Circuit Monitoring Market To Generate Revenue worth $949.1 Million by 2030
- Published: October 2023
The global circuit monitoring market is projected to generate USD 949.1 million revenue by 2030, advancing at a CAGR of 4.5% during 2024–2030. The growth is attributed to the increasing concerns over the unstable power supply and expanding industrial infrastructure, which create a high demand for such systems to reduce the usage of electricity. Moreover, the growing number of houses and commercial spaces is driving the market, as circuit monitoring systems are utilized for load balancing and checking the consumption of energy, to provide accurate bills to the end user.
Globally, the requirement to provide shared access to applications and data via sophisticated networking, computing, and storage infrastructure is driving the demand for data centers. Power fluctuations in data centers are a major concern, which makes knowing how much power is being distributed at a given time important, so that the reliability of the entire electrical infrastructure at these places can be ascertained. As a result, branch circuit monitoring is essential for ensuring that power is supplied continuously. Moreover, it allows for the centralized collection of data at precisely defined hubs at the circuit, phase, and all distribution and plug-in levels, as well as the execution of a comprehensive data analysis.
Commercial Category Held Largest Market Share
Based on end user, the commercial category accounted for the largest share, of 35%, in the circuit monitoring market, and it is further predicted to maintain its dominance in forthcoming period. This is owing to the surge in the number of data centers globally and their high adoption of circuit monitoring for the determination of power usage and circuit efficiency. Additionally, the rising demand for circuit monitoring in corporate offices is due to the growing adoption of advanced digital technologies, which are completely dependent on a stable electricity supply.
Moreover, the industrial category will show the fastest growth over the forthcoming period. This is due to the growing industrial infrastructure across the globe and the adoption of circuit monitoring for the continuous management of the current flow and to prevent interruptions in production.
The Asia-Pacific region is projected to see the highest CAGR over the forecast period. This would be due to the advancement in the healthcare infrastructure, which is reflected in the growing network of medical facilities; and governments’ increasing focus on the setup of new manufacturing units, the burgeoning sale of EVs and installation of charging stations. Moreover, the initiatives taken by the major market players to provide advanced products to prevent interruptions in the power supply at industrial facilities will assist the market in growing in the future.
Furthermore, India is taking concrete steps to boost construction and enhance its electrical infrastructure. So, the demand for such monitoring devices for controlling the consumption of energy and tackling its misuse will lead individuals to install smart electricity meters in their homes. Eventually, the demand for circuit monitoring solutions will grow.
The market in China will also grow considerably due to the increasing number of data centers, establishment of new production units, and strong presence of the electrical & electronics industry.
Some of the major players are ABB Ltd., Schneider Electric SE, Eaton Corporation plc, Toshiba International Corporation, Accuenergy Inc., CircuitMeter Inc., OMRON Corporation, Daxten, and ELMEASURE.