Power Monitoring Device Market Value By Device (Measuring & Monitoring Systems, Metering & Communication Devices), By End User (Public Infrastructure, Utilities & Renewables, Manufacturing & Process Industry, EV Charging Stations, Others), By Region - Industry Statistics & Forecast, 2023 - 2032

Market Overview:

Power Monitoring Device Market size surpassed USD 3.3 Billion in 2022 and is expected to showcase a CAGR of over 5.5% from 2023 to 2032. By the end of the forecast period, the industry is anticipated to record USD 5.3 Billion revenue.

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A power monitoring device is a device that is used to measure and monitor the amount of electrical power being used in a building or facility. It is also commonly referred to as a power meter, energy meter, or electricity meter. The device is designed to measure and track electrical parameters such as voltage, current, power factor, and energy consumption. Power monitoring devices can be used in a variety of settings, including commercial buildings, industrial facilities, and residential homes. They can be standalone devices or integrated into building automation systems to provide real-time data and alerts to facility managers and building owners. Some power monitoring devices are also equipped with wireless connectivity, allowing for remote monitoring and management.

Power monitoring devices can provide significant energy savings. According to the Department of Energy, energy savings of up to 15% can be achieved by implementing energy management systems that include power monitoring devices.

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Growing Factors:

The power monitoring device market is experiencing significant growth due to the increasing demand for energy efficiency and the need to reduce energy consumption and associated costs are driving the adoption of power monitoring devices. Moreover, governments around the world are implementing regulations to promote energy efficiency, which is further driving the market growth. For instance, The Energy Efficiency Directive (EED) sets mandatory energy efficiency targets for EU member states and requires them to implement measures to promote energy efficiency in buildings, industry, and transportation.

Additionally, the growing concern about environmental impact and sustainability is making businesses more conscious of their energy usage and carbon footprint, leading to increased demand for power monitoring devices. With the increasing adoption of industrial automation and the need for real-time monitoring and control, the demand for power monitoring devices is expected to continue to grow.

Drivers:

The rise in population and the subsequent expansion of the manufacturing sector have resulted in higher energy consumption, necessitating the need for industries to monitor their power usage. For example, based on data from the World Bank, manufacturing value added as a percentage of GDP increased from 16% in 2020 to 17% in 2021. The Indian government's efforts, such as the National Manufacturing Policy, aimed at raising the manufacturing sector's share of GDP to 25% by 2025, are also contributing to this trend.

Regional Overview:

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North America and Europe are mature markets for power monitoring devices, with well-established infrastructure and high awareness of energy efficiency. The demand for power monitoring devices in these regions is driven by a need to comply with government regulations aimed at reducing energy consumption and environmental impact. In North America, the United States is the largest market for power monitoring devices, while in Europe, countries such as Germany and the UK are significant markets.

Key Development:

• In Oct 2021, Siemens Smart Infrastructure and its partners Sagemcom & Bite Lietuva have announced their contribution in the rollout of 1.2 Mn smart meters across Lithuania. For the next ten years, the company will provide a maintenance service for an EnergyIP meter data management system to Lithuania's distribution system operator.

Top companies includes in the global power monitoring device landscape:

• Siemens Aktiengesellschaft
• Schneider Electric
• ABB Ltd
• Emerson Electric Co.
• Rockwell Automation Inc.
• FINDER S.p.A.
• PHOENIX CONTACT
• Weidmüller Interface GmbH & Co. KG
• Fuji Electric FA Components & Systems Co. Ltd.
• Yokogawa Electric Corporation
• OMRON Corporation
• Other Players

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In-depth analysis of power monitoring device market along with industry coverage and forecasting for the following segments:

Market Size, By Device

• Measuring & Monitoring Systems
• Metering & Communication Devices

Market Size, By End User

• Public Infrastructure
• Utilities & Renewables
• Manufacturing & Process Industry
• EV Charging Stations
• Others

Market Size, By Region

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