integration of AI in power monitoring systems for advanced analytics, predictive maintenance, and anomaly detection
  • Development of an advanced power monitoring system using IoT for better connectivity and remote management
  • Adoption of cloud-based power monitoring solutions for remote monitoring
  • Shift toward cloud-based power monitoring software for centralized data management and analytics
  • Integration of power monitoring units with smart grids for efficient energy management
  • Development of micro power monitors for real-time monitoring of individual appliances and devices
  • Increasing adoption of EVs and charging infrastructure to manage electricity demand and load balancing
  • Development of advanced metering infrastructure and smart grid initiatives to control power distribution networks
Sudip Saha
Sudip Saha

Principal Consultant

Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Exploring the Regional Patterns of the Power Monitoring Market: An In-depth Examination at the Country Level

Countries Projected Market Value (2033)
China USD 1.1 billion
United States USD 1.0 billion
Japan USD 1.0 billion
South Korea USD 250.3 million
United Kingdom USD 198.3 million

China's Power Monitoring Industry is Set to Surge, Fueled by Rapid Industrialization

China’s power monitoring market is likely to exert significant dominance over the global market during the forecast period. Urbanization and industrialization are expanding at a fast pace in China. The rapidly growing population in the country has increased the electricity demand. The industrial sector also accounts for a significant share of power consumption in China. Hence, there is a growing demand for power monitoring solutions in industrial and residential buildings.

Country China
Forecasted CAGR (2023 to 2033) 5.1%

The government's emphasis on energy conservation and reducing carbon emissions has propelled the demand for power monitoring solutions. China has set goals to achieve a peak in CO2 emissions by 2030 and carbon neutrality by 2060. The energy sector holds significant importance in China's journey toward carbon neutrality. It contributes around 90% of the country's greenhouse gas emissions, Key manufacturers in China are focusing on product innovation to meet customers’ evolving demands. For instance, in April 2023, Huawei introduced the LUNA2000-200KWH, a new energy storage system designed for industrial and commercial applications. As part of Huawei's Smart String ESS series, this product offers 200KWH of backup power.

Government Initiatives Thrive Power Monitoring Sector in the United States

The United States power monitoring market is anticipated to achieve substantial growth. The country is facing high power consumption and strong demand for energy management. This leads to an increase in power generation capacity, subsequently driving the sales of monitoring systems. The United States Department of Energy has set forth guidelines for federal agencies to implement energy and water metering to monitor electricity. The government initiated the Smart Grid Investment Grant program. This program aims to expedite the upgrade of electric transmission and distribution systems in the country.

Country United States
Forecasted CAGR (2023 to 2033) 5.2%

The rapid growth of industrialization also contributes to the need for monitoring energy consumption for analytical purposes. Moreover, the manufacturing and process industries are making significant investments in the adoption of smart meters to meet rising electricity demand. Consequently, this surge in demand for smart meters is driving sales of power monitoring systems in the United States. Leading manufacturers are actively involved in developing innovative power monitoring solutions to satisfy the evolving market demands. For instance, in April 2021, Siemens Energy introduced SensSolution, the world's first power transmission solution with comprehensive cloud connectivity and a dedicated web application suite. SensSolution enables the secure transmission of substation data to the cloud and allows real-time monitoring.

Smart Grid Technologies Push Japan's Power Monitoring Industry to New Heights

The power generation sector in Japan is experiencing substantial investments, thereby fostering its growth. Furthermore, the government is actively boosting electricity generation. This leads to heightened demand for power monitoring systems. Moreover, the capacity of renewable energy sources is increasing. This, in turn, promotes the deployment of such devices in renewable power plants.

Country Japan
Forecasted CAGR (2023 to 2033) 5.1%

The government intends to upturn the stake in renewable energy sources. In October 2021, Japan unveiled the Sixth Strategic Energy Plan. This plan raised the renewable power generation goal from the previous range of 22%-24% to 36%-38% by 2030. Japan has been vigorously encouraging the deployment of smart grid technologies. The country aims to enhance the efficiency of its power infrastructure. This has positively impacted the Japan power monitoring market. The country has also placed significant emphasis on energy efficiency across industries since it has a strong commitment to sustainability.

South Korea's Power Monitoring Sector Booms as Energy Efficiency Becomes Top Priority

The South Korea power monitoring market has witnessed significant growth owing to the increasing demand for sustainable power solutions. The government has implemented various energy efficiency programs and regulations to promote sustainable energy consumption.

Country South Korea
Forecasted CAGR (2023 to 2033) 4.8%

South Korea aims to increase the proportion of nuclear energy in its power generation to 32.4% by 2030 and further to 34.6% by 2036. Similarly, the country plans to expand the contribution of renewable energy sources, which is going to account for 30.6% of power generation by 2036, following a target of 21.6% by 2030. Power monitoring systems are likely to play a crucial role in achieving energy efficiency targets. Key manufacturers are focusing on research and development as well as strategic partnerships to stay competitive in the market. In December 2020, Doosan GridTech and Vena Energy collaborated to establish an energy storage system. The collaboration aims to enhance grid stability and facilitate the transition toward renewable energy.

Power Monitoring Solutions Fuel Energy Efficiency Revolution in the United Kingdom

The United Kingdom’s power monitoring market is anticipated to experience substantial growth during the forecast period. The country is consistently enhancing its electricity generation capacity to meet the increasing demand for uninterrupted power supply. Consequently, there is a sharp demand for power monitoring in the country.

Country United Kingdom
Forecasted CAGR (2023 to 2033) 5.0%

The deployment of data centers is intensifying extensively in the country. Additionally, the country has a significant installation of renewable energy sources. This growth is complemented by a rise in electric vehicle charging stations. This further drives the adoption of power monitoring devices in the United Kingdom.

Market players are at the forefront of providing innovative power monitoring solutions to meet the evolving needs of businesses. For instance, in December 2021, Schneider Electric launched the third-generation version of its EcoStruxure Power architecture and platform. The third-generation EcoStruxure Power platform utilizes digital technologies to achieve efficient power monitoring and management.

Exploring the Power Monitoring Market: An In-depth Segment Analysis

Segment Hardware
Forecasted CAGR (2023 to 2033) 5.1%
Segment Manufacturing & Process Industry
Forecasted CAGR (2023 to 2033) 5.0%

Hardware Component Segment Takes Center Stage in the Power Monitoring Industry

By 2033, the hardware segment is projected to hold the leading market share. Hardware components play a fundamental role in power monitoring systems. Hardware components are designed to provide accurate measurements of power parameters. This segment provides a wide range of options to accommodate diverse monitoring requirements.

Power monitoring requirements vary across different applications and industries. Hardware components offer scalability and flexibility. This permits users to select the appropriate devices based on their specific needs. For instance, a small residential setup generally requires a basic energy meter. On the other hand, a large industrial facility typically needs advanced power-quality analyzers.

There is a significant increase in smart grid deployment initiatives. Additionally, there is a substantial rise in global investments in smart grid technologies. Moreover, governments have implemented mandates that require the installation of smart meters as a measure to reduce carbon emissions. These factors are likely to fuel the dominance of the hardware segment.

Power Monitoring Solutions Find Strong Foothold in Manufacturing & Process Industry

The manufacturing & process industry segment is poised for substantial growth as industrialization expands worldwide. The manufacturing & process Industry is known for its high energy consumption. This expansion leads to a surge in power consumption in the manufacturing and process industry. The industry, with its high-voltage equipment, faces a growing demand for effective energy management. Consequently, there is likely to be a rising demand for monitoring devices throughout the forecast period. These monitoring devices are necessary to meet the industry's needs for efficient energy management.

The manufacturing & process industry is subject to various energy and environmental regulations. Power monitoring systems assist these industries in adhering to regulatory requirements by accurately measuring energy usage, power quality, and other parameters. The manufacturing & process industry heavily relies on expensive machinery, equipment, and critical assets. Efficient monitoring of power usage can help identify potential issues, predict equipment failures, and optimize maintenance schedules.

Get the data you need at a Fraction of the cost

Personalize your report by choosing insights you need
and save 40%!

Power Monitoring Market: Analyzing Key Players, Strategies, and Market Share in the Global Landscape

Key market players are implementing various strategies to stay competitive and capture a significant market share. Here are certain notable strategies:

ABB Ltd:

  • Expansion of product offerings to cover a broad spectrum of power monitoring needs
  • Integration of IoT and cloud technologies for real-time monitoring and analytics
  • Collaborations with technology partners to enhance product capabilities

Recent Development: In February 2022, ABB India presented a fresh sequence of electrical measuring and power monitoring meters for the digital panel meter market. The comprehensive range of offerings targets diverse industries, such as healthcare, hospitality, infrastructure, as well as food and beverages. ABB India's advanced metering and energy monitoring solutions empower users to effectively monitor their power consumption.

Eaton Corporation:

  • Providing comprehensive power monitoring solutions for a wide range of applications.
  • Offering cloud-based monitoring and analytics platforms for remote monitoring.
  • Emphasizing collaboration and acquisitions for flexible customer solutions

Recent Development: In January 2022, Eaton completed the acquisition of Royal Power Solutions, a United States-based manufacturer. Royal Power Solutions specializes in high-precision power monitoring components. Their products cater to electric vehicles, energy management, industrial, and mobility markets.

Delta Electronics, Inc.:

  • Offering a range of precision measurement and monitoring solutions.
  • Delivering highly accurate power monitoring solutions for different applications
  • Addressing emerging trends such as energy efficiency, smart grids, and green technologies

Recent Development: In February 2023, Delta unveiled an extensive range of IoT-based Smart Green Solutions at ELECRAMA 2023. The offerings included a smart Green EV Charging Station based on a micro-grid. It also showcased the latest Open-Loop Variable-Torque Standard Drive VP3000 Series. It boosts efficiency and reduces harmonic falsification to 35% in industrial motors used in different applications.

How can Power Monitoring Market Players Grow Their Businesses?

  • Expand product offerings to include a comprehensive range of power monitoring solutions
  • Develop partnerships with utility companies to access a larger customer base
  • Invest in research and development to innovate new technologies for efficient power monitoring
  • Offer customizable solutions to meet the specific needs of different industries.
  • Implement marketing strategies to raise awareness about the benefits of power monitoring
  • Establish a strong online presence and leverage digital marketing channels
  • Enhance customer support services to ensure satisfaction
  • Stay updated with industry trends and regulations to stay ahead of the competition

Key Players

  • ABB Ltd.
  • Eaton Corporation PLC
  • Analog Devices, Inc.
  • Advantech Co., Ltd.
  • Delta Electronics, Inc.

Power Monitoring Market Segmentation

By Component:

  • Hardware
  • Software
  • Services

By End Use:

  • Manufacturing & Process Industry
  • Utilities & Renewables
  • Public Infrastructure
  • Datacenters
  • Electric Vehicle Charging Stations

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

Frequently Asked Questions

How Big is the Power Monitoring Market?

The power monitoring market is estimated to secure USD 3.2 billion in 2023.

What is the Projected Size of the Market by 2033?

The global market size is expected to reach USD 5.3 billion by 2033.

What is the Growth Potential of the Market?

The growth potential of the market is 5.2% CAGR through 2033.

Which Factors are Influencing the Market Growth?

Rising emphasis on real-time power monitoring and increasing demand for reliable power supply are pushing the market growth.

Which Component has High Market Share?

The hardware segment accounts for massive market share.

Table of Content
	1. Executive Summary
	2. Market Overview
	3. Market Background
	4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
	5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component
		5.1. Hardware
		5.2. Software
		5.3. Services
	6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use
		6.1. Manufacturing & Process Industry
		6.2. Utilities & Renewables
		6.3. Public Infrastructure
		6.4. Datacenters
		6.5. Electric Vehicle Charging Stations
	7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
		7.1. North America
		7.2. Latin America
		7.3. Europe
		7.4. South Asia
		7.5. East Asia
		7.6. Oceania
		7.7. MEA
	8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
	15. Key Countries Market Analysis
	16. Market Structure Analysis
	17. Competition Analysis
		17.1. ABB Ltd.
		17.2. Eaton Corporation PLC
		17.3. Analog Devices, Inc.
		17.4. Advantech Co., Ltd.
		17.5. Delta Electronics, Inc.
		17.6. EXFO, Inc
		17.7. Fluke Corporation
		17.8. ETAP
		17.9. Eaton Industries GmbH
		17.10. Aveva Group PLC
	18. Assumptions & Acronyms Used
	19. Research Methodology

Explore Technology Insights

View Reports
Future Market Insights

Power Monitoring Market

Schedule a Call