Circuit Monitoring Market Size, Share, and Analysis By Type (Modular Circuit Monitoring and Multi-Circuit Monitoring), By End User (Data Centers, Commercial, Residential, and Industrial), and Regional Forecast, 2024-2032

The circuit monitoring market refers to the systems that monitor the performance and efficiency of electrical circuits in various applications. It involves continuous monitoring and analysis of electrical parameters such as power, voltage, and energy consumption within a circuit or electrical system to ensure optimal prevent failures and improve the circuit performance efficiency. These systems can be used in industrial, healthcare, commercial, and residential buildings.

• For instance, Schneider Electric adopted the circuit monitoring system and offered various circuit monitoring solutions under their brand, Power Logic. It offers accurate power quality meters designed to meet the growing demands of power networks. They provide real-time data on electrical parameters, energy consumption, and power quality.

The demand for energy efficiency, the need to reduce energy consumption, and the need for fault prevention drive the demand for circuit monitoring solutions. As it can monitor and analyze real-time data, it can detect potential failures and is used in critical infrastructures and manufacturing facilities. According to the IEA report 2022, energy efficiency is also the first fuel for clean energy transitions. It provides cost-effective CO₂ mitigation options and is also the largest measure to avoid the demand for energy in net zero emissions by 2050. The adoption of energy management systems for energy efficiency and minimized energy costs can lead to a decline in the adoption of circuit monitoring systems. Moreover, the initial investment costs, which include monitoring equipment, sensors, system installation, and the associated infrastructure, can be high.

Economic uncertainty and disruptions were created as businesses halted worldwide due to the COVID-19 pandemic. Many businesses scaled back their investment plans, including implementing circuit monitoring systems. It resulted in the slowdown of the adoption of monitoring systems, which affected industries such as transportation and hospitality. Production facilities were at a halt and supply chain disruptions were witnessed. Moreover, the pandemic reinforced the importance of sustainability and many organizations recognized the need for clean energy and reduced carbon emissions. The circuit monitor's ability to provide real-time energy data and optimize energy usage played a prominent role in sustainability initiatives.

KEY INSIGHTS

The report covers the following key insights:

• Recent advancements in the circuit monitoring market


• Key industry trends


• Regulatory landscape for the circuit monitoring market


• Key industry developments


• Impact of COVID–19 on the market

SEGMENTATION

ANALYSIS BY TYPE

Based on type, the market is segmented into modular and multi-circuit monitoring.

The multi-circuit monitoring segment is expected to dominate the market during the forecast period due to its strong presence in centralized monitoring and analysis of critical circuits such as data centers and industrial facilities. Its ability to manage multiple circuits simultaneously provides operational efficiency. A multi-circuit monitoring system perfectly matches the need for measuring the branch circuit of the data center and the general multi-circuit power.

The modular circuit monitoring segment is anticipated to grow in the forecast period as it provides the technology that simplifies installation and connectivity while providing instant access to data in a user-friendly format.

ANALYSIS BY END USER

Based on end users, the market is segmented into data centers, commercial, residential, and industrial.

The data centers segment have been experiencing tremendous growth in recent years due to the increased adoption of circuit monitoring in data centers for remote monitoring and power usage effectiveness analysis. Therefore, the continuous expansion of data centers will likely drive the demand for circuit monitoring solutions.

Commercial buildings often have different energy needs. Therefore, it is important to understand the energy profiles of their systems on a granular basis. Circuit monitoring allows commercial facilities to monitor systems such as HVAC, individual tenants, open meeting rooms, and others. Industrial and manufacturing facilities typically have high energy requirements. Therefore, facility managers and engineers must understand their energy needs in more detail. Circuit monitoring allows industrial companies to measure individual circuits, general loads, and production equipment. This level of detail provides the information needed to understand their energy use truly.

The industrial segment is also expected to grow during the forecast period due to the need for reliable power distribution and equipment performance monitoring.   

REGIONAL ANALYSIS

The circuit monitoring market is analyzed in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The Asia Pacific is projected to grow significantly during the forecast period due to companies such as Amazon and Google heavily investing in the countries in this region by building data center facilities. In March 2022, Amazon announced that it would build local data centers in Asia Pacific to offer clients various digital capabilities. These local data centers will complement the massive network that already exists and increase the demand for circuit monitoring. Moreover, the increasing industrialization and urbanization in countries such as China and India and the rapid development of the industrial sector show an increase in the adoption and growth of the circuit monitoring market in the Asia Pacific region.

The Latin America market is experiencing strong growth. Brazil and Mexico are becoming attractive data center investment locations. Several factors, such as increased internet penetration, digital transformation and the need for data autonomy, drive the growth. Mexico’s data center market has seen strong investment growth, strengthening its position in the global market. The country's strategic location, growing digital economy, and strong connectivity make it an ideal purpose for data center operations.

Europe is expected to have the second-largest growth in the circuit monitoring market during the forecast period. The commercial sector shows immense growth across Europe and the market is expected to grow. For instance, Emerson deployed one of Europe's largest modular data centers to maximize capacity and efficiency.

The data center sector in the Middle East and North Africa (MENA) region is anticipated to experience significant growth fuelled by internet access and rapid digital adoption. This trend highlights the region's growing reliance on digital infrastructure and offers lucrative investment prospects. Close behind the UAE in terms of market share, Saudi Arabia is fast becoming the fastest-growing data center market in the Middle East. Local entities such as Center3, backed by industry giants such as Saudi Telecom Company, are at the forefront of industry expansion and innovation. These domestic players have demonstrated a remarkable ability to advance the Kingdom's data center ecosystem by leveraging the country's strong infrastructure and strategic location.

KEY PLAYERS COVERED

The report includes the profiles of key players such as ABB, GE, Schneider Electric, Eaton, Toshiba Corporation, Packet Power, OMRON Group, NHP, Bay Power, Inc., and MPL Technology Group.

KEY INDUSTRY DEVELOPMENTS

• In March 2023, Schneider Electric invested USD 42.85 million in a Hungarian factory, where this site would have 25 electric bicycles and 30 electric cars. It also includes electric charging stations and sensors to reduce energy waste and airlocks.


• In September 2022, ABB announced an investment of USD 13 million in the Canadian facilities to increase the production capacity and expand and establish research and development facilities.


• In July 2022, Eaton announced the acquisition of 50% circuit breaker business in Jiangsu Huineng Electric Co. Ltd. This acquisition would boost Eaton's growth and opportunities in influential markets.

• In March 2021, Eaton completed the acquisition of Tripp Lite, which is a supplier of power supply systems, rack power distribution units, surge protectors, and enclosures for data centers and industrial, medical, and communication markets.