Market Research Future published a research report on “Global Power Monitoring System Market Research Report – Global industry Forecast To 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2025.
Power monitoring system provides convenient way to retrieve and analyze power quality events as this system is permanently installed in the power system. Power monitoring system plays a vital role for end-users that can afford any kind of electrical perturbations. Power monitoring systems are used to quickly identify and resolve problems that occur on their electrical network. Power monitoring system possesses various advantages which makes it ideal for many end users to install it. These advantages include reliability, safety, maintenance, and financial benefits.
The global Power Monitoring System Market size is projected to reach USD 5,330.0 million by 2025, with ~6.11% CAGR during the forecast period.
In May 2017, Schneider Electric launched product, named as EcoStruxure Power Monitoring Expert which is developed to provide operational efficiency for power management system.
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The Key Players participants in the Global Power Monitoring System Market are Eaton (Ireland), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Emerson (US), General Electric (US), Rockwell Automation (US), Omron (Japan), Yokogawa (Japan), Greystone Energy Systems (Canada), Littlefuse (US), Mitsubishi Electric (Japan), Fuji Electric (Japan), Etap- Operation Technology (US), Samsara (US), and Vacom Technologies (US).
The market players are expanding their businesses to global levels, which has accounted for the rise in the demands for real-time tracking and safe methods. As this is a software-based system, this feature makes the monitoring easy from far away locations and fighting against any unfriendly conditions. The governments are emphasizing on the adoption of this system as it reduces the power consumption and carbon footprint, favorable for the environment and industries at the same time. This system has increased the reliability of electrical systems, which is one of the significant factors contributing to this market.
The global power monitoring system market is segmented into hardware, software, and services based on components.
The global power monitoring system market is categorized into energy cost accounting, power control & monitoring, power simulator, load shedding & management, and others based on product types.
The global power monitoring system is employed in oil & gas, mining, chemical, pharma, and other major industries.
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Power monitoring systems have become highly dependable due to its efficient working and cost-effectiveness. Europe, Asia Pacific, North America, and the rest of the world are the major regions observed for the global pipeline & process services market. In the current era, the North American region is leading the market due to the presence of primary market players, demands for the latest technologies, development of aging industrial structures, and other factors. On the other hand, the Middle East & African and the Asia Pacific regions are also expected to show considerable growth rates due to expanding industrial covers and the adoption of the latest techniques for enhanced working.
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