Understanding the Growing Demand for Circuit Monitoring Market
Understanding the Growing Demand for Circuit Monitoring Market
Blog Article
Circuit monitoring involves tracking the performance and health of electric current flow through circuits helping detect faults. Increasing circuit complexities due to advancements such as Internet of Things (IoT) and Industry 4.0 have bolstered the need for circuit monitoring solutions for early detection of failures. Circuit monitoring systems offer various advantages such as online diagnostics & preventive maintenance, energy management, process optimization and safety compliance.
The circuit monitoring market is estimated to be valued at USD 694.29 Mn in 2024 and is expected to reach USD 959.15 Mn by 2031, growing at a compound annual growth rate (CAGR) of 4.72% from 2024 to 2031.
Key players operating in the circuit monitoring market are Schneider Electric, ABB, Siemens, Eaton,CG Power and Industrial Solutions, Mitsubishi Electric Corporation and General Electric.
Growing demand: Rapid industrialization and infrastructure development along with the adoption of advanced industrial automation solutions have increased demand for Circuit Monitoring Market across various industry verticals such as oil & gas, mining, data centers and manufacturing.
Technological advancement: Integration of advanced technologies such as Internet of Things (IoT), cloud computing, and artificial intelligence (AI) with circuit monitoring solutions is enabling predictive maintenance capabilities for equipment monitoring and issues resolution before failure occurs.
Market Trends
Smart circuit monitoring: Integration of circuit monitoring systems with IoT and wireless technologies is enabling smart circuit monitoring capabilities with remote accessibility of real-time circuit performance data using mobile and web applications.
Adoption in renewable energy sector: Renewable energy sector is increasingly adopting circuit monitoring solutions for monitoring performance of off-grid power generation circuits in solar and wind power plants to maximize productivity.
Market Opportunities
Rising investments in T&D infrastructure: Growing investments in modernization of aging power transmission and distribution infrastructure especially in developing nations will drive demand for circuit monitoring systems to ensure reliable power supply.
Emergence of microgrid systems: Increasing adoption of microgrid systems to meet remote area electricity needs will create opportunities for circuit monitoring solution providers to ensure uninterrupted power supply through reliable circuit performance monitoring.
Impact of COVID-19 on Circuit Monitoring Market Growth
The COVID-19 pandemic has significantly impacted the circuit monitoring market growth. During the pre-COVID times, the market was growing at a steady pace owing to increasing industrial automation. However, due to the outbreak, several industries witnessed decline in production volumes which massively affected the demand for circuit monitoring systems. With lockdowns across major economies, manufacturing facilities were shut down temporarily impacting new installations of circuit monitoring solutions.
Though the immediate impact was negative, post-COVID the market is recuperating gradually as industrial activities are resuming. There is a renewed focus on optimizing operations through digitalization initiatives. Advanced circuit monitoring finds prominence here to enable remote monitoring of critical infrastructure systems. Furthermore, investments are being made towards developing resilient and sustainable supply networks using real-time monitoring capabilities. This presents lucrative opportunities for circuit monitoring vendors
Geographical regions where circuit monitoring market value is concentrated
The circuit monitoring market in Asia Pacific region holds the maximum value share globally. This can be attributed to presence of large manufacturing industries and rapid industrialization across countries like China, India, Japan and South Korea. With growing emphasis on automation and Industry 4.0 adoption, circuit monitoring finds widespread uptake to ensure seamless operations.
Fastest growing region for circuit monitoring market
Among all regions, Asia Pacific is poised to witness the highest growth in circuit monitoring market during the forecast period. This rallies on back of escalating electricity demand from industries and efforts taken up by governments towards expanding and strengthening the power transmission & distribution infrastructure. Additionally, the 'Make in India' initiative is propelling local manufacturing of circuit monitoring solutions, which is complementing regional market expansion.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)