Power Monitoring and Control Software Market by Application, Deployment, and Geography - Forecast and Analysis 2023-2027

The power monitoring and control software market size is estimated to grow at a CAGR of 5.59% between 2022 and 2027. The size of the market is forecast to increase by USD 3,433.02 million. Power monitoring and control software is essential for managing power efficiently in industrial, commercial, and residential sectors. It is a crucial component of a power management system that enables monitoring, control, and optimization of power usage and distribution. This, in turn, helps reduce operation and maintenance costs.The growth of the market depends on several factors, including the growing need for efficient power monitoring and control, the rising use of solar and wind-generated power, and the advent of automation and IoT in industrial applications. 

This market  report extensively covers market segmentation by application (industrial, commercial, and residential), deployment (cloud and on-premises), and geography (Europe, North America, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Power Monitoring And Control Software Market During the Forecast Period?

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Power Monitoring And Control Software Market: Key Drivers, Trends, Challenges, and Customer Landscape

The rising use of solar and wind-generated power is notably driving the market growth, although factors such as concerns over cyber threats may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Power Monitoring And Control Software Market Driver

A power monitoring system is an essential component of a power management system that helps organizations capture and analyze power metrics, resulting in several benefits. For instance, it can provide crucial insights into the health of critical electrical equipment, such as pumps, motors, and transformers, which are highly susceptible to failure. With this information, end-users can identify potential causes of failure, ultimately reducing the mean time between failures. In addition, power monitoring software can reduce nuisance tripping, which can negatively impact operations, resulting in decreased product quality or the unnecessary activation of emergency power supplies.

Moreover, integrating the generator control system, UPS, and electrical distribution equipment with a power monitoring system can provide regular status updates, ensuring that the UPS is not overloaded and increasing its longevity. Power monitoring software can also simplify complex cost allocation calculations, providing accurate cost structures in facilities where the power tariff is variable.

These benefits increase the operating life of equipment, optimize power usage, and reduce costs, driving the growth of the global market. Additionally, with the increasing demand for solar and wind power in power generation, the variable nature of these renewable energy sources requires significant monitoring, further propelling the need for power monitoring systems.

Significant Power Monitoring And Control Software Market Trends

The rising need for power distribution analysis among power utilities is an emerging trend in market growth. The power distribution landscape is fast evolving in terms of power generation and consumption. In terms of power generation, power utilities have to deal with conventional power generation sources along with the rising adoption of alternative and renewable power sources. This makes the work of utilities even more challenging with respect to integrating different sources of power. Furthermore, the emergence of different power-consuming devices, such as automated devices and electric vehicles, has led to a marked change in the demand for power.

Utilities need to handle multiple databases to synchronize day-to-day operations. Power monitoring and control software help in collecting various power metric data points, which are then used by power utilities to gain actionable insights to improve grid stability and prevent widespread blackouts. Power monitoring and control software can be used for data analytics, power forecasting, data acquisition, meter data management, smart meter platform, and smart grid solutions. It can also be used to determine actual power and forecast power flow through the distribution grid. Thus, such factors are expected to propel the growth of the market during the forecast period.

Major Power Monitoring And Control Software Market Challenge

Concerns over cyber threats are major challenges impeding market growth.The increasing number of connected devices and dependence on web-based communication has made networks more vulnerable to cyberattacks. Cyber threats are constantly evolving, and hackers are finding new ways to gain access to critical information, including the use of ransomware and distributed denial of service (DDoS) attacks.

Industries such as oil and gas, power, and water and wastewater treatment, which involve critical infrastructure, are particularly concerned about data hacking and alterations. Over the last few years, several cyberattacks targeting the energy sector have occurred. While vendors are striving to improve the security of power monitoring and control software, the constantly evolving nature of cyberattacks puts the use of such software at risk, which may hinder the growth of the market during the forecast period.

Key Power Monitoring And Control Software Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Power Monitoring and Control Software Market Customer Landscape

Who are the Major Power Monitoring and Control Software Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Schneider Electric SE - The company operates under two segments including energy management, and industrial automation with a high focus on energy management. The company under this segment has three sub-segments including low voltage, medium voltage, and secure power. It offers products that can be used for homes, buildings, data centers, infrastructures, and industrial plants. The key offerings of the company include power monitoring and control software. 

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

• ABB Ltd.
• Eaton Corp. Plc
• Emerson Electric Co.
• Fortive Corp.
• Fuji Electric Co. Ltd.
• General Electric Co.
• Honeywell International Inc.
• Legrand SA
• Littelfuse Inc.
• Mitsubishi Electric Corp.
• OMRON Corp.
• Packet Power LLC
• Rockwell Automation Inc.
• Siemens AG
• ITRS Group Ltd.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Power Monitoring And Control Software Market?

The market share growth by the industrial segment will be significant during the forecast period. The industrial segment was the highest contributor to the global market in 2022 and is expected to continue its dominance during the forecast period due to the high-power requirement in industrial applications. Energy-intensive industries such as iron and steel, aluminum, cement, fertilizer, refining, oil and gas, and mining consume more power compared with other industries. 

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The industrial segment was valued at USD 4,584.96 million in 2017 and continued to grow until 2021. With increasing complexity in operations and the rise in automation, the demand for power in industries has increased significantly, particularly as a typical industrial facility includes equipment with different patterns of power consumption. The increase in the cost of power has increased the focus on controlling energy consumption in industries among end-users. As a result, industries are deploying measures to optimize their consumption of power/energy in the form of power monitoring and control software. The power industry is a major contributor to the global industrial power monitoring and control software market. The software is used in all three stages, namely power generation, transmission, and distribution. In power generation, the need to handle different power generation sources has compelled the use of the software as it can help in streamlining the supply from different power generation sources. In terms of power transmission and distribution, power consumption has undergone significant change with the emergence of various power-consuming devices and the evolution of smart grids. The need for smart grids will also aid the demand for power monitoring and control software, as a smart grid involves the integration of power generation, transmission, and distribution assets with IT. Thus, owing to such factors the segment is expected to grow during the forecast period.

Which are the Key Regions for the Power Monitoring And Control Software Market?

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North America is estimated to contribute 29% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to vendors is Europe. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

Europe was the highest contributing region in the global market in 2022, and it is expected to continue its dominance during the forecast period. The demand for power monitoring and control software in Europe would be driven by growing digitization and the increasing demand for renewables in Europe. 

Western Europe has been a prominent adopter of digital and automation solutions. The concept of smart homes, smart buildings, and smart grids are fast gaining momentum in Europe owing to increasing focus on sustainable development. The use of power monitoring and control software complements the use of smart grids and smart buildings in Europe. The regulatory support for smart grids and smart buildings is one of the major catalysts for the adoption of power monitoring and control software in the region. For instance, Energy and ICT French business and research clusters started the SmartGrids French Clusters to collaborate on research on the smart grids sector in France. The UK formed the Smart Grid Forum to provide a roadmap for demonstrating the potential of smart grid technology. The government also established the Low Carbon Networks Fund worth USD 760 million for the trial and testing of smart grid solutions. Similarly, to reduce energy consumption in buildings, the EU has mandated regulations such as the Energy Performance of Buildings Directive (EPBD) and the Ecodesign Directive. These regulations, with favorable regulatory and monetary support for energy efficiency measures, will spur the demand for power monitoring and control software in Europe during the forecast period.

During 2020, owing to the outbreak of COVID-19, regional market growth was hindered. However, in 2021, the situation normalized with the initiation of large-scale vaccination drives across Europe. This resulted in the resumption of operations in power monitoring and control software companies. Thus, the market in Europe is expected to grow during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027. 

• Application Outlook (USD Million, 2017 - 2027)
  • Industrial
  • Commercial
  • Residential

• Deployment Outlook (USD Million, 2017 - 2027)
  • Cloud
  • On-premises

• Region Outlook (USD Million, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

Power Monitoring And Control Software Market Scope
Report Coverage	Details
Page number	180
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.59%
Market growth 2023-2027	USD 3,433.02 million
Market structure	Fragmented
YoY growth 2022-2023(%)	4.76
Regional analysis	Europe, North America, APAC, Middle East and Africa, and South America
Performing market contribution	North America at 29%
Key countries	US, Canada, China, Germany, and UK
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Fortive Corp., Fuji Electric Co. Ltd., General Electric Co., Honeywell International Inc., ITRS Group Ltd., Legrand SA, Littelfuse Inc., Mitsubishi Electric Corp., OMRON Corp., Packet Power LLC, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Tata Sons Pvt. Ltd., Tenzing Corp., Vertiv Holdings Co., and Yokogawa Electric Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments.

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What are the Key Data Covered in this Power Monitoring And Control Software Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the power monitoring and control software market between 2023 and 2027
• Precise estimation of the size of the power monitoring and control software market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industry across Europe, North America, APAC, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of power monitoring and control software market vendors

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