(MENAFN- Ameliorate Digital Consultancy) Research Nester's recent market research analysis on “Power Monitoring Device Market : Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global power monitoring device market in terms of market segmentation by device, end user, and by region.

Increase in Electric Bills Leading to the Rise in Concerns for Lowering the Cost of Electricity to Drive Growth of Global Power Monitoring Device Market

The global power monitoring device market is estimated to grow majorly on account of increase in electric bills leading to the rise in concerns for lowering the cost of electricity. For instance, governments across the globe are also focused on bringing down electricity costs and hence are making multiple initiatives for the same. For instance, in the Japanese Government's fiscal 2022 second extra budget, the government allocated USD 24 billion to ease the burden of higher electricity and city gas fees. Such initiatives to reduce electricity bills also define the urgent need for the same and thus will allow consumers to consider the undeniable use of power monitoring systems and keep a check on their electricity consumption.

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Furthermore, the surging investment around the world in the smart grid deployment projects is further expected to drive the growth of the global power monitoring device market. The Energy Efficiency Service Ltd in India proposed investments for the state of Uttar Pradesh's smart grid initiative. Between 2019 and 2022, the EESL had anticipated installing a range of power monitors in both the industrial and residential sectors as part of this initiative. In addition, between 2016 and 2020, the utilities in Europe installed a sizable number of smart grids. Therefore, a smart grid projects requires a large amount of electricity that can be monitored through the use of power monitoring devices.

However, the fluctuating raw material prices and complying with stringent regulations and varying standards around the world are some of the major factors anticipated to hamper the growth of the global power monitoring device market. In addition, the power monitoring devices are available in different ranges and sizes owing to the different technical features provided by them. For instance, the metering and communication device costs between USD 90 and 500. On the other hand, the measuring and monitoring system costs between USD 150 and $400. Therefore, the product with better quality have higher cost as compared to the other devices available. Hence, it is predicted to restrain the growth of the global power monitoring device market in the upcoming years.

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By device, the global power monitoring device market is segmented into measuring & monitoring systems, and metering & communication devices. The measuring & monitoring systems segment are anticipated to garner a highest revenue of USD 3,804.7 Million in the year 2036 owing to the increasing demand for tracking power consumption in residential and industrial AC circuits. Moreover, the segment's expansion can be attributed to the increasing demand for tracking power consumption in the residential and industrial sectors. For instance, consumers all over the world have noticed an increase in their electric bills. The continued growth in electricity demand has put a strain on generation and transmission facilities, raising concerns about meeting future demand. Household energy bills in the United Kingdom are expected to rise by 54% in April 2022, according to reported data.

By region, the North America power monitoring device market is to generate the highest revenue by the end of 2036 of USD 2,021.1 Million in the year 2036, up from USD 1,157.5 Million in the year 2022. This growth in the region is anticipated by the high-power consumption and high demand for energy management, and growing industrialization in the region. Furthermore, there has been a surge in the investment in the smart meters for improving the power infrastructure, that is further anticipated to boost the market's growth in the region. According to the US Energy Information Administration, U.S. electric utilities had approximately 111 million advanced (smart) metering infrastructure (AMI) installations in 2021, accounting for approximately 69% of total electric meter installations.

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This report also provides the existing competitive scenario of some of the key players of the global power monitoring device market which includes company profiling of Schneider Electric, ABB Ltd, Siemens Aktiengesellschaft, Emerson Electric Co., FINDER S.p.A., PHOENIX CONTACT, Weidmüller Interface GmbH & Co. KG, Yokogawa Electric Corporation, OMRON Corporation, Fuji Electric FA Components & Systems Co., Ltd., Rockwell Automation Inc., and others.

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