Power monitoring and control software is a part of the power management system used to control and monitor the information essential for efficient power distribution and usage. Power monitoring systems are primarily used in manufacturing industries to increase the uptime and deliver reliable power supply. Power monitoring & control software are used for optimizing power networks. These systems have some advantages such as billing allocation and validation and accurate evaluation of spare electrical system capacity. Power monitoring and control software provide indicators regarding the health of electrical equipment such as motors, transformers, and pumps in an industrial space. The power monitoring software provide clear and accurate cost structure. Power monitoring and control software have some benefits. Users can view the complete electrical distribution network, optimize equipment utilization, and it shows performance indicators. Power monitoring and control software are also used to improve operational efficiency and reduce energy related and operational costs.
The global power monitoring and control software market is primarily driven by the increasing focus on efficient utilization of power resources by enterprises. This is mainly because both commercial and industrial end-users are working on improving energy efficiency. Additionally, growing awareness about maximizing the reliability of electrical infrastructure is expected to boost the demand for power monitoring and control software across the world. Increasing adoption of cloud-based platforms and IoT solutions by data centers is further accelerating the demand for power monitoring and control software worldwide. Currently, the need to reduce the energy cost is anticipated to boost the demand for power monitoring and control software around the globe. Increasing utilization of solar and wind generated power is another major factor driving the growth of the market globally. However, risk to data security is a restraining factor anticipated to hamper the power monitoring and control software market. This is primarily because viruses and cyber-attacks are increasing regularly, which results in significant threat for industries.
The global power monitoring and control software market can be segmented based on component, deployment, end-user, and region. Based on component, the power monitoring and control software market can be classified into software, hardware, and services. Based on hardware, the power monitoring and control software market can be divided into metering and communication devices and measurement devices. The service segment can be split into professional and managed services. In terms of deployment, the market can be categorized into cloud-based and on-premises. In terms of end-user, the global power monitoring and control software market can be classified into oil & gas, marine, chemicals & pharmaceuticals, paper & pulp, metal & mining, utilities, data centers, and others.
In terms of region, the global power monitoring and control software market is segmented into Europe, North America, Middle East & Africa, South America, and Asia Pacific. The market in North America is estimated to expand at a substantial rate during the forecast period. This is primarily due to smart grid investment and aging transmission & distribution industry in the region. The market in Asia Pacific is anticipated to expand significantly during the forecast period. The region is estimated to present attractive opportunities to the power monitoring and control software market in the near future. This is because increasing urbanization and industrialization are driving the adoption of power monitoring and control software in the region. Demand for power monitoring and control software in the region is primarily generated from countries such as India, China, and South Korea.
Major players operating in the global power monitoring and control software market include Eaton Corporation PLC, ABB Ltd, Emerson Electric Co., Fuji Electric FA Components & Systems Co., Ltd., Fluke Corporation, General Electric Company, Mitsubishi Electric Corporation, Littelfuse, Inc., Omron Corporation, Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, and Yokogawa Electric Corporation.
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