The Power Monitoring market size will grow from USD 3.49 Billion in 2017 to USD 4.88 Billion by 2023, at an estimated CAGR of 5.72%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.
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This growth is attributed to the efficient utilization of power resources, increasing electricity prices, and maximizing reliability of electrical infrastructure. The increasing requirement of reliable power supply and replacement of existing infrastructure would also boost the demand for power monitoring systems. The power monitoring market is segmented by component into hardware, software, and services. The hardware segment accounted for the largest market size in 2017 due to the increasing deployment of smart meters and standard meters globally. The hardware segment is expected to grow at the highest CAGR from 2018 to 2023, owing to increasing smart grid investments and energy efficiency targets globally. The hardware segment is further sub-segmented into metering and communication and measurement devices. The metering and communication devices segment is projected to dominate the hardware market and is expected to grow at the fastest rate during the forecast period. This growth is attributed to smart meter roll out plans and increasing demand for reliable power supply globally.
By Market Players:
ABB Ltd , Eaton Corporation PLC , Emerson Electric Co. , Fluke Corporation , Fuji Electric FA Components & Systems Co., Ltd. , General Electric Company , Littelfuse, Inc. , Mitsubishi Electric Corporation , Omron Corporation , Rockwell Automation, Inc. , Schneider Electric SE , Siemens AG , Yokogawa Electric Corporation,
Hardware , Software , Services,
Manufacturing and Process Industry , Datacenters , Utilites and Renewables , Public Infrastructure , Electric Vehicles Charging Stations
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