Market Size of Power Monitoring System Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Power Monitoring System Market Analysis
A power monitoring system is a network of meters connected to the internet to provide real-time data on the power system. The power monitoring system market is expected to grow at a CAGR of more than 5.8% during the forecast period 2020-2025. The major factors attributing to the growth of the market are the increasing focus on the efficient utilization of power resources, increasing urbanization and industrialization, and maximizing the reliability of electrical infrastructure. Increasing the adoption of smart grid technologies and a growing focus on industrial developments has led to a rise in the implementation of power monitoring systems. However, factors like poor compatibility with existing components, and the rising cost of high-end monitoring devices are likely to hinder the market during the forecast period.
- The commercial and industrial segment is expected to witness significant growth during the forecast period.
- Growing implementation of smart meters and an increase in investments for smart grid technologies are expected to offer opportunities in the global power monitoring market and therefore is likely to attract many leading players across the globe.
- North America is expected to be the largest market owing to the factors like increasing focus on upgrading the aging power infrastructure and increase in installation of new smart meters.
