Research Nester’s recent market research analysis on “Power Monitoring Device Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global power monitoring device market in terms of market segmentation by device, component, end user, and by region.
Increasing Investment in Smart Grid Deployment to Promote Global Market Share of Power Monitoring Device
A factor that has contributed to market growth is a greater focus on the efficient use of energy resources. In addition, a growing awareness and efforts by governments around the world to use energy monitoring devices is expected to benefit the market. For example, the New Zealand government has financed a large 20-degree energy crisis collaboration in Eastern Bay of Plenty during 2021, which will provide household energy education, control and energy saving initiatives.

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Moreover, one factor that is expected to contribute to market growth is the growing demand for power measurement equipment such as an increase in investment in data centres which leads to a more demanding monitoring of electricity distribution systems. In order to manage information technology operations at their premises, data centre installations have a number of electronic components, such as servers, cooling units, power devices, generators, communication and other equipment that need constant energy supply. Global data centers use over 200 terawatts of electricity a year, according to estimates. The Indian Data Centre Industry received USD 10 billion investment in December 2022 on the back of increasing data consumption.
Some of the major growth factors and challenges that are associated with the growth of the global power monitoring device market are:
Growth Drivers:
• Surge in Concern for Lowering the Cost of Electricity
• Rising Need for Electricity
Challenges:
Due to the differences of quality, design and technological characteristics it is available in a very large price range. A measurement and control apparatus shall be priced at a range of 150 to 400 USD, whereas the meters and communications equipment will vary from 90 to 500 USD. The products in the high price range are well equipped with advanced technologies, providing more efficient and noncompromising quality of systems' functioning or product life. Although it is the price itself that constitutes a considerable drawback. One of the major factors which are expected to have a negative effect on the overall size of the market for power monitoring devices is availability of alternative energy management systems and Fluctuating raw material prices.

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By device, the global power monitoring device market is segmented into measuring & monitoring systems, metering & communication devices. The measuring & monitoring systems segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. A factor contributing to the growth of this category is an increasing demand for energy consumption monitoring in industry and households. For example, electricity bills are reported to have increased by consumers in all countries. In addition, the continued growth of electricity demand has resulted in a growing strain on power generation and transmission networks as well as an increasing concern about how we are going to meet future demand. The domestic energy bills of UK households increased by 54% from April 2022 onwards.
By region, the Europe power monitoring device market is to generate the highest revenue by the end of 2036. This region is continuously expanding its capacity to generate electricity because of a rising need for reliable energy supply. This will increase the adoption of intelligent meters and their demand on the market. The deployment of datacenters is also rising sharply in this area alongside an increasing number of chargeable stations for electric vehicles. These regions contain large installations of Wind and Solar Power, which has led to increased market demand for surveillance tools.
This report also provides the existing competitive scenario of some of the key players of the global power monitoring device market which includes company profiling of ABB Ltd, Siemens Aktiengesellschaft, Emerson Electric Co., FINDER S.p.A., PHOENIX CONTACT, Weidmuller Interface GmbH & Co. KG, Rockwell Automation Inc., and others.

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