Industrial Power Monitoring System Market | Contrive Datum Insights

Market Overview:

The Global Industrial Power Monitoring System Market Is Expected To Reach USD 4.318 Billion By 2022 And Is Expected To Grow At USD 5.94 Billion With CAGR Of 4.1% During The Forecast Period 2022-2030.

{{info}}

Power Monitoring lets you keep track of your energy costs and how well they are being used in real time. A network of meters that is connected to the Internet and gives real-time information about the power system is a power monitoring system. Using power monitoring has many benefits, such as saving money, making more money, cutting down on downtime, finding inefficiencies, finding problems early, controlling quality, and lowering energy costs. To get the most out of a power monitoring system, you need to choose the right meters to record data and events and use the right software to see them and analyze them.

In industries that have problems with the quality of the power, power monitoring systems make it possible for power quality events to be automatically retrieved and analyzed. Power quality problems can cause processes to stop and products to be thrown away, which leads to a large loss of annual revenue. To deal with these problems, power monitoring systems offer several benefits related to how much energy is used. A power monitoring system automatically keeps track of important events that could cause damage to a building.

These systems keep important equipment from breaking down too soon, stop control devices from automatically resetting or tripping for no reason, provide a clean, reliable power supply that keeps people safe, automate emergency power supply system (EPSS) reporting for compliance, and can handle complex cost allocation calculations. Power monitoring systems can stop things from happening that cause motors, transformers, pumps, control devices, and other electrical equipment to break down too soon.

COVID-19 Impact:

The first and most important effect of the pandemic on the market is on the supply chain. This affects the availability of raw materials and the sale of finished goods because there is a big gap between demand and supply because raw materials aren't available and production operations are interrupted.

Second, because of the COVID-19 pandemic, lockdowns and institutional restrictions made it hard for the power monitoring market to make the things they needed. Disruptions and declines can also explain why the pandemic has had such a big effect on the global power monitoring industry in key end-user verticals.

Market Dynamics:

Market Trends:

• Rising Need for Power Distribution Analysis Among Power Utilities is an Emerging Trend in Market Growth

In terms of how power is made and used, the landscape of power distribution is changing quickly. Power utilities have to deal with both traditional sources of power generation and the growing use of alternative and renewable sources of power. This makes it harder for utilities to combine power from different sources. Also, the demand for power has changed a lot because of the rise of new devices that use power, like automated devices and electric vehicles.

To keep day-to-day operations in sync, utilities need to be able to handle multiple databases. Power monitoring and control software helps collect different power metric data points, which are then used by power utilities to learn how to improve grid stability and stop widespread blackouts. Power monitoring and control software can be used for data analytics, power forecasting, data acquisition, data management, smart meter platforms, and smart grid solutions. It can also be used to find out how much power is actually being used and to predict how power will flow through the distribution grid. So, these things are likely to drive the growth of the market over the next few years.

Driving Factors:

• Increasing Manufacturing and Process Activities Propel Growth in the Market

Industrialization is growing quickly around the world, which means that more power is being used in the industrial sector. Both developed and developing countries are seeing growth in their manufacturing and processing industries. When manufacturing and process industries are set up, they use more energy, so these industries need to keep an eye on how much power they use. These systems are used a lot in the manufacturing and process industries to better manage energy.

• Rising Demand for Energy Management Augments Growth in the Market

Electricity use is going up quickly all over the world, and so is the demand for it. This makes more people around the world want to manage energy so that the extra costs can be saved. This makes it more important to use energy sources in a smart way. Governments all over the world are doing a lot to lower the cost of energy. In many countries, the government encourages people to use effective energy management tools to save energy and money. This makes it more likely that people will buy power monitoring systems.

• Rapid Industrialization to Propel Market Growth during the Forecast Period

Because the world is becoming more industrialized so quickly, the market for power monitoring systems is expected to grow. Industrialization is the growth in society, economy, and technology that helps a country move toward an economy based on manufacturing. Industrialization leads to urbanization because more people are forced to move to cities for better job opportunities, higher living standards, and other reasons.

This has made it more important to have a steady supply of electricity to meet the needs of an industrialized and urbanized region. For example, it is said that Mumbai, India's business center, uses more than 3,000 to 3,200 megawatts of energy every day. More than 8,000 megawatts of electricity are used every day in New York City, USA. These numbers show how much electricity is needed to run not only big industrial businesses, but also small businesses and homes.

• Increasing Commercial and Industrial Sector

A power monitoring system is very important in the industrial and commercial sectors for saving energy, making sure the power is reliable, making sure the power is of good quality, and other power-related goals. The need for a better power monitoring system grows as the commercial and industrial sectors grow. The commercial and industrial sectors use close to 50% of the country's total energy, according to the U.S. Department of Energy. This means that installing power monitoring systems can help save a lot of energy.

Restraints/Challenges:

• High Cost of Equipment

The growth of the global market may be limited by the high cost of devices, which makes them out of reach for many low-income homes or small businesses that don't want to say how much power they use so they don't get big bills. People in many rural areas don't know how important it is to pay their bills on time, so many cases of electricity theft or wrong data about electricity have been reported. Many end users are hesitant to use power monitoring systems. This could be because there aren't many rules about how to install power meters or because they don't want to.

• Concerns Over Cyber Threats

As the number of connected devices and reliance on web-based communication has grown, cyberattacks have become more likely. Cyber threats are always changing, and hackers are always coming up with new ways to get to important data, like using ransomware and distributed denial of service (DDoS) attacks.

Data hacking and changes are a big worry for industries like oil and gas, power, water and wastewater treatment, and others that deal with critical infrastructure. In the last few years, there have been a number of cyberattacks on the energy sector. Even though software makers are trying to make power monitoring and control software more secure, cyberattacks are always changing, which makes it risky to use such software. This could slow the growth of the market during the forecast period.

• Tampering Concerns to Challenge Market Growth

Power monitoring systems are very easy to mess with from the outside. This means that the electricity supplier gets wrong information, which causes a lot of money to be lost. To get more people to install these devices, more needs to be done to make people aware of how important accurate data measurement is. But incidents of tampering are on the rise in rural areas, which could slow the growth of the world market.

Opportunities:

• Increase in Demand for Energy to Provide Growth Opportunities

Because people are using more electricity, there may be opportunities for the global market for power monitoring systems to grow. Almost everything, from smartwatches to big businesses, needs electricity to work. There are different voltage needs for electricity, but in today's commercialized world, a steady supply of electricity is a must. The world's need for electricity is expected to grow by 2% every year until 2040. With new technologies like e-vehicles, the demand for electricity is higher than ever. This could be a chance for the global market to grow.

• Growing Adoption of Smart Grids and Smart Meters

As smart grid technologies become more popular, players in the market for energy monitoring systems will have a chance to make money. Because people are paying more attention to energy efficiency, the global market is expected to grow quickly over the next few years. The monitoring system hardware vertical energy is likely to grow as more smart meters are put in place, more money is put into smart grid technologies, and more attention is paid to lowering energy costs by making better use of energy resources. The hardware parts of an energy monitoring system, on the other hand, can include things like meters and communication devices. The main jobs of measuring devices are to record, track, and measure the amount of energy that changes through different parts of the electrical system. So, it is expected to be the biggest market for energy monitoring in the world over the next few years.

Strategic Development:

• In October 2021 - Siemens Smart Infrastructure and its partners, Sagemcom and Bite Lietuva, said that they would help put 1.2 million smart meters in place all over Lithuania. The company will maintain an EnergyIP meter data management system for the distribution system operator in Lithuania for 10 years.
• In August 2021 - CyanConnode said it had made a deal with Schneider Electric. Smart meters will be put in place all over Northern India as part of the contract. CyanConnode will provide 152,000 Omnimesh modules, as well as hardware, services, and software that meet standards for advanced metering infrastructure, as well as an annual maintenance contract.
• In February 2020 - Eaton, a company that manages power, announced that it had completely bought Power Distribution, Inc., a leading provider of mission-critical power distribution, power monitoring equipment, services, and static switching for data centers and commercial and industrial customers. The company hopes that the acquisition will help them improve the services they offer to data.
• On April 14, 2021 - Mitsubishi Electric announced that its "MC Works64" SCADA software had been replaced with "GENESIS64" SCADA software, which had been updated. There are now two types of software for system monitoring and process control. The new product line will meet many IoT needs, from small production line monitoring and control to multi-site monitoring and business intelligence (BI) of plant-wide systems, process automation, and utility and building automation. "GENESIS64 Basic SCADA" is an easy-to-use program for small production lines that has all the features needed. At the same time, the "GENESIS64 Advanced Application Server" is a full SCADA suite that allows factories, buildings, and utilities to be monitored on a large scale.
• In September 2021 - Sinclair Technologies, a division of Norsat International and a world leader in custom land mobile radio communication solutions, announced the launch of a new Power Monitoring System called IntelliSense series. By keeping track of the overall performance and health of the public or commercial land mobile solutions, the new product will help reduce the amount of time that communication systems aren't working. This will help avoid any unnecessary repairs or maintenance.
• In November 2020 - Packet Power said that 54 new wireless power monitoring products would be coming out. With this, the company was able to add to the wireless remote monitoring systems it already had. There will be single-meters, multimeters, and branch circuits among the products.

Key Vendors:

Top market players are

• ABB Ltd

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated.

• CISCO Systems

Cisco helps people make strong connections in business, education, philanthropy, and creativity. Cisco's hardware, software, and services are used to make the Internet solutions that make networks possible and make it easy to get information from anywhere, at any time.

• Emerson Electric Company

Emerson Electric Co. (Emerson) gives customers in the commercial, industrial, and residential markets new ways to do things. The company sells things like measuring and analytical instruments, industrial valves, equipment, process control software and systems, fluid control, pneumatic mechanisms, electrical distribution equipment, and pneumatic products, among other things.

• Eaton Corporation PLC

Eaton is a company that uses smart power management to make people's lives better and protect the environment all over the world.

• EnerNOC Inc.

Enel X North America (formerly EnerNOC), which is part of the Enel Group, is a leading provider of cloud-based energy intelligence software (EIS) and services to thousands of enterprise customers and utilities around the world. 

• General Electric Company

General Electric Co. (GE) is a group of businesses that work together. It offers a wide range of products and services in the industrial, infrastructure, and financial fields. The company offers a wide range of products and services, including aircraft engines and systems, healthcare systems.

• Honeywell International Inc.

Honeywell International Inc. is a technology and manufacturing company with offices all over the world. The company makes and sells products and services for the aerospace industry. It also makes control, sensing, and security technologies for commercial buildings, as well as solutions for safety and productivity, specialty chemicals, advanced materials, process technology for refining and petrochemicals, and products and services that save energy.

• Rockwell Automation

Rockwell Automation Inc. (Rockwell) is a company that makes systems for power, control, and information in the industrial automation field. The company offers connected components, midrange architecture systems, asset and consultancy management, engineered packages and panels integration, front-end engineering and design, integration services, manufacturing intelligence, and on-machine solutions.

• Schneider Electric SE

Schneider Electric SE (Schneider Electric), which used to be called Schneider Electric SA, is a company that develops technologies and solutions for distributing electricity. Its main business is energy management and automation.

• Siemens AG

Siemens AG (Siemens) is a company that makes technology. It works in the fields of electricity, automation, and digitization. The company makes products, installs complex systems and projects, and designs and develops new products. It also offers a wide range of solutions that are tailored to each person's needs.

Segmentation Analysis:

The market is segmented on the basis of component, application and region.

By Component Outlook:

Hardware, software, and services are the three main parts of the global market. In the next few years, the market is expected to be led by the hardware segment. Around the world, there are more and more projects to set up smart grids. World-wide, there are also more investments in smart grids. Governments all over the world are very interested in cutting carbon emissions, so they are pushing for smart meters to be installed everywhere.

The software market is expected to grow a lot. Artificial intelligence is being used more and more in the power sector, which is a good thing because it helps the power sector. There are different kinds of software that give real-time information about how energy is being used and also assess and analyze both real-time and historical data to help energy be used more efficiently. During the forecast period, the growth of the software market will be driven by the above factors.

• Hardware
• Software
• Services

By Application Outlook:

Based on how they are used, the global market is divided into utilities and renewable, data centers, manufacturing and process industry, public infrastructure, and others. In 2020, the utilities and renewable energy segment had the biggest share of the market, and it is expected to have the biggest market in the coming years as well. The utilities segment will pick up speed when monitoring devices are put in place to keep track of how energy is made and sent. Renewable energy installations are also on the rise in many places around the world. This makes it more important to keep an eye on energy. So, the growth of the utilities and renewable segments should be driven by the above factors during the forecast.

It is expected that the manufacturing and process industry segment will grow a lot. All over the world, industrialization is growing quickly, which means that more power is being used by the industrial sector. The industry needs to figure out how to keep its high voltage equipment from using too much energy. This makes it more important to have monitoring devices during the time period predicted.

• Utilities & Renewable
• Manufacturing & Process Industry
• Datacenters
• Public Infrastructure
• Others

Regional Insights:

The global Industrial Power Monitoring System market has been looked at in different parts of the world, like North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA).
{{info2}}

North America is expected to have a large share of the market for industrial power monitoring systems because it has a high level of environmental awareness and saves money on energy. Strong growth in market revenue can be attributed to a snowball effect of government programs to improve the efficiency of power infrastructure in the commercial, industrial, and residential sectors.

Manufacturing in Europe has a large share of end-user verticals because systems that are important to plant operations are constantly being put in place. Due to strict environmental laws, end-use industries are putting in place energy management systems to reduce their carbon footprints. In terms of regional contribution, it is expected that Asia Pacific will gain the most traction and see impressive growth over the next few years. This market is growing because more and more people in China are using smart meters to track how much electricity they use.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• This study gives an in-depth look at the global power monitoring market, including current trends and predictions for the future.
• The report gives information about the market's key drivers, barriers, and opportunities, as well as a detailed analysis of the market's share around the world.
• The current market is looked at quantitatively to show the growth scenario of the global power monitoring market.
• The report gives a detailed analysis of the global power monitoring market based on how competitive it is and how it will change in the coming years.