Product ID: UCMIG45B2019
Power Monitoring Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Application(Utilities & Renewable, Manufacturing & Process Industry), By Region(North America, Europe) - Industry Forecast 2024-2031
Report ID:
UCMIG45B2019 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
Power Monitoring Market Insights
Market Overview:
The power monitoring system market had a valuation of USD 3.92 billion in 2020 and is estimated to grow from USD 4.10 billion in 2021 to USD 5.99 billion by 2028, with a CAGR of 5.6% during the forecast period. The COVID-19 pandemic had an unprecedented impact on the power industry, resulting in a negative demand globally. Based on our analysis, the global market witnessed a decline of -7.1% in 2020 compared to the average year-on-year growth during 2017-2019. The projected increase in CAGR is due to the rising demand in the market and a return to pre-pandemic levels post-pandemic.
Power Monitoring Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the IT Consulting & Other Services by segment aggregation, the contribution of the IT Consulting & Other Services in Software & Services and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
Power Monitoring Market Report Snapshots
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