The global circuit monitoring market is estimated to grow from USD 659 Million in 2023 to USD 829 Million by 2028; it is expected to record a CAGR of 4.7% during the forecast period. Huge investments, along with enforcement of stringent standards, to reduce carbon footprint in data centers, and increasing number of data centers is expected to drive the market for circuit monitoring.
“Modular Circuit Monitoring”: The fastest growing segment of the circuit monitoring market, by type “
This report segments the circuit monitoring market based on type into two types: Modular circuit monitoring, and others. The Modular Circuit Monitoring segment is expected to be the fastest growing market during the forecast period. The market for modular circuit monitoring is driven by their advantages such as accuracy and easy installation and connectivity
“Commercial segment is expected to emerge as the second largest segment based on end users”
This report segments the circuit monitoring market based on end users into four segments: data centers, commercial, industrial, and residential. The commercial segment is expected to be the second largest segment during the forecast period. The demand for circuit monitors in commercial areas like banking, financial services, insurance, healthcare, and government and defense is driving the market.
North America is expected to be the largest region in the circuit monitoring market
North America is expected to be the largest circuit monitoring market during the forecast period. The region is witnessing substantial growth for new data centers and provides lucrative opportunities for the players operating in the circuit monitoring market. For instance, NTT Ltd., a world-leading IT infrastructure and services company planning to expand its portfolio by constructing a new, sizable data center campus in Northern Virginia, with a planned capacity of 336MW. These are the factors expected to increase the market for circuit monitoring in North America.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 35%, Tier 2- 45%, and Tier 3- 20%
- By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
- By Region: North America- 40%, Asia Pacific- 30%, Europe- 20%, the Middle East & Africa- 5%, and South America- 5%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The circuit monitoring market is dominated by a few major players that have a wide regional presence. The leading players in the circuit monitoring market are ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Toshiba International Corporation (Japan), and Legrand (Ireland).
The report defines, describes, and forecasts the global circuit monitoring market, by type, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the circuit monitoring market.
Key Benefits of Buying the Report
Increasing number of data centers, and rising concern overpower stability for uninterrupted business operation are some of the main factors driving the circuit monitoring market.
- Product Development/ Innovation: The trends such as intelligent power distribution units are being developed in the field of data centers, majorly for the power distribution side of the facility.
- Market Development: The global scenario of circuit monitoring in data centers is evolving rapidly, with trends toward the increased use of intelligent power distribution units (PDUs) that can provide real-time monitoring and analytics capabilities. One major trend is the deployment of scalable modular data centers.
- Market Diversification: Schneider Electric has launched EM4000 series, multi-circuit energy meters that can monitor up to 24-meter points with a single device. It also offers low installation costs.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Toshiba International Corporation (Japan), and Legrand (Ireland) among others in the circuit monitoring market.