The global power monitoring and control software market is expected to post a CAGR of over 8% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing need for efficient power monitoring and control.
A power monitoring and control software is an integral part of a power monitoring system that can help an organisation to capture and analyse power metrics.
A few advantages associated with power monitoring systems are that they can provide indicators regarding the health of key electrical equipment such as motors, pumps, and transformers in an industrial or commercial space.
They can help in reducing nuisance tripping, which occurs when safety devices such as circuit breakers trip unexpectedly.
Power monitoring of tariffs
Furthermore, in facilities where power tariff is variable and based on factors such as power generation sources or on-peak and off-peak time-of-use, the cost allocation calculations are complex.
A power monitoring software in a power monitoring system can simplify these calculations, providing clear and accurate cost structures. Therefore, the use of a power monitoring system offers significant benefits to end-users by monitoring key power assets.
It can help optimise power usage to keep costs low and help increase the operating life of equipment.
This market research report also provides an analysis of the most important trends expected to impact the market outlook during the forecast period.
Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
Increasing focus on energy efficiency
The report also highlights the increasing focus on energy efficiency as one of the key emerging trends in the global power monitoring and control software market.
The rising cost of energy, the environmental effects of high energy consumption, and rising carbon emission from thermal power generation sources (fossil fuel), have increased the focus on energy efficiency.
Both industrial and commercial end-users are actively working on improving energy efficiency in their concerned facilities.
Industries, in particular, are one of the major consumers of electricity as equipment such as pumps, blowers, and motors consume a significant amount of energy.
New regulatory norms are focused on curbing energy costs and carbon emission by mandating the use of energy-efficient methods in industries.
For example, the EU introduced Directive 2009/125/EC regulations to reduce energy consumption of industrial motors. As per the directive, motors should adhere to Minimum Efficiency Performance Standards designed with different energy efficiency classes.
Moreover, with the cost of energy on the rise and the presence of stringent regulations on energy efficiency for industries, these industries are deploying power monitoring and control software to keep a tab on energy consumption and reduce energy wastage. Therefore, with such regulations and initiatives, the market is expected to register a positive outlook during the forecast period.
“Along with increasing focus on energy efficiency, the rise in the use of solar and wind generated power is another factor that is driving the global market,” said a senior analyst at Technavio for research on enterprise application.
“The power industry is experiencing a major overhaul with major changes in power generation, distribution, and consumption patterns. There is a growing demand for solar and wind power, which is expected to boost the growth of the global power monitoring and control software market during the forecast period.”