Global Circuit Monitoring Market Size, Share & Industry Trends Analysis Report By Type (Modular Circuit Monitoring and Others), By End User (Data Centers, Commercial, Industrial, and Residential), By Regional Outlook and Forecast, 2023 - 2029
Special Offering: Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
Get in-depth analysis of the COVID-19 impact on the Circuit Monitoring Market
Market Report Description
The Global Circuit Monitoring Market size is expected to reach $867.6 Million by 2029, rising at a market growth of 4.8% CAGR during the forecast period.
Asia Pacific is a fast-growing region due to significant investments made by numerous top organizations in the region, including the construction of regional data center facilities. In addition, the expanding business sector in developing countries is also anticipated to accelerate market expansion in APAC. Hence, APAC is expected to register more than 25% share of the market by 2029. A few of the other factors driving the data centers industry include the rise in low-cost data demand, faster accessibility, and the adoption of cloud storage by a variety of industries. Some of the factors impacting the market are the rapid increase in the number of data centers, increasing concerns about electricity stability for continuous business operations, and advancements in energy monitoring systems causing a reduction in the use of circuit monitoring.
The spread of the pandemic, the acceptance of the cloud and cutting-edge technologies like AI, IoT, big data, and the rollout of 5G are some of the key reasons propelling the data center business. Hence, with the growth of data centers, growth opportunities for the market are also anticipated to surge as it can efficiently manage and reduce power consumption in data centers. Electricity is a fundamental and essential requirement for economies and industries to function, but many places lack a reliable power distribution infrastructure. These sectors fuel the demand, which bridges industrial power management and consumption. On the Contrary, Data centers, industrial sectors, residential and commercial sectors, and other types of buildings can benefit from implementing an energy management system. These elements act as a barrier to the widespread use of circuit monitoring systems, hindering market growth.
End User Outlook
On the basis of end-user, the market is divided into residential, data centers, industrial and commercial. The data centers segment held the highest revenue share in the market in 2022. The rising use of circuit monitoring in data centers for remote monitoring and calculating power usage performance is the primary factor driving the expansion of this segment. The use of data centers is anticipated to increase along with internet adoption and data volume, which will increase demand and propel the segment's expansion in the projected period.
Based on type, the market is segmented into modular circuit monitoring and others. The others segment dominated the market with maximum revenue share in 2022. The others segment includes branch circuit monitoring and multi circuit monitoring. Branch circuit monitors and multi-circuit monitors are both space-efficient and so take up less room than conventional single-circuit energy meters. Also, these are utilized by businesses, data centers, and end users in both the commercial and residential sectors.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Schneider Electric SE, Eaton Corporation PLC, Legrand Group, NHP Electrical Engineering Products Pty Ltd., Omron Corporation, Daxten Ltd., Elecon Measurements Private Limited (Elmeasure), Jiangsu Acrel Electrical Manufacturing Co., LTD. (Acrel Co., Ltd.) and Bay Power, Inc..
|Market size value in 2022||USD 630.7 Million|
|Market size forecast in 2029||USD 867.6 Million|
|Historical Period||2019 to 2021|
|Forecast Period||2023 to 2029|
|Revenue Growth Rate||CAGR of 4.8% from 2023 to 2029|
|Number of Pages||154|
|Number of Table||260|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling|
|Segments covered||Type, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed the largest revenue share in the market in 2022. This is because the region is experiencing a significant increase in the number of new data centers being built and offers attractive chances to the various businesses active in the market. In addition, IT infrastructure and services providers are planning to build a brand-new, sizeable data center campus in the region. Hence, due to the growing number of data centers, North America's market is anticipated to grow.
Free Valuable Insights: Global Circuit Monitoring Market size to reach USD 867.6 Million by 2029
Strategies deployed in the Market
- Apr-2023: ABB launched CogniEN, a monitoring product intended for low and medium-voltage electrical equipment. The new product enables users to recognize problems through their electrical installations and send maintenance teams faster. Additionally, the new product is hosted on AWS.
- May-2022: Schneider Electric launched SureSeT MV switchgear in the North American region. Combined with EvoPacT, the combination possesses the capacity to offer various benefits including compact design, improved operational safety, increased lifetime, etc.
- Jan-2022: Eaton took over Royal Power Solutions, a US-based manufacturer of high-precision electrical components. The acquisition of Royal Power Solutions strengthens the acquiring company's potential to capitalize on trending growth across aerospace, electrical, and eMobility segments.
- Mar-2021: Eaton acquired Tripp Lite, a US-based manufacturer of power supply systems. The addition of Tripp Lite expands the range of acquiring the company's edge computing and IT product offerings.
- Jan-2021: Schneider Electric took over DC Systems, a Netherlands-based manufacturer of hybrid AC/DC electrical distribution systems. This acquisition accelerates innovations in electrical distribution and further strengthens the acquiring company's capabilities to offer sustainable energy infrastructures.
- Jan-2021: ABB introduced a new product line Formula DIN-Rail. The new product line consists of Miniature Circuit Breakers (MCBs), Residual Current Circuit Breakers (RCCBs), and Isolators intended for the electrical retail market. The MCBs come with a seven-year warranty.
- Aug-2020: Schneider Electric introduced a new version of ComPacT, a molded-case circuit breaker. The new circuit breaker features a new design, with modular plug-and-play accessories, and connectivity ready, among others.
- Feb-2020: Eaton completed the acquisition of Power Distribution, a US-based provider of power distribution and static switching equipment. The addition of Power Distribution broadens Eaton's data center power distribution and monitoring offerings and further enables the acquiring company to better serve the needs of its data center customers.
Scope of the Study
Market Segments Covered in the Report:
- Modular Circuit Monitoring
By End User
- Data Centers
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- ABB Group
- Schneider Electric SE
- Eaton Corporation PLC
- Legrand Group
- NHP Electrical Engineering Products Pty Ltd.
- Omron Corporation
- Daxten Ltd.
- Elecon Measurements Private Limited (Elmeasure)
- Jiangsu Acrel Electrical Manufacturing Co., LTD. (Acrel Co., Ltd.)
- Bay Power, Inc.
Unique Offerings from KBV Research
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
What would be the size of this Market by 2029?
The Market size is projected to reach USD 867.6 Million by 2029.
What are the key driving factors and challenges in this Market?
The rapid increase in the number of data centers are driving the Market in coming years, however, Advancements in energy monitoring systems causing a reduction in the use of circuit monitoring restraints the growth of the Market.
What are the major top companies in the competitive landscape?
ABB Group, Schneider Electric SE, Eaton Corporation PLC, Legrand Group, NHP Electrical Engineering Products Pty Ltd., Omron Corporation, Daxten Ltd., Elecon Measurements Private Limited (Elmeasure), Jiangsu Acrel Electrical Manufacturing Co., LTD. (Acrel Co., Ltd.) and Bay Power, Inc.
At what CAGR is the Market estimate to grow in the forecast period?
The expected CAGR of this Market is 4.8% from 2023 to 2029.
Which segment shows a high revenue share of this Market in 2022?
The Modular Circuit Monitoring segment is generating the highest revenue share in the Market by Type would achieve a market value of $322.1 Million by 2029.
Which region dominated the Market in 2022?
The North America market dominated the Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $321.3 Million by 2029.