Power Monitoring And Control Software Market Size 2024-2028 

The power monitoring and control software market size is estimated to increase by USD 3.26 billion at a CAGR of 5.12% between 2023 and 2028. The market's growth is propelled by several factors, including the growing need for efficient power monitoring and control, the increasing use of solar and wind-generated power, and the advent of automation and IoT in industrial applications. Efficient power monitoring and control are essential for optimizing energy use and reducing costs. The rising adoption of renewable energy sources like solar and wind power drives demand for advanced power management solutions. Additionally, the integration of automation and IoT in industrial settings enhances operational efficiency and real-time data analysis, further stimulating market expansion. These trends collectively support the development of innovative technologies and solutions in the power management sector.

The market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 20 market companies, including ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Fortive Corp., Fuji Electric Co. Ltd., General Electric Co., Honeywell International Inc., ITRS Group Ltd., Legrand SA, Littelfuse Inc., Mitsubishi Electric Corp., OMRON Corp., Packet Power LLC, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Tata Sons Pvt. Ltd., Tenzing Corp., Vertiv Holdings Co., and Yokogawa Electric Corp.. Additionally, Schneider Electric SE  offers products that can be used for homes, buildings, data centers, infrastructures, and industrial plants.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics 

The market is a significant segment in the power industry, catering to the electricity demand of various sectors, including manufacturing industries and large residential complexes. This software plays a crucial role in energy management by monitoring power generation, consumption, and distribution across power networks. The integration of renewable energy sources into the power grid necessitates advanced power management systems to ensure efficient operation and optimal energy consumption. The market encompasses smart grid technologies, enabling real-time event verification, power plant operation, and billing information management. However, the increasing use of motors and electrical infrastructure in energy-intensive sectors poses data security threats, including viruses and cyber-attack instances. Therefore, ensuring data security is a critical aspect of this market. The market's growth is driven by the need to reduce operating costs and optimize power generation and distribution in the power industry. Smart cities are also adopting this technology to manage their energy consumption and ensure reliable power supply. Overall, the market is an essential component of the energy management ecosystem. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market  Driver

The growing need for efficient power monitoring and control is a key driver in the market. Power monitoring and control software plays a crucial role in power monitoring systems, particularly in the power industry where electricity demand is high. This software enables the capture and analysis of power metrics, providing valuable insights for energy management in manufacturing industries, utilities and renewable sectors, and data centers. By monitoring the health of electrical equipment such as motors, pumps, and transformers, potential causes of failure can be identified, reducing the mean time between failures and minimizing nuisance tripping. Power monitoring systems are essential for managing energy consumption in energy-intensive sectors, optimizing power generation and distribution in power networks, and reducing operating costs. 

Furthermore, data security threats, including viruses and cyber attack instances, are a growing concern for power management systems. Power monitoring and control software from IoT infrastructure providers and cloud platform providers can help mitigate these risks by providing secure access to real-time data and advanced analytics. Industrial automation users, distributed power generation, and distributed energy resources also benefit from this technology. Power monitoring systems are essential for industrial plants, generator controls modules, and SCADA systems, ensuring the reliable operation of electrical infrastructure in large residential complexes, smart cities, and power networks. The integration of power monitoring software with billing information and event verification further enhances its value, providing accurate and timely data for decision-making and improving overall power system efficiency. 

Significant Market Trends

The increasing focus on energy efficiency is an emerging trend in market growth. In the power industry, the escalating electricity demand and the environmental concerns arising from high energy consumption and carbon emissions have led to a heightened emphasis on energy efficiency. This is particularly relevant for manufacturing industries, which are significant consumers of electricity and rely heavily on energy-intensive equipment such as pumps, blowers, and motors. In response, new regulatory norms are being implemented to curb energy costs and carbon emissions. For instance, the EU's Directive 2009/125/EC aims to reduce the energy consumption of industrial motors. They play a crucial role in energy management for industries, power networks, utilities, and renewable energy sources. These systems enable real-time monitoring and analysis of power generation, consumption, and distribution. With the integration of artificial intelligence, these systems can optimize energy usage, identify power quality problems, and predict power costs.

Furthermore, hardware components, such as IoT infrastructure and cloud platform providers, are essential for implementing these systems. Industrial automation users, including generator controls modules, can benefit from these systems to improve overall management, reduce operating costs, and ensure data security. Distributed power generation and distributed energy resources are also gaining popularity, necessitating advanced power management solutions. These networks face challenges such as power costs, SCADA systems vulnerabilities, and cyber attack instances. Additionally, the integration of renewable energy sources into electrical infrastructure requires sophisticated power management systems to ensure grid stability and efficient energy distribution. Large residential complexes and smart cities also benefit from power monitoring and control systems to optimize energy usage and reduce costs. These software can help manage power consumption in large residential complexes and ensure the efficient distribution of power in smart cities. Thus, such factors are expected to propel the growth of the market during the forecast period.

Major Market Challenge

Concerns over cyber threats are major challenges impeding market growth. The market plays a crucial role in the power industry, facilitating electricity demand management, energy consumption optimization, and power generation efficiency in manufacturing industries, utilities and renewables, and public infrastructure. With the integration of renewable energy sources, smart grids, and artificial intelligence, power networks have become more complex, necessitating advanced systems.

However, the increasing use of IoT infrastructure and cloud platforms in power monitoring and control poses data security threats, with instances of cyber attacks targeting SCADA systems, generator controls, and industrial plants. Motors and distributed power generation systems are also susceptible to power quality problems and power costs, which can impact operating costs in energy-intensive sectors. As the adoption of distributed energy resources grows, ensuring power management, billing information accuracy, and event verification becomes essential. Key players in the market include hardware providers, power management system manufacturers, and industrial automation users. Coal consumption in power generation continues to decline, making the transition to renewable energy sources and electrical infrastructure upgrades a priority. Large residential complexes and smart cities are also adopting these solutions to reduce energy consumption and improve overall efficiency.

Market Segmentation 

The market share growth by the industrial segment will be significant during the forecast period. The market plays a pivotal role in the power industry, particularly in manufacturing industries, where electricity demand is high due to the energy-intensive nature of operations. These systems enable effective energy management, allowing industries to optimize power consumption and reduce costs. The rise of renewable energy sources and the implementation of smart grids, powered by artificial intelligence, are transforming the power landscape

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The industrial segment was valued at USD 4.76 billion in 2018.  In the power generation sector, power management systems are crucial for ensuring efficient power distribution and minimizing power quality problems. Utilities and renewable energy providers are increasingly adopting these systems to optimize power generation and distribution, while data centers and public infrastructure require them for secure and reliable power management. Hardware components, such as motors, are significant consumers of power in industries. Power consumption data, along with billing information and event verification, is essential for identifying energy inefficiencies and addressing power costs. Industrial automation users, including SCADA systems and generator controls modules, rely on power monitoring and control software for efficient and secure operations. The increasing adoption of distributed power generation and distributed energy resources necessitates advanced power management systems. Power costs, a major concern for industries, can be mitigated through effective energy management. However, the implementation of power monitoring and control software also presents data security threats, including viruses and cyber attack instances. Thus, owing to such factors, the segment is expected to grow during the forecast period.

Market Segmentation By Deployment  

The market is experiencing significant growth, particularly in the context of power plant operation and smart grid technologies. Components of this software, including sense energy monitors, sense power monitors, power monitoring meters, and control software, play a crucial role in optimizing energy efficiency and ensuring reliability and safety in various industries, such as utilities and renewables, data centers, manufacturing, and the process industry. Smart meters and advanced power monitoring systems enable real-time detection and analysis of power quality events and electrical perturbations, enhancing overall system performance and financial benefits. The adoption of these solutions is driven by the increasing importance of energy efficiency, power quality, and the need for maintenance and safety in power generation and distribution. 

Regional Overview

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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio's analysts have provided an extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.

Power plant operation relies on advanced technologies to ensure optimal energy production and distribution. One such technology is Power Monitoring and Control Software, which plays a crucial role in managing electrical power systems. This software facilitates real-time monitoring and analysis of power plants, enabling utilities and renewables, data centers, manufacturing and process industries to enhance energy efficiency and improve power quality. Smart grid technologies integrate Power Monitoring and Control Software to optimize the electrical grid. Components of this software include Sense energy monitors, Sense power monitors, Power monitoring meters, and control software. Smart meters are also integral to this system, providing bi-directional communication between the utility and the consumer. Power plant operators can leverage Power Monitoring and Control Software to detect power quality events and electrical perturbations.

This information is essential for maintaining reliability, safety, and ensuring financial benefits. The software's capabilities extend to maintenance, enabling predictive and preventive measures to minimize downtime and reduce costs. In the context of data centers, Power Monitoring and Control Software enables efficient energy management, reducing energy consumption and costs. For manufacturing and process industries, the software ensures consistent power supply, minimizing production downtime and enhancing overall productivity. Power Monitoring and Control Software is a valuable investment for organizations seeking to improve energy efficiency, ensure power quality, and maintain the reliability and safety of their electrical systems. By providing real-time data and analytics, this software empowers operators to make informed decisions and optimize their power management strategies.

Thus, the market in the region is expected to grow during the forecast period.

Key Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

Global Market Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Emerson Electric Co. - The company provides advanced solutions for optimizing energy consumption and ensuring efficient power management. 

Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Application Outlook
  • Industrial
  • Commercial
  • Residential
• Deployment Outlook
  • Cloud
  • On-premises

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is a significant sector in the energy industry. This software enables real-time monitoring and management of power systems, ensuring optimal energy usage and efficiency. Key components of Power Monitoring and Control Software include data acquisition, analysis, and reporting functionalities. Power Monitoring and Control Software plays a crucial role in managing energy consumption, preventing power outages, and maintaining grid stability. It is essential for various industries, including manufacturing, healthcare, telecommunications, and utilities. The industrial power monitoring system provides comprehensive solutions tailored to the needs of energy intensive sectors in commercial and industrial segments, addressing concerns such as operating costs and data security threat while also serving the residential end use industry.

Furthermore, the market is driven by factors such as increasing energy demand, the need for energy efficiency, and government regulations promoting renewable energy. Additionally, advancements in IoT, AI, and machine learning technologies are fueling the growth of this market. The companies offer solutions for various applications, including energy management, load balancing, fault detection, and predictive maintenance. Some companies provide cloud-based solutions, enabling remote access and real-time monitoring from anywhere. In conclusion, the market is a dynamic and growing sector, offering numerous opportunities for businesses and investors. With the increasing focus on energy efficiency and sustainability, the demand for advanced Power Monitoring and Control Software solutions is expected to continue growing in the coming years.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market report forecast during the forecast period
• Detailed information on factors that will drive the growth of the market  between 2024 and 2028
• Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, Middle East and Africa, and South America
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of Industry companies

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