Power Monitoring Market: Competitive Dynamics, and Global Outlook 2019 – 2026: Eaton Corporation PLC , Fluke Corporation , General Electric Company , Mitsubishi Electric Corporation , Rockwell Automation, Inc., Siemens AG , Yokogawa Electric Corpor

The Global Power Monitoring Market was valued at USD 3.32 billion in 2016 and is projected to reach USD 5.52 billion by 2025, growing at a CAGR of 5.81% from 2017 to 2025. The global market is set to witness a significant growth due to increasing investments in smart grids and the renewable sector and increasing focus on efficient utilization of resources.

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

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 market in Asia-Pacific is expected to be the fastest growing global power monitoring market due to the growing industrialization and urbanization and increasing electricity demand in the region. The Chinese market is expected to dominate the power monitoring market in the Asia-Pacific region. Power monitoring markets in countries, such as India, Japan, and China are expected to grow at high rates. Increasing renewable power generation and industrialization projects in these countries are the main reasons spurring the growth of the power monitoring market.

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Market Dynamics:
1. Market Drivers
1.1 Increasing urbanization and industrialization
1.2 Growing adoption of smart grid technologies
1.3 Rising need for maximizing the reliability of electrical infrastructure
1.4 Increasing focus to reduce energy cost
1.5 Growing need for efficient utilization of power resources
2. Market Restraints
2.1 Poor compatibility with existing components
2.2 Availability of low cost alternatives
2.3 Rising cost of high-end monitoring devices

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