Circuit Monitoring Market worth $829 million by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, May 2, 2023 /PRNewswire/ -- Circuit Monitoring Market is projected to reach USD 829 million in 2028 from USD 659 million in 2023 at a CAGR of 4.7% according to a new report by MarketsandMarkets™.  Rising concern overpower stability for uninterrupted business operation,huge investments, along with enforcement of stringent standards, to reduce carbon footprint in data centers, and increasing number of data centers are the factors driving the Circuit Monitoring Market.

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Circuit Monitoring Market Scope:

The Industrial segment, by end user, is expected to be the second fastest growing segment during the forecast period

This report segments the Circuit Monitoring Market based on end users into four segments: data centers, commercial, industrial, and residential. The industrial segment is expected to be the second fastest growing segment during the forecast period. Maximizing machine uptime, increased efficiency and lower costs are the features driving the industrial segment for Circuit Monitoring Market.

The others segment, by type, is expected to be the largest market during the forecast period.

This report segments the Circuit Monitoring Market based on type into two types: Modular circuit monitoring, and others. The others segment is expected to be the largest 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.

Europe is expected to be the second largest region in the Circuit Monitoring Market

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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Drivers:

1. Rising concerns over power stability for uninterrupted business operations
2. Increasing number of data centers
3. Intensifying need to monitor energy consumption to achieve carbon neutrality

Restraints:

1. Decline in adoption of circuit monitoring due to advancements in energy monitoring systems

Opportunities:

1. Enforcement of stringent regulations to reduce carbon footprint of data centers
2. Shift toward cloud-based data centers

Challenges:

1. Supply chain constraints and disruptions
2. Complexities involved in integrating circuit monitoring systems into operational data centers

Key Market Players:

Some of the major players in the Circuit Monitoring Market are ABB (Switzerland), Schneider Electric (France), Eaton (Ireland), Toshiba International Corporation (Japan), and Legrand (Ireland). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

Recent Developments

·  In March 2023, Schneider Electric invested USD 42.85 million in a Hungarian factory of 25,000-meter sq. with 500 employees. The site would have 30 electric cars and 25 electric bicycles, Schneider electric charging stations, and Schneider electric sensors to reduce energy waste and airlocks.

·  In September 2022, ABB invested USD 13 million for the expansion of facilities in Canada to increase production capacity and establish a research & development facility.

·  In July 2022, Eaton acquired 50% circuit breaker business in Jiangsu Huineng Electric Co. Ltd. This would boost the growth strategy of Eaton and capitalize on opportunities in high-growth market segments.

·  In March 2021, Eaton completed the acquisition of Tripp Lite, a supplier of power supply systems, rack power distribution units, surge protectors and enclosures for data centers and industrial, medical and communication markets. This acquisition would enhance the breadth offerings of Eaton.

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