Expected to reach US$ 4,318.6 Million by 2022-end, the market for industrial power monitoring systems is likely to flourish at a CAGR of 4.2% from 2022-2032. By the end of the said forecast period, the industrial power monitoring system market is poised to be valued at US$ 6,534.7 Million. The growth is attributed to the increasing emphasis on efficient use of power resources, mounting attention to decreasing costs, and increasing the reliability of electrical infrastructure.
From 2016 to 2021, sales increased significantly at a CAGR of 4%. Manufacturing plants, energy and utilities, mining and metallurgy, and commercial establishments, whether complex or large, require centralised monitoring of energy, power, and control. The industrial power monitoring system assists an industrial enterprise in monitoring power distribution and consumption, as well as achieving energy efficiency through well-planned procedures and methods that aid in overall cost savings.
These savings vary from savings in energy units consumed per hour, maximum demand charges, controlling energy wastages thus enabling better utilization of manpower and avoidance of critical breakdown in the electrical systems, etc.
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Industrial power monitoring systems can manage or remotely control a large network of UPSs across an enterprise, or they can provide power protection to entire infrastructure. It provides near real-time or real-time power condition throughout the industry, monitors UPSs, automatically notifies if a device fails, performs orderly unattended shutdowns, and selectively shuts down non-critical systems. Power Monitoring Systems are commonly found in healthcare facilities, the electronic industry, telecommunications, government, and financial institutions.
Also, can cause malfunction in crucial servers and processes and can damage sensitive components. Industrial Power monitoring systems supports the ability to monitor status of power distribution, backup power system and power quality involved in core operations and utilities.
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Regional Outlook
Western Europe and United states owns a lion’s share in Industrial Power Monitoring systems supported by penalty based environmental regulations and high awareness of economic energy conservation. Technological modernization of Industrial Sectors in Mid East Africa and Asia Pacific contributes to Industrial power Monitoring System market and has potential to see sizable growth in future as well.
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Industrial Power Monitoring System Market: Dynamics
Global Industrial Power monitoring systems Market has been driven by increasing adoption of voluntary or mandatory energy management systems & widespread environmental regulations against energy wastage. Industrial power monitoring systems ability to communicate and monitor the components of power distribution from anyplace and anytime to avoid these critical loses resulting in high demand of Industrial Power monitoring systems.
Industrial Power monitoring systems are projected to find a high scope of application in some particular sectors like telecommunication (for remote monitoring and notification), healthcare, governmental and financial organization where data is sensitive and require trouble free operations.
Industrial power monitoring systems have gradually gained interest of electronic and manufacturing industries as they help in efficient utilization of power resources, reduce energy costs, and maximizing the reliability of electrical infrastructure; nevertheless, its implementation and adaption arises with barriers and challenges like initial high investment cost, shortage of skilled resources. Also, hidden cost and longer payback period is hindering the market of Industrial Power Monitoring System.
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