Electrical Power Monitoring System (EPMS) - Market: Size, Share, Growth, Analysis, Key Players, Revenue, | Valuates Reports

Electrical Power Monitoring System (EPMS) - Market Size
The global market for Electrical Power Monitoring System (EPMS) was estimated to be worth US$ 4200 million in 2023 and is forecast to a readjusted size of US$ 6122.3 million by 2030 with a CAGR of 5.6% during the forecast period 2024-2030

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Market Trends in the Electrical Power Monitoring System (EPMS) Market:

1. Increasing Focus on Energy Efficiency: As industries and commercial buildings aim to reduce operational costs and carbon footprints, the adoption of EPMS for real-time energy consumption monitoring and optimization is growing rapidly.
2. Integration with Smart Grids: The development of smart grids has spurred demand for EPMS to enable seamless integration of renewable energy sources and enhance grid reliability.
3. Advancements in IoT and Cloud-Based Solutions: IoT-enabled EPMS devices, coupled with cloud-based data analytics, provide advanced insights, remote monitoring, and predictive maintenance capabilities, driving market growth.
4. Rising Demand in Data Centers: The growing number of data centers globally has increased the need for power monitoring systems to ensure uninterrupted operations and efficient power usage.
5. Expansion in Renewable Energy Projects: EPMS is increasingly adopted in renewable energy installations like solar and wind farms to monitor energy output, grid connectivity, and efficiency.
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Market Challenges in the Electrical Power Monitoring System (EPMS) Market:

1. High Initial Deployment Costs: The installation of EPMS involves substantial upfront costs, including hardware, software, and system integration, which may deter small and medium enterprises (SMEs).
2. Complex Integration with Legacy Systems: Integrating EPMS with existing power infrastructure can be challenging, particularly in older facilities that lack advanced digital frameworks.
3. Cybersecurity Concerns: As EPMS systems become more connected via IoT and cloud technologies, they are increasingly vulnerable to cyber threats, raising concerns over data security.
4. Lack of Standardization: Variations in power monitoring standards across regions make it difficult for manufacturers to create universally compatible solutions.
5. Skill Gap for Advanced Systems: The complexity of modern EPMS solutions often requires specialized expertise, which can be a barrier for organizations in regions with limited technical workforce availability.

Segment by Type:

• Single-circuit EPMS
• Multi-circuit EPMS

Segment by Application

• Industrial
• Residential
• Commercial

By Company

Siemens, Schneider Electric, Eaton, Fluke Corporation, Panasonic, Yokogawa, Emerson, Mitsubishi Power, Fuji Electric, Rockwell Automation, Hitachi, Simco-Ion, Gossen Metrawatt GmbH, Tele Haase, OMICRON Electronics, Aquas, Astrel Group, Acrel, Socomec

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