A power monitoring system is a network of meters connected to the Internet to provide real-time data about the power system. The Power Monitoring Systems market is expected to grow at a CAGR of more than 5% over the forecast period 2021-2027. The main factors contributing to the market growth are increased interest in the efficient use of power resources, increased urbanization and industrialization, and maximization of the reliability of electrical infrastructure. As the adoption of smart grid technology increases and interest in industrial development increases, the implementation of power monitoring systems has increased. However, factors such as poor compatibility with existing components and rising costs of advanced monitoring devices are likely to hinder the market during the forecast period.
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Power Monitoring Market Segmentation
By Component
• Hardware
• Software
• Services
By End-User
• Manufacturing & Process Industry
• Datacenters
• Public Infrastructure
• Utilities & Renewables
• Electric Vehicle Charging Station
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