According to a latest research, the global circuit monitoring market size is projected to reach USD 829 million by 2028 from an estimated USD 659 million in 2023, at a CAGR of 4.7% during the forecast period. Increasing number of data centers, and rising concern overpower stability for uninterrupted business operation is driving the market for Circuit Monitoring Market.
Key Market Players
The major players in the circuit monitoring market size are ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Toshiba International Corporation (Japan), and Legrand (Ireland).
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Strong growth from enterprise shift towards cloud applications, and huge investments, along with enforcement of stringent standards, to reduce carbon footprint in data centers . For instance, regulatory bodies and governments, such as the International Organization for Standardization, and American National Standards Institute, are imposing sustainability standards on newly built data center. These are the few major factors driving the circuit monitoring market growth.
This report segments the circuit monitoring industry based on type into two types: Modular circuit monitoring, and others. The others segment is expected to be the second fastest growing market during the forecast period. The others segment include branch circuit monitoring, and multi circuit monitoring. Both multi-circuit monitors and branch circuit monitors are compact and, hence, use lesser space as compared to traditional single-circuit energy meters. These are used by industries, data centers, and commercial and residential end users.
This report segments the market for circuit monitoring based on end users into four segments: data centers, commercial, industrial, and residential. The data center segment is expected to be the fastest growing segment during the forecast period. The data centers segment is driven by the heightened adoption of circuit monitoring in data centers for remote monitoring and the determination of power usage effectiveness.
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Europe is expected to be the second largest circuit monitoring market during the forecast period. Commercial data center market is expanding at an unprecedented speed across Europe. The UK set Euro 400 million fast-track for government data centers for government offices and commercial sectors, also countries in this region are focusing on developing cloud technology and infrastructure. For instance, Emerson (US) rapidly deployed one of the t-systems' largest modular data centers in Europe to maximize the availability, capacity, and efficiency of critical infrastructure. These factors are expected to fuel the growth of the circuit monitoring market in the region.
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