The circuit monitoring market involves products and solutions that monitor the performance and condition of electrical circuits. Circuit monitoring devices help detect faults, noise, and potential failures in industrial control systems and equipment. They play a vital role in preventing downtime and equipment damage caused by electrical issues. With industries rapidly automating manual processes and adopting digital technologies like IoT and Industry 4.0, the complexity of electrical systems has increased manifold. Circuit monitoring solutions provide real-time insights into circuit performance, assisting maintenance teams to take prompt corrective actions. They helps optimize asset uptime and reduce maintenance costs in manufacturing facilities.
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 Takeaways
Key players: Key players operating in the Circuit Monitoring market are Emerson Electric, ABB, Siemens, Schneider Electric, Honeywell, and General Electric. Emerson Electric leads the industry with its comprehensive range of circuit monitors and protection relays for industrial control applications.
Growing demand: Rapid industrialization and the ongoing trend of automation across sectors like oil & gas, automotive, food & beverage is fueling the demand for Circuit Monitoring Market. Industries require continuous equipment monitoring to minimize downtime from electrical faults.
Global expansion: Leading circuit monitoring companies are focusing on international markets like Asia Pacific and Latin America, where industries are undertaking major capacity expansions and automation drives. The availability of cost-effective products is also boosting the circuit monitoring adoption in developing economies.
Market key trends
One of the key trends witnessed in the circuit monitoring market is the integration of advanced technologies like cloud computing and artificial intelligence. Solutions providers are innovating circuit monitoring devices with integrated connectivity and data analytics capabilities. This helps process real-time equipment insights from remote locations over cloud platforms. Integrating AI functionalities allows analyzing massive volumes of equipment sensor data to predict failures even before they occur. Such trends are making circuit monitoring systems smarter and more effective in supporting industry digital transformation goals.
Porter's Analysis
Threat of new entrants: The circuit monitoring market requires large investments in research and development, which poses a moderate barrier for new companies to enter this market. However, the growing demand for circuit monitoring systems across industries offers opportunities for new companies.
Bargaining power of buyers: The presence of many established players in the circuit monitoring market gives buyers leverage in negotiating prices. Buyers can choose from various product offerings based on their performance and pricing. This increases competition among existing circuit monitoring providers.
Bargaining power of suppliers: Circuit monitoring systems incorporate components from electronics and software industries. The availability of component suppliers at lower prices reduces procurement costs for circuit monitoring companies. This allows suppliers to pass on the benefits of lower costs to buyers.
Threat of new substitutes: While technological advancements continue to bring new monitoring solutions, there are limited suitable substitutes for circuit monitoring systems at present. Most industries require dedicated monitoring of circuits to ensure reliability and safety. This poses a low threat from substitutes.
Competitive rivalry: Being a highly fragmented market, circuit monitoring companies focus on differentiating their products and expanding capabilities through innovation. This intense competition drives improvements in product performance and pricing.
Geographical Regions
North America currently accounts for the largest share of the global circuit monitoring market, primarily due to stringent regulatory norms and wider adoption across industries such as manufacturing and oil & gas in the US and Canada.
The Asia Pacific circuit monitoring market is poised to grow at the fastest pace during the forecast period, supported by factors like increasing investments in renewable energy sectors and expanding manufacturing industries in China, India, Japan and other developing nations in the region.
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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)
