The circuit monitoring market includes several devices used for monitoring electric circuits to ensure smooth functioning and safe operation. Some commonly used circuit monitoring devices include modular metering systems, revenue metering systems, data loggers, power quality meters, energy analyzers and sensing meters. These devices offer advantages like remote monitoring capabilities, accurate measurement of parameters like voltage, current and power factor and detection of circuit faults. With growing automation and integration of advanced technologies across industries, there has been a significant rise in the demand for circuit monitoring systems to prevent equipment damage, downtime and ensure personnel safety.
The circuit monitoring market is estimated to be valued at USD 694.29 Mn in 2024 and is expected to reach USD 959.15 Mn by 2031, growing at a compound annual growth rate (CAGR) of 4.72% from 2024 to 2031.
Key Takeaways
Key players operating in the circuit monitoring market are Schneider Electric, ABB, Siemens, Honeywell, Emerson, and Eaton.
Growing demand from industries like automotive, manufacturing, oil & gas, mining, data centers and commercial buildings is driving the need for Circuit Monitoring Market. Utilities sector is also contributing significantly to revenue growth.
Advancements in sensor technologies, emergence of IoT based monitoring devices and adoption of cloud computing are allowing circuit monitoring systems to offer remote access, predictive maintenance capabilities and energy management solutions.
Market Trends
Integration with AI and analytics- Major players are focusing on integrating circuit monitoring devices with advanced analytics and artificial intelligence capabilities. This allows prediction of faults, automated responses and optimization of energy usage.
Adoption of wireless monitoring systems- Wireless circuit monitoring systems that can be installed without cabling are gaining popularity due to easy deployment. Growth in number of wireless sensors and network infrastructure is aiding their adoption.
Market Opportunities
Emergence of microgrid systems- Increasing focus on localized renewable energy sources is propelling demand for monitoring and control solutions for microgrid installations across commercial and industrial facilities.
Smart city infrastructure projects- Implementation of smart street lighting, traffic management, utility systems etc. under smart city missions worldwide presents significant growth opportunities.
Impact of COVID-19 on Circuit Monitoring Market Growth
The ongoing coronavirus pandemic has significantly impacted the growth of the circuit monitoring market. The rapid spread of the virus led to nationwide lockdowns across major economies, which disrupted supply chains and halted economic activities. This majorly affected the demand for circuit monitoring equipment in 2020. Various industries like manufacturing, construction, oil & gas, and others witnessed a sharp decline in their operations during the lockdown period. With restrictions on travel and movement of goods, scheduled maintenance and upgradation of circuit systems were postponed. This caused a steep plunge in the sales of circuit monitoring devices.
However, as lockdowns are being gradually lifted, the market is expected to recover in 2021. With resumption of industrial activities, the need for circuit monitoring will rise to ensure safety, reliability, and efficiency of power supply systems. Various preventive measures are also being undertaken by industries to manage electrical circuits during the pandemic. Advance monitoring equipment provides real-time data analysis and alerts on critical circuit parameters from remote locations. This helps in contactless condition monitoring supporting social distancing norms. Moreover, increased investments in renewable energy generation are boosting deployments of intelligent monitoring solutions.
In terms of regions, North America holds the major share of the circuit monitoring market in value terms, owing to high industrialization and early adoption of advanced technologies. The region is home to many pioneering circuit equipment manufacturers with strong distribution networks. Asia Pacific is recognized as the fastest growing regional market and is expected to witness the highest CAGR during the forecast period. Considerable government investments to modernize power infrastructures combined with growing manufacturing industries are fueling the demand. Countries like China, India are installing smart grid networks that employ cutting-edge monitoring systems for reliability assurance.
The geographical area where the value of circuit monitoring equipment installed is highly concentrated is North America, primarily United States. Being one of the most industrialized economies, USA accounts for over 30% of the global market value. It has a strong manufacturing sector along with critical industries like oil & gas, chemicals, metals & mining which heavily rely on robust circuit management systems. However, in terms of fastest growth potential, Asia Pacific region especially China and India provide lucrative opportunities. These nations are undergoing rapid industrialization with increasing focus on 'Make in India' and 'Smart Cities' initiatives that will augment circuit system augmentation and digitalization needs.
Get more insights on- Circuit Monitoring Market
Get this Report in Japanese Language: 回路監視市場
Get this Report in Korean Language: 회로 모니터링 시장
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)