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By 2023, Industrial Power Monitoring Systems Market Is Expected To Produce $6,534.7 Million In Sales, According To FMI

09-29-2022 08:59 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Future Market Insights

By 2023, Industrial Power Monitoring Systems Market Is Expected

The market for industrial power monitoring systems is anticipated to grow at a CAGR of 4.2 percent from 2022 to 2032, reaching US$ 4,318.6 Million by 2022's end. The industrial power monitoring system market is anticipated to reach a value of US$ 6,534.7 Million by the end of the aforementioned forecast period. The growth is attributed to a mounting focus on cost-cutting measures, improving electrical infrastructure reliability, and emphasising efficient use of power resources.

Also, can cause a malfunction in crucial servers and processes and can damage sensitive components. Industrial Power monitoring systems support the ability to monitor the status of power distribution, backup power system and power quality involved in core operations and utilities.

It delivers detailed information required to prevent tripped circuits, diagnose power
problems and balance loads. They are energy efficient as they understand the total power usage of the data centre or the facility, and use that information to maintain severe utilization, UPS efficiency and more.

Industrial Power Monitoring Systems also track the power consumption of the industry to calculate utility bills for the energy being used by the facility. The related data can be lost or corrupted If Power fluctuates even for a second. A momentary disturbance can trigger damage that requires hours of data recovery time.

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Industrial power monitoring systems can manage or remotely control an enterprise-wide network of many UPSs or provide power protection to complete infrastructure. It provides near the real-time or real-time condition of power throughout the industry, monitors UPSs, notifies automatically if there is any device failure, conducts orderly unattended shutdowns and selectively shuts downs non-critical systems. Power Monitoring Systems are generally used in Healthcare institutions, electronic industry, telecommunication, governmental and financial organizations.

Regional Outlook

Western Europe and the United States own 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 the Asia Pacific contributes to the Industrial power Monitoring System market and has the potential to see sizable growth in future as well.

Key Players

• ABB Ltd
• CISCO System
• Emerson Electric Company
• Eaton Corporation PLC
• EnerNOC, Inc.
• General Electric Company
• Honeywell International, Inc.
• Rockwell Automation
• Schneider Electric SE
• Siemens AG

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, applications, and industry.

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
• The Middle East and Africa (GCC Countries, S. Africa, Northern Africa)

The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an 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.

Industrial Power Monitoring System Market: Dynamics

The global Industrial Power monitoring systems Market has been driven by the 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 any place and anytime to avoid these critical losses resulting in high demand for 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, and governmental and financial organizations where data is sensitive and requires trouble-free operations.

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Industrial power monitoring systems have gradually gained the interest of electronic and manufacturing industries as they help in efficient utilization of power resources, reduce energy costs, and maximise the reliability of electrical infrastructure; nevertheless, its implementation and adaption arise with barriers and challenges like initial high investment cost, shortage of skilled resources. Also, hidden costs and a longer payback period are hindering the market for Industrial Power Monitoring systems.

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.

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