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Rising need to enhance energy efficiency and minimize energy costs are key factors driving global power monitoring market growth

VANCOUVER, BC, CANADA, January 12, 2022 /EINPresswire.com/ -- The Power Monitoring Market size is expected to reach USD 5.86 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to rising need to enhance energy efficiency and minimize energy costs. Emergence of advanced power monitoring system allow users to obtain detailed information regarding the amount of energy consumed.

Manufacturing and process industries are increasingly adopting power monitoring systems to manage, analyze, and control energy usage. Power monitoring systems provide detailed information about the amount of energy consumed, which helps in identifying a wide range of ways to boost efficiency by minimizing waste and reducing rates of energy consumption.

The market intelligence report on the Power Monitoring market aims at exploring the unknown and coming up with solutions to the potential threats and challenges faced by the Power Monitoring market for the forecast period, 2020 - 2028

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The study relies heavily on both qualitative and quantitative to generate, interpret and analyze raw data about the target market, product or services offered and prominent market players operating in the Power Monitoring market for the forecast period, 2020 - 2028. The new intelligence study further digs deep to extract all data pertaining to aspects such as production capability, spending power, customer preference and potential customers to offer usable business information. This report can be considered as a cautious assessment of the target customers, their requirements, geography generating maximum sales and potential distribution channel.

Leading Players Profiled in the Report:

Schneider Electric, ABB, Eaton Corporation plc, Siemens AG, General Electric, Emerson Electric Co., Rockwell Automation, Inc., Mitsubishi Electric, Omron Corporation, and Yokogawa Electric.

Regional Overview:

The global Power Monitoring market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Power Monitoring market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements.

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 Key Highlights

In February 2020, Eaton, which is a power management company, announced the complete acquisition of Power Distribution, Inc., which is a leading supplier of mission critical power distribution, power monitoring equipment, and services and static switching for data centers and commercial and industrial customers. The acquisition is expected help the company in enhancing services offered to data center customers.

Hardware segment accounted for largest revenue share in 2020. Rising need to enhance energy efficiency and minimize energy costs is expected to drive revenue growth of the hardware components segment going ahead.

Manufacturing & process industry segment revenue is expected to expand at a rapid CAGR during the forecast period. Increasing demand for secure, reliable, and uninterrupted supply of power among manufacturing and process industries is a key factor boosting demand for power monitoring systems.

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Emergen Research has segmented the global power monitoring market on the basis of component, end-use, and region:

Component Outlook (Revenue, USD Billion; 2018–2028)

Software

Hardware

Services

End-use Outlook (Revenue, USD Billion; 2018–2028)

Datacenters

Utilities & Renewables

Manufacturing & Process Industry

Electric Vehicle Charging stations

Public Infrastructure

 Key Features of the Power Monitoring Market Report:

The report offers details about key drivers, restraints, opportunities, challenges, growth prospects, limitations, and threats

The report encompasses details about the key companies, product portfolio along with specifications, production valuation, and market shares

Evaluation of key current and emerging market trends and growth prospects

It also offers research-backed estimations for the forecast period of eight years, primarily to estimate the potential market growth

Brief overview of industry with regards to research and development, technological advancements, and product development

In-depth assessment of upstream raw materials, downstream buyers, demands, and current market scenario

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Thank you for reading our report. The report can be customized as per requirement. Please get in touch with us for further inquiry and we will ensure you get the report best suited for your needs.

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At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

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Emergen Research
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