Global Power Monitoring Market is likely to witness a worth of US$ 5.3 Billion, rising at a CAGR of 5.2% from 2023 to 2033

NEWARK, Del, June 06, 2023 (GLOBE NEWSWIRE) -- As per the projections by Future Market Insight, the global power monitoring market is set to witness substantial growth, reaching a value of US$ 5.3 billion by 2033. This represents a significant increase from its estimated valuation of US$ 3.2 billion in 2023, reflecting a CAGR of 5.2%.

The demand for power monitoring systems is driven by several important factors, including:

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The demand for electricity has witnessed a notable recent increase, particularly in the industrial sector. This surge in power usage is attributed to multiple factors. Firstly, the global population is growing steadily and economies are thriving. These factors are contributing to the intensified demand for electricity. This escalating power demand highlights the importance of implementing effective power monitoring systems.

Global energy consumption is rising drastically. This is specifically noticeable in the power sector. The increasing tendency of urbanization and industrialization is largely responsible for this surge. An extensive amount of energy is required for these sectors to remain operational. As a result, demand for power monitoring systems is rising.

The deployment of smart grid projects is increasing in many countries. Governments around the globe are making significant investments in smart grid technologies. The main focus of these investments is to reduce carbon emissions. Smart grid technologies play a crucial role in achieving this objective. This focus leads to support for the installation of smart meters. Consequently, these factors contribute to the rising demand for power monitoring hardware.

Governments across the world are also prioritizing the reduction of energy costs. Many governments actively encourage the adoption of energy management tools. These tools aim to enhance efficiency and reduce energy consumption. The goal is also to lower associated expenses. These factors play a significant role in driving the growth of the power monitoring systems market.

By 2033, the Asia Pacific region is projected to hold the leading market share compared to other regions. This can be attributed to certain factors, including:

The rapid urbanization and industrialization in the region also make power monitoring systems even more crucial. Power monitoring sales in China and Japan are likely to experience significant growth. Governments in these countries are prioritizing the decentralization of the electricity grid. This is expected to open up growth opportunities during the forecast period.

Key Takeaways:

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Competitive Landscape of th is Market :

Market players are adopting various strategies to gain a competitive edge and cater to customers’ evolving needs. Key strategies include:

Major Players are:

Recent Developments :

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Market Segmentation :

By Component:

By End Use:

By Region:

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Table of Content ( To C ):

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Background

3.1. Market Dynamics

3.2. Scenario Forecast

3.3. Opportunity Map Analysis

3.4. Investment Feasibility Matrix

3.5. PESTLE and Porter's Analysis

3.6. Regulatory Landscape

3.7. Regional Parent Market Outlook

4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033

4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022

4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033

5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component

5.1. Introduction / Key Findings

5.2. Historical Market Size Value (US$ Million) Analysis By Component , 2018 to 2022

5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component , 2023 to 2033

5.4. Y-o-Y Growth Trend Analysis By Component , 2018 to 2022

5.5. Absolute $ Opportunity Analysis By Component , 2023 to 2033

6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use

6.1. Introduction / Key Findings

6.2. Historical Market Size Value (US$ Million) Analysis By End-Use, 2018 to 2022

6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End-Use, 2023 to 2033

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About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

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