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Global Power Monitoring and Control Software Market 2019-2023 | Increasing Focus on Energy Efficiency to Boost Growth | Technavio

November 7, 2018

LONDON--(BUSINESS WIRE)--Nov 7, 2018--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 .

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Technavio has published a new market research report on the global power monitoring and control software market from 2019-2023. (Graphic: Business Wire)

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 organization to capture and analyze 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. Furthermore, in facilities where power tariff is variable and based on factors such as power generation sources or on-peak/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 optimize power usage to keep costs low and help increase the operating life of equipment.

This market research report on the 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.

This report is available at a USD 1,000 discount for a limited time only:

In this report, Technavio highlights the increasing focus on energy efficiency as one of the key emerging trends in the global power monitoring and control software market:

Global power monitoring and control software market: Increasing focus on energy efficiency

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 (MEPS) 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. 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,” says a senior analyst at Technavio for research on enterprise application.

Global power monitoring and control software market: Segmentation analysis

This market research report segments the global power monitoring and control software market by application (industrial, commercial and residential) and geographical regions (APAC, EMEA, and the Americas).

The industrial segment led the market in 2018 with a market share close to 49%, followed by commercial and residential segments respectively. However, during the forecast period, the commercial segment is expected to register the highest incremental growth followed by the industrial segment.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20181107005577/en/

CONTACT: Technavio Research

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SOURCE: Technavio Research

Copyright Business Wire 2018.

PUB: 11/07/2018 11:40 AM/DISC: 11/07/2018 11:40 AM

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