Global Power Monitoring System Market is valued at approximately USD 4.53 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 6.08% over the forecast period 2024-2032. Power Monitoring System (PMS) is a system designed to monitor, analyze, and manage electrical power in various environments, such as industrial plants, commercial buildings, data centers, and utility substations. It involves the use of hardware and software components to gather data about electrical parameters, such as voltage, current, power factor, energy consumption, and frequency. Also, the key trend of Power Monitoring System Market is the integration of PMS with Internet of Things (IoT) technology and smart grid infrastructure allows for real-time monitoring, control, and optimization of power systems. This trend enables enhanced visibility and management of energy usage, leading to improved efficiency and cost savings.

Moreover, industries are increasingly adopting automation technologies to improve productivity and reduce operational costs. Power monitoring systems play a crucial role in industrial automation by providing real-time data on energy consumption, equipment performance, and power quality, enabling better decision-making and predictive maintenance. Additionally, other factors that support the market growth are the rising adoption of renewable energy sources, increasing demand for energy efficiency, growing awareness of energy management, and increasing focus on grid modernization. However, the high cost of devices is expected to hinder the growth of Power Monitoring System market during the forecast period 2024-2032.

The key regions considered for the global Power Monitoring System market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America was the largest regional market. Increasing awareness among consumers and businesses about the importance of energy conservation and cost reduction drives the adoption of power monitoring systems. These systems provide real-time data and analytics to optimize energy consumption and reduce operational costs. Also, the aging power infrastructure in North America necessitates the replacement and modernization of existing monitoring systems with more advanced solutions. This includes the deployment of smart meters, sensors, and other monitoring devices to enhance grid reliability and resilience. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period 2024-2032.

Major market player included in this report are:
ABB Ltd. (Switzerland)
General Electric Company (U.S.)
Schneider Electric SE (France)
Siemens AG (Germany)
Emerson Electric Co. (U.S.)
Rockwell Automation Inc. (U.S.)
Mitsubishi Electric Corporation (Japan)
Omron Corporation (Japan)
Yokogawa Electric Corporation (Japan)
Fuji Electric Co., Ltd. (Japan)
The detailed segments and sub-segment of the market are explained below:
By Component
Hardware
Software
Services
By Application
Utilities & Renewable
Manufacturing & Process Industry
Datacenters
Public Infrastructure
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market