The global circuit monitoring market size was exhibited at USD 619 million in 2024 and is projected to hit around USD 1,162 million by 2034, growing at a CAGR of 6.5% during the forecast period 2024 to 2034.
The circuit monitoring market refers to the production, distribution, and use of this monitoring system, which is a multi-national measurement system for branch monitoring of electrical installations. Each system consists of a control unit and sensors with different measurement ranges and mounting possibilities. It is an ultra-compact and high-performance multichannel measurement system for AC and DC branch monitoring. This monitoring system is used to record and monitor an individual electrical circuit. Typical parameters that are monitored include energy usage, real power, apparent power, power factor, voltage, and amperage. There is a high demand for these monitoring systems in residential, industrial, commercial, telecommunications, and data centers, which is driving the growth of the circuit monitoring market.
However, the challenging factors of the market include the lack of skilled professionals, changes in raw material prices, and the high cost of deployment, which can hamper the growth of the market. The future scope of the market includes increasing investment in infrastructure development, rising industrialization and urbanization, growing focus on energy efficiency, and innovation in product features, which will help the circuit monitoring market grow.
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| Stats ID: | 7512 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
| Stats ID: | 7512 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
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