Power monitoring system is a network of meters connected to the Internet through communication networks to provide real-time and historical data to energy consumers. Energy consumers can be manufacturing and process industries, datacenters, and public infrastructure, among others.
The power monitoring market is very competitive with the presence of many global players. This segment highlights the key growth strategies adopted by them in recent years. Market players adopted various strategies to expand their regional presence and increase their market shares. New product launches and contracts & agreements were the most popular strategies adopted by them to achieve growth in the power monitoring market.
Vendors who fall into this category receive high scores for most evaluation criteria. They have a strong and established product portfolio, strong market presence, and strong business strategies.
They are established vendors with very strong business strategies such as mergers & acquisitions. However, they lack in a focused product portfolio. They focus on strategies to expand their business for their specific products.
Innovators are vendors that have demonstrated substantial product innovations as compared to their competitors. They have very focused product portfolio. However, they have a moderate growth strategy for their business in this market.
They are vendors with niche product offerings and are starting to gain traction in the market. They do not have strong business strategies when compared to other established vendors. They might be new entrants in the market and may require some time before gaining a significant position in the market. The power monitoring market has been segmented on the basis of end-user (manufacturing and process industry, datacenters, public Infrastructure, utilities and renewables, and electric vehicle charging stations). Major manufacturing and process industries that deploy power monitoring include cement, pharmaceutical, semiconductors, metals & mining, water & wastewater, automotive, oil & gas, and food and beverages, among others. Manufacturing and process industry is the largest end user for power monitoring market. The demand for power monitoring in the manufacturing and process segment is driven by the factors such as energy efficiency, power surges, and uninterrupted power supply. Any power surge or power outage can affect the critical function of the industry and can have severe economic implications. The datacenters segment is the fastest growing end-user segment in the power monitoring market. A datacenter consumes a large amount of energy for its functioning. Any loss of power can result in data loss and huge monetary loss. Moreover, datacenters are dynamic as they are driven by new technologies in the IT field and constantly changing requirements. The 24*7 uptime of a datacenter would require the entire system to work with reliable power supply. So, power monitoring systems are used in datacenters for the optimization of power utilization and reliable power supply. The datacenters segment is expected to grow at a significant rate in Japan, Singapore, China, South Korea, Australia, the U.S., and Canada. The increasing investments in IT hubs in these countries coupled with growth in datacenters would drive the demand for power monitoring systems. With the increasing number of datacenters in North America and Asia-Pacific, the power monitoring market is expected to grow at the highest CAGR in these regions during the forecast period. Power monitoring finds its application in utilities in areas such as tenant metering, revenue metering, substations, and power distribution sectors. Power monitoring systems are used by utilities to track and investigate frequency stability, voltage variation, and harmonics. They help utilities in resolving power issues on a real-time basis and to analyze the power quality. With the growing investments in transmission and distribution, the use of technologies such as smart metering, advanced metering infrastructure, and micro grids by utilities has also increased. These investments would provide significant opportunities to players in the power monitoring market.