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Power monitoring is a network of meters connected to a power system in order to provide real-time data. All electrical equipment in a facility are connected to meters. Power monitoring system performs  several functions such as increase facility uptime, improve response to power related issues, verify reliable power equipment operation,  improve power quality, enhance the lifespan of highly advanced equipment,  prevent conductors from overheating, protect and control the network, reduce peak demand power factor penalties,  and ensure energy contract compliance. It allows to create a proactive approach to energy management.  Effective use of power monitoring system depends on selecting correct meters to capture data and events and using the right software to visualize and conduct analysis.

The global power monitoring market can be segmented into component, end-user, and region. Based on component, the power monitoring market can be classified into software, hardware, and firmware. The hardware segment is further divided into measurement devices and metering & communication devices. The software component collects data from the facility electrical network, organizes the data, and presents it as a meaningful and actionable information. The firmware component safeguards the system from internal and external malware. The hardware component segment is projected to expand at the highest CAGR during the forecast period, owing to the growth in smart grid investments globally. The metering & communication devices sub-segment is estimated to expand at a significantly rapid pace and dominate the hardware component market during the forecast period. 

Based on end-user, the power monitoring market can be segmented into industrial, commercial, and residential. Industrial power monitoring market is sub-segmented into small, medium, and large manufacturing firms.  A convenient and reliable power monitoring system is essential in any industry. Power monitoring system resolves the challenge of excess utilization of power in an industry by continuous monitoring. Certain companies offer power monitoring systems with alert function; when consumption of power is excessively high, the monitoring system raises alert by sending signal to the main visual monitor. The commercial segment comprises shopping complexes, retail outlets, IT centers, and office spaces. Due to wide usage of power monitoring systems in manufacturing industries, the industrial segment leads the power monitoring market among end-user segments.

Based on region, the power monitoring market is divided into North America, Europe, Latin America, Asia Pacific and Middle East & Africa. North America is projected to dominate the market owing to aging transmission and distribution infrastructure and smart grid investment in the region. Asia-Pacific is expected to expand at the highest CAGR during the forecast. It is attributed to the rapid urbanization and industrialization and rise in renewable power generation capacity in the region. Investments in the water and wastewater industry and infrastructural development in the Middle East & Africa are expected to drive the power monitoring market in the region.

The power monitoring market is driven by factors such as the need to control the price of electricity, maximize the reliability of electrical infrastructure, and the need for efficient utilization of power resources. Replacing of exciting power systems also boost the power monitoring market. 

Key players operating in the global power monitoring market are ABB Ltd, Emerson Electric Co, Fluke Corporation, Schneider Electric SE, General Electric Company, Fuji Electric FA Components & Systems Co., Ltd., Eaton Corporation PLC, Omron Corporation, Littelfuse Inc., Rockwell Automation, Inc., Mitsubishi Electric Corporation, Yokogawa Electric Corporation, and Siemens AG.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

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

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Power Monitoring Market