Load Monitoring System Market

SKU: DMEP5673 | Last Updated On: Aug 10 2022 | Available Formats

Load Monitoring System Market Expected to reach a high CAGR 8.0% By 2029: DataM Intelligence

Load monitoring system market size was worth US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 8.0% during the forecast period (2022-2029).

A load monitoring system is a device used to measure the amount of electrical load on a residential, commercial or industrial power system. The system continuously monitors and analyzes the voltage and current used by devices and appliances. It intervenes if a single appliance is drawing too much power or if there is a systemic overload. 

Hardware, software, and services are the three main components of load monitoring systems. Hardware typically refers to the devices and appliances that monitor the entity's power load. The hardware is integrated with proprietary software by the load monitoring equipment manufacturer. The software controls and integrates all the functions of the load monitoring system. It also undertakes data transmission and data analytics. Services refer to the equipment manufacturer's installation, degradation, and maintenance of the load monitoring system. 

Using load monitoring systems confers many direct benefits such as reduced energy costs, optimized energy usage, protection of devices from surges, and greater operational efficiency. High initial costs of load monitoring systems, increasing maintenance costs, and increasing overall complexity of equipment are some of the major disadvantages of the load monitoring system. The adoption of load monitoring systems is growing across various industrial sectors. 

Market Dynamics

The load monitoring systems demand is mainly driven by the increasing global drive for energy efficiency. The high costs involved in load monitoring systems are a key factor in limiting the growth of this market. 

The increasing drive for energy efficiency

Energy consumption has been steadily increasing over the past few decades. Global economic development, industrialization, and technological innovation are key factors behind the rise in energy consumption. Modern lifestyles are becoming more energy-dense. Wasteful and excessive energy usage coupled with the precarious state of the energy grid infrastructure has led to several blackouts and collapses. Therefore, there has been a major global push to increase energy efficiency. 

Reducing the amount of energy required to produce goods and services is referred to as energy efficiency. Using energy-efficient methods lowers energy costs and increases savings for consumers and industries. Furthermore, efficient and judicious use of energy reduces strain on the grid. Reducing energy consumption is critical for combating climate change and global warming since transportation and industrial processes consume the most energy. Load monitoring systems are crucial for increasing energy efficiency. Therefore, the global drive for energy efficiency is a key driver for the global load monitoring system market. 

High costs of load monitoring systems

Modern load monitoring systems are sophisticated and technologically advanced instruments and command high prices. The average price of a load monitoring system for domestic applications ranges from US$ 400 for simpler systems to US$ 800 for large complex systems. Depending on the configuration, the cost of a load monitoring system for industrial and commercial applications ranges from US$ 1200 to US$ 10,000. 

Furthermore, there are many other costs associated with the load monitoring systems. Many modern systems are integrated with proprietary software, including paid updates, which work on a subscription model. Companies also sign multi-year contracts with the equipment manufacturer for maintenance services.

 Therefore, high capital expenditure is required to install load monitoring systems. The high upfront investment is problematic since savings gradually accumulate over the long term. The high initial costs with marginal long-term benefits drastically skew the cost-benefit analysis. The high costs of load monitoring systems are a key challenge for the market's growth. 

COVID-19 impact analysis

The global load monitoring system market experienced uneven impacts due to the COVID-19 pandemic. Energy consumption patterns changed during the pandemic. Industrial and commercial enterprises had to drastically scale down operations to comply with government lockdowns and movement restrictions to curb the pandemic's spread. As a result, commercial and industrial power consumption was reduced drastically. 

The COVID-19 pandemic forced companies to shift to remote work and work from home (WFH) to ensure continuity of operations. Similarly, schools and colleges also migrated to remote online learning during the pandemic. Many daily activities such as shopping, work, and school were carried out online. Residential energy consumption increased during the pandemic. 

Load monitoring systems are a part of electrical engineering, which relies on developing new products and technologies to generate value-driven growth. The pandemic affected various companies' research and development activities within this field. The inability to deploy new technologies impacted companies' revenue in this sector. 

With growing vaccination rates and a corresponding decrease in COVID-19 cases, the world slowly returns to normalcy. Global economic recovery is likely to be slow due to high commodity prices. Global energy consumption will likely increase as industrial and commercial activities reach full capacity in the coming years. It provides major opportunities for the global load monitoring system market. The pandemic has fundamentally changed the outlook on energy usage.

 Greater energy efficiency, energy waste reduction, and energy recovery have become some of the key metrics for industrial and commercial players. It is likely to increase demand for load monitoring systems in the future. The demand for load monitoring systems remains strong and is expected to grow gradually in the coming years.

Load Monitoring System Market Scope

Metrics

Details

Market CAGR

4.0%

Segments Covered

By Component, By End-User,  and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Segment Analysis

The global load monitoring system market is segmented into components, end-user, and regions. The load monitoring system market by component is further segmented into hardware, software, and services. Services are leading within this segmentation since it is the most widely utilized component of load monitoring systems. Services entail installing, degrading, and maintaining hardware and software components of load monitoring systems. Hardware and software only require a one-time upfront capital expenditure. Services require long-term capital expenditure and are a major revenue source for companies' load monitoring systems.

Geographical Analysis

North America is leading in the global load monitoring system market. North America is home to industrialized, high-income countries like U.S. and Canada. The people in North America have a high standard of living; therefore, their daily lives are energy-intense. The concentration of high technology industries within the region is another major factor in increasing energy demand. 

Despite highly developed economies, Canada and U.S. have chronically underinvested in power grid transmission and distribution infrastructure. Rolling blackouts and localized grid failures are common during peak energy demand. With the growing adoption of emerging technologies, the energy demand will likely increase further in the coming years. However, due to the shortcomings of the energy grid, the problems are likely to persist. The adoption of effective load monitoring and management systems will mitigate many problems of the energy grid infrastructure. 

The governments in North America are taking several steps at the local, regional and national levels to counter the problems of the energy grid infrastructure. The growing investment in renewable energy and the adoption of smart load monitoring technologies are key strategies to prevent grid overload. Another major factor is the integration of emerging technologies such as IoT, artificial intelligence, and big data analytics. Due to persistently high energy demand, North America will continue to have the largest market share in the global load monitoring system market in the coming years. 

Competitive Landscape

The global load monitoring system market is competitive due to the availability of various load monitoring systems, software, and services that cater to different end-use applications. Some of the major players contributing to growth in the market are ABB, Schneider Electric, General Electric, Eaton, Siemens, Emerson Electric Co., Rockwell Automation, Inc., Fuji Electric Co., Ltd., Yokogawa Electric Corporation, and Mitsubishi Electric Corporation. The players in the market adopt several growth strategies such as new product launches, energy management studies, joint ventures, collaborations, and government tie-ups to contribute to the growth of the global industry.

Siemens

Overview: Siemens is an engineering conglomerate that designs and implements power and energy solutions. The company develops and builds fossil fuel power plants and power-generating components and offers gas turbines, steam turbines, generators, gas turbines, steam turbines, compressors, fans, instrumentation and controls, electrical systems, wind turbines, fuel cells, fuel gasifiers, turbochargers, and environmental systems. 

The company serves power, oil, and gas, air separation, building complexes, ceramics, chemicals, food and beverage, manufacturing, marine, metals, pulp and paper, textiles, and sugar industries. The company operates in various locations globally, such as Canada, Mexico, U.S., Brazil, Saudi Arabia, China, and other countries. Siemens was founded by German engineer Werner von Siemens in 1847 and is headquartered in Munich, Germany. 

Product Portfolio:

• SIRIUS 3UG546 is Siemen's multi-functional load monitoring relay system primarily designed for DC applications. The device has a compact form factor and combined functionality for monitoring, measurement, and data transmission. The device has separate counters for load monitoring, energy consumption, and energy recovery. The device utilizes Siemen's proprietary Profinet software system for data transmission, calibration of operating cycles, and maintenance operations. The operating voltage range for the device is 0 to 600V and the current operating range is 1.5 to 63A. 

Key Developments: 

• In October 2021, Siemens signed an agreement with Bite Lietuva, Lithuania's national electricity transmission company, to install more than 1.2 million smart loading monitoring meters across Lithuania. Siemens will provide energy monitoring services from its proprietary software-based systems and cover maintenance services for 10 years from installation. 

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