Power Monitoring Market Size, Share, Growth & Industry Analysis, By Component (Hardware, Software, Services), By Technology (Wired Power Monitoring, Wireless Power Monitoring), By End User (Manufacturing & Process Industry, Datacenters) and Regional Analysis, 2024-2031

Market Definition

The market encompasses solutions, devices, and software used to track, analyze, and optimize electrical energy consumption in industrial, commercial, and residential sectors. It includes smart meters, sensors, and cloud-based analytics to enhance energy efficiency, reduce operational costs, and ensure regulatory compliance.

Market growth is driven by rising energy demand, grid modernization, and sustainability initiatives, serving industries such as manufacturing, utilities, and data centres. It provides real-time insights for improved decision-making, predictive maintenance, and enhanced power reliability.

Power Monitoring Market Overview

The global power monitoring market size was valued at USD 5,125.2 million in 2023 and is projected to grow from USD 5,415.2 million in 2024 to USD 8,399.3 million by 2031, exhibiting a CAGR of 6.47% during the forecast period.

The growth of the market is fueled by an increasing need for energy efficiency, as industries and commercial buildings seek to optimize power consumption and reduce operational costs. The adoption of smart grids and IoT-enabled solutions is further enhancing real-time monitoring, predictive analytics, and system automation.

Major companies operating in the power monitoring industry are OMRON Corporation, Emerson Electric Co., Littelfuse, Inc., Eaton, Rockwell Automation, Fuji Electric FA Components & Systems Co., Ltd., Siemens, Yokogawa India Ltd., Mitsubishi Electric Corporation, General Electric, Power Monitors, Inc., ABB, Fluke Corporation, SOCOMEC, Inc., and Schneider Electric.

Stringent government regulations promoting energy management and carbon emission reduction are accelerating market expansion. With the rise in industrial automation and smart infrastructure investments, the demand for advanced power monitoring solutions is increasing, propelling market growth. Moreover, companies are launching power monitoring solutions to expand their product portfolio.  

• For instance, in September 2024, MachineQ, a Comcast Company, introduced an IoT-based power monitoring solution to help enterprises track and manage energy consumption, driving efficiency, cost control, and sustainability. The solution enables proactive maintenance and provides actionable insights into asset utilization, allowing businesses to optimize resource use and enhance operational performance.

Key Highlights:

1. The global power monitoring market size was recorded at USD 5,125.2 million in 2023.
2. The market is projected to grow at a CAGR of 6.47% from 2024 to 2031.
3. North America held a share of 38.12% in 2023, valued at USD 1,953.7 million.
4. The hardware segment garnered USD 3,081.3 million in revenue in 2023.
5. The wired power monitoring segment is expected to reach USD 5,283.8 million by 2031.
6. The manufacturing & process industry segment is projected to generate a revenue of USD 2,830.9 million by 2031.
7. Asia Pacific is anticipated to grow at a CAGR of 7.69% over the forecast period.

Market Driver

"Growing Demand for Energy Efficiency and Cost Reduction"

The increasing focus on energy efficiency and cost reduction is propelling the growth of the power monitoring market. Businesses and industries are under constant pressure to optimize their energy consumption to reduce operational costs and comply with sustainability regulations.

Power monitoring solutions provide real-time insights into electricity usage, enabling companies to identify inefficiencies, prevent energy wastage, and improve overall energy management.

Additionally, the growing industrial and commercial sector, coupled with a shift toward renewable energy sources, is boosting the demand for advanced power monitoring solutions. As businesses prioritize sustainability and cost savings, the market is expected to witness steady growth.

• In January 2023, DNV acquired AI-enabled wind software provider Proxima Solutions to enhance its Green Power Monitor business. This strategic move strengthens DNV's renewable energy portfolio, enabling advanced power monitoring and optimization for wind assets, reinforcing its position in the global smart energy management market.

Market Challenge

"Data Management Complexity"

The expansion of the power monitoring market is impeded by the complexity of managing vast amounts of data generated by power monitoring systems. Large enterprises, industries, and utilities require real-time insights from multiple sources, which can lead to data overload, integration issues, and difficulties in extracting actionable insights.

Implementing AI-driven analytics platforms and cloud-based data management solutions can help organizations process and analyze large datasets efficiently. These technologies enable automated data filtering, trend detection, and predictive maintenance, reducing manual efforts and improving decision-making.

Market Trend

"Adoption of AI and IoT in Power Monitoring"

The increasing adoption of artificial intelligence (AI) and the Internet of Things (IoT) is influencing the power monitoring market. AI-powered analytics enable predictive maintenance, anomaly detection, and real-time optimization of energy consumption, helping businesses prevent power failures and minimize downtime.

IoT-enabled smart meters and sensors provide continuous data collection, allowing organizations to monitor power usage remotely and automate energy management.

As industries undergo digital transformation, AI and IoT-driven power monitoring solutions are likely to play a crucial role in enhancing operational efficiency, sustainability, and cost savings.

• For instance, in September 2024, Schneider Electric launched an AI-powered home energy management feature for its Wiser Home system, enhancing real-time energy monitoring and optimization. This innovation enables homeowners to reduce costs, improve efficiency, and support sustainability, reinforcing Schneider Electric’s leadership in smart energy solutions.

Power Monitoring Market Report Snapshot

Market Segmentation

• By Component (Hardware, Software, and Services): The hardware segment earned USD 3,081.3 million in 2023 due to the increasing deployment of advanced meters, sensors, and monitoring devices that provide real-time power usage insights.
• By Technology (Wired Power Monitoring and Wireless Power Monitoring): The wired power monitoring segment held a share of 65.09% in 2023, fueled by its high reliability, stable connectivity, and widespread adoption in industrial and commercial applications.
• By End User (Manufacturing & Process Industry, Datacenters, Public Infrastructure, Utilities & Renewables, and Electric Vehicle Charging Station): The manufacturing & process industry segment is projected to reach USD 2,830.9 million by 2031, mainly propelled by the rising demand for energy optimization, cost reduction, and operational efficiency.

Power Monitoring Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

North America power monitoring market captured a share of around 38.12% in 2023, valued at USD 1,953.7 million. This growth is primarily fostered by the strong presence of industrial and commercial sectors and an increasing adoption of power monitoring solutions.

The U.S. leads the market due to rising investments in power infrastructure, the rapid expansion of data centres, and the widespread adoption of IoT-based energy management solutions.

• In May 2024, Nutanix, a leader in hybrid multicloud computing, introduced new capabilities in the Nutanix Cloud Platform to enhance power consumption visibility. Connecting to the market, this feature enables organizations to track real-time energy usage from their hardware, supporting sustainability planning. Customers can visualize power metrics in their Nutanix dashboard for better energy management.

Asia Pacific power monitoring industry is set to grow at a robust CAGR of 7.69% over the forecast period, largely attributed to rapid industrialization, urbanization, and increasing electricity demand.

Countries such as China, India, and Japan are investing heavily in smart power monitoring systems to enhance energy efficiency and reduce operational costs. The expansion of manufacturing facilities, government-led energy conservation programs, and the shift toward renewable energy sources are propelling this growth.

Regulatory Framework

• In the U.S., the Federal Energy Regulatory Commission (FERC) regulates the market by overseeing interstate electricity transmission and wholesale power markets. It ensures grid reliability, enforces industry standards, and promotes efficient energy management, supporting businesses in optimizing power usage while maintaining compliance with federal regulations.
• In Europe, the European Commission (EC) oversees the market through various policies and directives aimed at enhancing energy efficiency, smart grid adoption, and sustainability.
• In China, the National Energy Administration (NEA) governs the market by setting policies, standards, and development plans to enhance energy efficiency and grid modernization.

Competitive Landscape

The power monitoring industry is characterized by a number of participants, including both established corporations and emerging players. Key market participants are fostering innovation and advancing technology to strengthen their market position in a rapidly evolving industry.

With applications spanning industrial manufacturing, data centers, utilities, commercial buildings, and renewable energy, companies are continuously enhancing their product offerings to meet sector-specific energy management needs.

As the market expands, businesses are prioritizing regional expansion, aligning solutions with local regulations and industry standards while scaling operations to capitalize on global opportunities.

List of Key Companies in Power Monitoring Market:

• OMRON Corporation
• Emerson Electric Co.
• Littelfuse, Inc.
• Eaton
• Rockwell Automation
• Fuji Electric FA Components & Systems Co., Ltd.
• Siemens
• Yokogawa India Ltd.
• Mitsubishi Electric Corporation
• General Electric 
• Power Monitors, Inc.
• ABB
• Fluke Corporation
• SOCOMEC, Inc. 
• Schneider Electric

Recent Developments (M&A)

• In May 2024, Eaton acquired Exertherm, a provider of thermal monitoring solutions, to enhance its power management capabilities. This acquisition strengthens Eaton’s portfolio by integrating real-time predictive analytics, improving electrical safety, and optimizing energy efficiency for industrial and commercial applications, reinforcing its position in the growing market.