Power Monitoring Market Size Worth USD 8.93 Billion by 2034 | CAGR: 6.28%

The power monitoring market size is expected to reach USD 8.93 billion by 2034, according to a new study by Polaris Market Research. The report “Power Monitoring Market Share, Size, Trends, Industry Analysis Report By Component (Hardware, Software, and Services), By End User, By Region; Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Power monitoring is the process of continuously tracking and analyzing electrical parameters such as voltage, current, power consumption, energy usage, and power quality in real-time or over a period. It involves the use of sensors, meters, and software systems to collect and interpret data from electrical circuits, equipment, or entire facilities. The primary goal of power monitoring is to enhance energy efficiency, ensure operational reliability, and reduce costs by identifying inefficiencies, preventing equipment failures, and optimizing power usage.

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Power monitoring plays a critical role in maintaining power quality by detecting issues such as voltage, harmonics, or phase imbalances that damage sensitive equipment. In critical infrastructure such as data centers and hospitals, power monitoring systems provide alerts for potential failures, enabling quick responses to prevent outages. Additionally, in smart grids and renewable energy systems, power monitoring facilitates efficient energy distribution by tracking generation and consumption in real-time. This ensures optimal integration of solar, wind, or other renewable sources with the grid.

Top of FormPower Monitoring Market Report Highlights

• In terms of component, the hardware segment accounted for 48.95% revenue market share in 2024 due to widespread deployment of smart meters, sensors, and other measuring instruments across industrial, commercial, and utility sectors.
• Based on end user, the manufacturing & process industry segment held 32.05% revenue share in 2024 due to high energy consumption and critical need for operational efficiency.
• The North America power monitoring market dominated the market in 2024, holding 38.11% global market share. This dominance is attributed to the increasing need for energy efficiency, grid modernization, and the integration of renewable energy sources.
• The US accounted for 78.32% revenue share of the North America power monitoring market in 2024, due to the expansion of smart cities, IoT-enabled energy management, and federal initiatives promoting clean energy.
• The market in Asia Pacific is projected to reach USD 2.23 billion in 2034, owing to rapid industrialization and urbanization.
• The market in Europe is projected to hold 27.47% revenue share in 2034 due to stringent EU regulations on energy efficiency and carbon neutrality. The rising adoption of electric vehicles and smart home technologies is also contributing to market growth in Europe.
• A few global key market players include ABB; Eaton; Emerson Electric Co; General Electric (GE); Honeywell International Inc.; MachineQ; Mitsubishi Electric Corporation; Rockwell Automation, Inc.; Schneider Electric; Siemens AG; Socomec; and Yokogawa Electric Corporation.

Polaris Market Research has segmented the market report on the basis of component, end user, and region:

By Component Outlook (Revenue, USD Billion, 2020–2034)

• Hardware
• Software
• Services

By End User Outlook (Revenue, USD Billion, 2020–2034)

• Manufacturing & Process Industry
• Data centers
• Public Infrastructure
• Utilities & Renewables
• Electric Vehicle Charging Station

By Regional Outlook (Revenue, USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America