According to FMI’s latest projections, the global industrial power monitoring systems market is anticipated to reach a valuation of US$ 7,191.2 million by the culmination of 2023. However, this trajectory of growth extends beyond, with FMI forecasting a notable Compound Annual Growth Rate (CAGR) of 8% from 2023 to 2033. This trajectory is set to propel the market to an impressive US$ 14,375.2 million by the conclusion of the projected period.
The remarkable ascent of the industrial power monitoring systems market can be attributed to several pivotal factors. A key driving force behind this growth is the increasing emphasis on the efficient utilization of power resources. In an era where sustainability and conservation hold paramount importance, industries are progressively recognizing the imperative need for precise power monitoring and management to optimize energy consumption. This strategic focus is expected to play a pivotal role in reshaping the landscape of industrial power monitoring systems, fostering enhanced efficiency and sustainability across diverse industrial sectors.
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Escalating energy consumption by pivotal sectors such as mining & mineral, and oil & gas, underscores the imperative for distinct power monitoring systems. Industrial power monitoring systems offer the capability to communicate and oversee power distribution components remotely and in real-time, mitigating the risk of critical losses. This inherent flexibility is driving a notable uptick in the demand for these systems. Furthermore, the burgeoning adoption of voluntary or mandated energy management protocols, coupled with extensive implementation of environmental regulations against energy wastage, is poised to amplify the requirement for industrial power monitoring systems.
Given that power fluctuations can precipitate data corruption or loss, the demand for industrial power monitoring systems remains pronounced across diverse industrial domains. These systems are projected to carve out a diverse range of applications within various industrial verticals, particularly in sectors like healthcare, telecommunications (for remote monitoring and notifications), as well as governmental and financial entities. In these settings, where the integrity of sensitive data is paramount, seamless operations devoid of disruptions are paramount, rendering industrial power monitoring systems indispensable.
“Driven by its notable reliability and efficiency quotient, industrial power monitoring systems are experiencing robust demand across diverse industries, projected to significantly augment sales in the forecast period,” comments an analyst from FMI.
Key Insights:
- The ability to remotely access and manage power resources is poised to elevate market prospects.
- Challenges posed by skilled workforce shortages and substantial initial investment costs could potentially impede industrial power monitoring system sales.
- By the year 2022, North America is anticipated to assert a substantial 27% market share.
- Europe’s industrial power monitoring system market is poised to capture a notable 29% market share.
- The Asia Pacific industrial power monitoring system market is foreseen to present compelling growth opportunities throughout the forecast period.
Competitive Landscape:
The industrial power monitoring system market features prominent players such as ABB Ltd, Emerson Electric Company, Eaton Corporation PLC, EnerNOC, Inc., General Electric Company, Honeywell International, Inc., Rockwell Automation, Schneider Electric SE, Siemens AG, and several others, as detailed in the comprehensive report.
Key industry contenders are placing their focus on product innovation, unveiling cutting-edge industrial power monitoring systems to the market.
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Market Segmentation:
By Control System:
- Programmable Logic Controls (PLC)
- Supervisory Control and Data Acquisition (SCADA)
- Distributed Control (DCS)
By Technology:
- Meter Data Management (MDM)
- Peak Load Control System (PLCS)
- Demand Response Management Solution (DRMS)
- Energy Management Information System (EMIS)
By Application:
- For Mining and Metals
- For Power Generation and Transmission
- For Oil and Gas
- For Data Centers and Server Rooms
- For General Manufacturing
By Region:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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