Power monitoring and control software market size to grow by USD 3,433.02 million between 2022 and 2027; Rising need for power distribution analysis among power utilities is an emerging trend - Technavio
NEW YORK, March 28, 2023 /PRNewswire/ -- The power monitoring and control software market size is forecast to increase by USD 3,433.02 million from 2022 to 2027, accelerating at a CAGR of 5.59% during the forecast period. The rising need for power distribution analysis among power utilities is identified as the major trend in the market. The advent of different power-consuming devices such as automated devices and electric vehicles has changed the demand for power. Besides, consumers are increasingly adopting renewable energy, which is making them both power producers and consumers. These factors have made the work of utilities more challenging with respect to integrating different sources of power. The use of power monitoring and control software helps in collecting data regarding power utilization and gaining actionable insights to improve grid stability and prevent widespread blackouts. The software also aids in data analytics, power forecasting, data acquisition, meter data management, smart meter platform, and smart grid solutions. Moreover, the use of power monitoring and control software improves operational efficiency, increases reliability, and enhances customer satisfaction. All these factors are supporting the growth of the market. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download the Sample Report
Market Dynamics
The growth of the market will be driven by factors such as 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. However, concerns over cyber threats will challenge the growth of the market.
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Vendor Analysis
The global power monitoring and control software market is fragmented. The market is characterized by high capital investments and continuous innovations by vendors to improve the efficiency of power monitoring and control software. Vendors are competing to gain high market shares. The rising competition from alternatives to power monitoring and control software is making it difficult for new entrants to thrive in the market. Thus, to survive and succeed in such a competitive environment, it becomes imperative for vendors to distinguish their offerings through clear and unique value propositions. As a result, vendors are expected to face a moderate rate of competition during the forecast period.
Technavio has extensively analyzed 15 major vendors, including 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.
Key Benefits for Industry Players & Stakeholders ?
The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
The report also provides a qualitative and quantitative analysis of vendors 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.
The market is segmented by application (industrial, commercial, and residential), deployment (cloud and on-premises), and geography (Europe, North America, APAC, Middle East and Africa, and South America).
By application, the market growth will be significant in the industrial segment during the forecast period. The increasing high-power requirement in industrial applications is one of the major factors driving the growth of the segment. Increasing complexity in operations and the rise in automation are some of the other key factors driving the segment's growth.
By region, North America will account for 29% of the market growth during the forecast period. The growing need for integrating solar and wind power with conventional power and the adoption of smart grids are driving the regional market's growth. In addition, increasing investments in grid storage systems and the rising adoption of electric vehicles are driving the growth of the power monitoring and control software market in North America.
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 and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the power monitoring and control software market 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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Power Monitoring and Control Software Market Scope
Report Coverage
Details
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 3433.02 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 that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers ? Impact of key factors 2022 and 2027
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers ? Impact of key factors in 2022 and 2027
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants ? Impact of key factors in 2022 and 2027
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes ? Impact of key factors in 2022 and 2027
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry ? Impact of key factors in 2022 and 2027
5.7 Market condition
Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Application
6.1 Market segments
Exhibit 30: Chart on Application - Market share 2022-2027 (%)
Exhibit 31: Data Table on Application - Market share 2022-2027 (%)
6.2 Comparison by Application
Exhibit 32: Chart on Comparison by Application
Exhibit 33: Data Table on Comparison by Application
6.3 Industrial - Market size and forecast 2022-2027
Exhibit 34: Chart on Industrial - Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Industrial - Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on Industrial - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Industrial - Year-over-year growth 2022-2027 (%)
6.4 Commercial - Market size and forecast 2022-2027
Exhibit 38: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on Commercial - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Commercial - Year-over-year growth 2022-2027 (%)
6.5 Residential - Market size and forecast 2022-2027
Exhibit 42: Chart on Residential - Market size and forecast 2022-2027 ($ million)
Exhibit 43: Data Table on Residential - Market size and forecast 2022-2027 ($ million)
Exhibit 44: Chart on Residential - Year-over-year growth 2022-2027 (%)
Exhibit 45: Data Table on Residential - Year-over-year growth 2022-2027 (%)
6.6 Market opportunity by Application
Exhibit 46: Market opportunity by Application ($ million)
7 Market Segmentation by Deployment
7.1 Market segments
Exhibit 47: Chart on Deployment - Market share 2022-2027 (%)
Exhibit 48: Data Table on Deployment - Market share 2022-2027 (%)
7.2 Comparison by Deployment
Exhibit 49: Chart on Comparison by Deployment
Exhibit 50: Data Table on Comparison by Deployment
7.3 Cloud - Market size and forecast 2022-2027
Exhibit 51: Chart on Cloud - Market size and forecast 2022-2027 ($ million)
Exhibit 52: Data Table on Cloud - Market size and forecast 2022-2027 ($ million)
Exhibit 53: Chart on Cloud - Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on Cloud - Year-over-year growth 2022-2027 (%)
7.4 On-premises - Market size and forecast 2022-2027
Exhibit 55: Chart on On-premises - Market size and forecast 2022-2027 ($ million)
Exhibit 56: Data Table on On-premises - Market size and forecast 2022-2027 ($ million)
Exhibit 57: Chart on On-premises - Year-over-year growth 2022-2027 (%)
Exhibit 58: Data Table on On-premises - Year-over-year growth 2022-2027 (%)
7.5 Market opportunity by Deployment
Exhibit 59: Market opportunity by Deployment ($ million)
8 Customer Landscape
8.1 Customer landscape overview
Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
Exhibit 61: Chart on Market share by geography 2022-2027 (%)
Exhibit 62: Data Table on Market share by geography 2022-2027 (%)
9.2 Geographic comparison
Exhibit 63: Chart on Geographic comparison
Exhibit 64: Data Table on Geographic comparison
9.3 Europe - Market size and forecast 2022-2027
Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)
9.4 North America - Market size and forecast 2022-2027
Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)
9.5 APAC - Market size and forecast 2022-2027
Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)
9.6 Middle East and Africa - Market size and forecast 2022-2027
Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
9.7 South America - Market size and forecast 2022-2027
Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)
9.8 US - Market size and forecast 2022-2027
Exhibit 85: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 86: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)
9.9 China - Market size and forecast 2022-2027
Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ million)
Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)
9.10 Germany - Market size and forecast 2022-2027
Exhibit 93: Chart on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 94: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 95: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on Germany - Year-over-year growth 2022-2027 (%)
9.11 Canada - Market size and forecast 2022-2027
Exhibit 97: Chart on Canada - Market size and forecast 2022-2027 ($ million)
Exhibit 98: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
Exhibit 99: Chart on Canada - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on Canada - Year-over-year growth 2022-2027 (%)
9.12 UK - Market size and forecast 2022-2027
Exhibit 101: Chart on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)
9.13 Market opportunity by geography
Exhibit 105: Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 106: Impact of drivers and challenges in 2022 and 2027
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
Exhibit 107: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 108: Overview on factors of disruption
11.4 Industry risks
Exhibit 109: Impact of key risks on business
12 Vendor Analysis
12.1 Vendors covered
Exhibit 110: Vendors covered
12.2 Market positioning of vendors
Exhibit 111: Matrix on vendor position and classification
12.3 ABB Ltd.
Exhibit 112: ABB Ltd. - Overview
Exhibit 113: ABB Ltd. - Business segments
Exhibit 114: ABB Ltd. - Key offerings
Exhibit 115: ABB Ltd. - Segment focus
12.4 Eaton Corp. Plc
Exhibit 116: Eaton Corp. Plc - Overview
Exhibit 117: Eaton Corp. Plc - Business segments
Exhibit 118: Eaton Corp. Plc - Key news
Exhibit 119: Eaton Corp. Plc - Key offerings
Exhibit 120: Eaton Corp. Plc - Segment focus
12.5 Emerson Electric Co.
Exhibit 121: Emerson Electric Co. - Overview
Exhibit 122: Emerson Electric Co. - Business segments
Exhibit 123: Emerson Electric Co. - Key news
Exhibit 124: Emerson Electric Co. - Key offerings
Exhibit 125: Emerson Electric Co. - Segment focus
12.6 Fortive Corp.
Exhibit 126: Fortive Corp. - Overview
Exhibit 127: Fortive Corp. - Business segments
Exhibit 128: Fortive Corp. - Key offerings
Exhibit 129: Fortive Corp. - Segment focus
12.7 Fuji Electric Co. Ltd.
Exhibit 130: Fuji Electric Co. Ltd. - Overview
Exhibit 131: Fuji Electric Co. Ltd. - Business segments
Exhibit 132: Fuji Electric Co. Ltd. - Key offerings
Exhibit 133: Fuji Electric Co. Ltd. - Segment focus
12.8 General Electric Co.
Exhibit 134: General Electric Co. - Overview
Exhibit 135: General Electric Co. - Business segments
Exhibit 136: General Electric Co. - Key news
Exhibit 137: General Electric Co. - Key offerings
Exhibit 138: General Electric Co. - Segment focus
12.9 Honeywell International Inc.
Exhibit 139: Honeywell International Inc. - Overview
Exhibit 140: Honeywell International Inc. - Business segments
Exhibit 141: Honeywell International Inc. - Key news
Exhibit 142: Honeywell International Inc. - Key offerings
Exhibit 143: Honeywell International Inc. - Segment focus
12.10 Legrand SA
Exhibit 144: Legrand SA - Overview
Exhibit 145: Legrand SA - Business segments
Exhibit 146: Legrand SA - Key offerings
Exhibit 147: Legrand SA - Segment focus
12.11 Littelfuse Inc.
Exhibit 148: Littelfuse Inc. - Overview
Exhibit 149: Littelfuse Inc. - Business segments
Exhibit 150: Littelfuse Inc. - Key offerings
Exhibit 151: Littelfuse Inc. - Segment focus
12.12 Mitsubishi Electric Corp.
Exhibit 152: Mitsubishi Electric Corp. - Overview
Exhibit 153: Mitsubishi Electric Corp. - Business segments
Exhibit 154: Mitsubishi Electric Corp. - Key news
Exhibit 155: Mitsubishi Electric Corp. - Key offerings
Exhibit 156: Mitsubishi Electric Corp. - Segment focus
12.13 OMRON Corp.
Exhibit 157: OMRON Corp. - Overview
Exhibit 158: OMRON Corp. - Business segments
Exhibit 159: OMRON Corp. - Key news
Exhibit 160: OMRON Corp. - Key offerings
Exhibit 161: OMRON Corp. - Segment focus
12.14 Rockwell Automation Inc.
Exhibit 162: Rockwell Automation Inc. - Overview
Exhibit 163: Rockwell Automation Inc. - Business segments
Exhibit 164: Rockwell Automation Inc. - Key news
Exhibit 165: Rockwell Automation Inc. - Key offerings
Exhibit 166: Rockwell Automation Inc. - Segment focus
12.15 Schneider Electric SE
Exhibit 167: Schneider Electric SE - Overview
Exhibit 168: Schneider Electric SE - Business segments
Exhibit 169: Schneider Electric SE - Key news
Exhibit 170: Schneider Electric SE - Key offerings
Exhibit 171: Schneider Electric SE - Segment focus
12.16 Siemens AG
Exhibit 172: Siemens AG - Overview
Exhibit 173: Siemens AG - Business segments
Exhibit 174: Siemens AG - Key news
Exhibit 175: Siemens AG - Key offerings
Exhibit 176: Siemens AG - Segment focus
12.17 Tenzing Corp.
Exhibit 177: Tenzing Corp. - Overview
Exhibit 178: Tenzing Corp. - Product / Service
Exhibit 179: Tenzing Corp. - Key offerings
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 180: Inclusions checklist
Exhibit 181: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 182: Currency conversion rates for US$
13.4 Research methodology
Exhibit 183: Research methodology
Exhibit 184: Validation techniques employed for market sizing
Exhibit 185: Information sources
13.5 List of abbreviations
Exhibit 186: List of abbreviations
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