Circuit Monitoring Market Size, Share and Trends 2024 to 2034

Circuit Monitoring Market Size and Forecast 2024 to 2034

The global circuit monitoring market size is projected to be worth around USD 1,101.13 million by 2034 from USD 694.29 million in 2024, at a CAGR of 4.72% from 2024 to 2034. The rising demand for the modern approach for the power management and monitoring driving the growth of the market.

Circuit Monitoring Market Key Takeaways

• North America dominated the market with the largest circuit monitoring market share in 2023.
• Asia Pacific is expected to have the fastest growth in the market during the forecast period.
• By type, the others segment is expected to capture dominant market share during the forecast period.
• By end user, the data center segment is expected to have the dominant share of the market during the anticipated period.

Market Overview

The circuit monitoring system plays an important role in the daily working operations of many industries such as automotive, healthcare, IT and telecommunications, electronics, and others. Circuit monitoring is a multi-channel measurement system that is used in the electrical installation of the branch monitoring. It can be easily installed within the power distribution units and control cabinets.

The circuit control monitoring system is compact in size, which is ideal as a retrofit solution for the existing solutions. Circuit monitoring systems have several benefits with the installation, including required minimum space due to their compact size, easy installation, easy and expandable retrofitting, and user-friendly commissioning. Thus, the rising demand for circuit monitoring systems by various end-users drives the growth of the circuit monitoring market.

Circuit Monitoring Market Trends

• As per the Energy Information System, the global electricity capacity in 2020 were about 8.9 terawatt (TW). In which the Iceland will become the highest installation capacity per capita with 8990 watts.
• As per the eia, the net generation of the electricity generation in the U.S. was 4,178 billion kilowatthours and the additional 73.62 billion kWh produced from the small-scale solar photovoltaic (PV) systems.
• In the United States, about 60% of the utility-scale electricity production from fossil fuels includes natural gas, coal, and petroleum. 21% will be generated from renewable energy sources, and 19% will be generated from nuclear energy in 2023.

How can AI impact circuit monitoring?

Artificial intelligence is transforming industrial operations with better accuracy and productivity. AI is adopted by several industries, such as automotive, healthcare, electronics, and others. The AI helps transform and maintain the electrical assets that help organizations sustain themselves in the market competition and leverage the monitoring of data that is used to reduce downtime, make data-driven decisions, optimize resources, and enhance operational effectiveness. The rise in the adoption of artificial intelligence and digitization is aimed at achieving more efficient and sustainable goals.

The increasing demand for electrification in the leading industries and ensuring reliability, optimal operations, proper maintenance, and personal safety is driving the demand for the adaptation of AI into the industries. The increasing adaptation of AI instead of the traditional approach to asset maintenance and monitoring reduces the higher maintenance costs and downtime. AI plays a significant role in electric circuit monitoring through predictive maintenance, increased risk and security mitigation, improved reliability and efficiency, data-driven decision-making, and cost reduction. Hence, the adoption of AI could positively influence the circuit monitoring market.

• In July 2024, Shanghai, China’s commercial hub, announced the 100 billion Yuan ($13.79 billion) investment to enhance the biomedicine, integrated circuits, and artificial intelligence (AI) industries.

Circuit Monitoring Market Growth Factors

• There is an increasing demand for circuit monitoring systems by a number of end-use industries, such as automotive, consumer electronics, healthcare, and others, to provide safer operations of electrical circuits and systems.
• The rising demand for efficient, effective, safer, and minimized operations costs with optimized solutions is driving the adoption of circuit monitoring in industrial operations, which boosts the growth of the circuit monitoring market.
• The rising IT and telecommunication industry is driving the demand for efficient internet bandwidth and connectivity, and its compact size drives the demand for circuit monitoring systems.
• The rising remote working culture drives the demand for the circuit monitoring system that allows the operators and managers to track the activities of the remote workers from the centralized location.
• The rising investments in the advancements in the electrical infrastructure and the growing industrial infrastructure in developing countries are driving the growth of the circuit monitoring market.

Market Scope

Market Dynamics

Driver

Rising automotive industry

The rising population and industrial development in economically developing and developed countries are driving the per capita income in the population and the demand for automobiles for mobility. The rising manufacturing of the automobile industry is driving the electronic component and the intelligent circuit monitoring system that drive the growth of the circuit monitoring market. The automotive industry plays an important role in the higher demand for semiconductors and electronic components, which boosts the growth of the circuit monitoring market.

• The expansion of electric vehicles is revolutionizing the automobile industry. The sales of electric and hybrid vehicles surpass over 16% of the total sales of light-duty vehicles in the United States in 2023. As per the research of Wards Intelligence, the sales of the hybrid, plug-in hybrid, and BEV were 12.9% in total in 2022.

Restraint

Shortage of professionals

The shortage of skilled labor force for the effective handling of the complex and challenging operations of energy and circuit monitoring and the regional regularity standards associated with electrical safety and energy are collectively restraining the growth of the circuit monitoring market.

Opportunity

Rising demand for power generation

The increasing demand for electrification and the modern compact electric component for the efficient transmission of power into industries are driving the opportunity for growth in the market. Additionally, the rising government initiatives in industrial development across the leading countries and the ongoing research and development activities in the expansion of electric monitoring over the traditional approach are driving the opportunity in the growth of the circuit monitoring market.

Type Insights

The others segment is expected to capture the largest share of the circuit monitoring market during the forecast period. The other segment includes multi-circuit monitoring and branch circuit monitoring. The growth of the segment is attributed to the rising adoption of multi-circuit and branch circuit monitoring in various end-use applications due to the easy installation and connectivity with the easy installation and connectivity with better access to data with user-friendly handling.

This circuit monitoring is designed to reduce the complexities and costs of the operations. They are mostly used for consumption in premises used in commercial and industrial applications. The brand circuit monitoring is used to track the effectiveness of power usage. Branch circuit monitoring is essential for IT and facilities equipment because it allows capacity planning, risk reduction, load balancing, and accurate billing. It helps track load and available capacity in real-time for every cabinet. It provides real-time load monitoring and balancing across the A and B sides to guard against cascading failure.

End-User Insights

The data center segment is expected to have the dominant share of the circuit monitoring market during the anticipated period. The increasing adoption of circuit monitoring in the data centers for the rising remote working culture is driving the growth of circuit monitoring in the data center segment. Data centers are one of the important factors in the efficient operations of the business. The data centers are the essential component for monitoring and managing remote workers. Data center monitoring is the continuous tracking of IT metrics.

It is used to monitor the different operations in the business, including task management, operational, and monitoring processes. Circuit monitoring is one of the essential tools for operating overall facility initiatives. It plays a significant role in the effectiveness of the DCIM and BMS systems and facilities. The increasing remote work culture of many leading organizations is driving the demand for data center monitoring to maintain network bandwidth requirements, speed or upload network, and others. Thus, the increasing adoption of the remote working culture is driving the growth of data center monitoring.

• In September 2023, about 19.5% of the workers worked remotely, and in August 2023, the number of teleworkers or remote workers ranged from 17.9% to 20.0% between October 2022 and August 2023. These data show that 21.6% of the remote workers are women and 17.7% are men.

Regional Insights

North America dominated the market with the largest market share in 2023. The growth of the market is attributed to the rising industrial and commercial infrastructure, and the increasing presence of IT and telecommunication companies is driving the demand for the circuit monitoring market. The increasing demand for circuit monitoring in various leading industries such as automotive, manufacturing, healthcare, utilities, and data centers is accelerating the growth of the market. Additionally, rising technological advancements in the electrical infrastructure and the rising adoption of electric vehicles are driving the growth of the circuit monitoring market in the region.

• The sales of passenger electric cars are predicted to reach 44 million units by 2035, compared to 7.3 million units in 2022. The sales of the commercial electric battery vehicle were 0.4 million units in 2022 and are expected to reach 7.6 million units by 2035.

Asia Pacific is expected to have the fastest growth during the forecast period. The growth of the market is attributed to the rising IT and telecommunication infrastructure in regional countries like China, India, and Japan. And the rising industrial infrastructure is boosting the growth of the market. Countries like China and Japan have a strong base of circuit monitoring systems in the different industrial sectors that drive the growth of the circuit monitoring market across the region.

• A country like India has shown stimulus growth in industrialization, as per the Private Final Consumption Expenditure (PFCE); the share of the GDP in H1 of FY 2023 was the highest than any other half-year, H1 and H2 since FY 2015.

• The survey stated that the FDI increased to US$21.3 billion in FY 2022 from US$ 12.1 billion in FY 2021 due to the pandemic-oriented expansionary policies of advanced economies impacted to a drive-in global liquidity.

Circuit Monitoring Markets Top 5 Companies

• ABB
• Schneider Electric
• Eaton
• Toshiba International Corporation
• Legrand

Recent Development

• In March 2024, Emporia, a leading provider of home energy management, launched the Vue 3 Energy Monitor, which comes with new upgrades and features. This launch is used in the home electrical panel on the home energy management app, from which customers can automate, control, and manage electricity usage.
• In February 2024, Aureon, a leading provider of managed IT, business connectivity, consulting, and contact services, introduced the channel partner program aiming at independent telephone companies (ITC) with a commitment to its delivery of significant advancements in network solutions with a strategic partnership.
• In September 2023, Infineon Technologies AG, a major automotive technology launched its latest innovation, the XENSIV™ SP49 tire pressure monitoring sensor. It is the combination of Infineon’s automotive expertise with glass-silicon-glass MEMS (Micro-Electro-Mechanical Systems) sensor technology, specifically made for the automotive tire pressure monitoring system (TPMS) market.
• In July 2024, WAGO launched the compact and slimmest multi-channel electronic circuit breakers (ECBs) on the market. The launch is designed to fulfill the requirement of modern commercial and industrial applications; the advancement of ECBs provides advanced monitoring capabilities and unparalleled space-saving.
• In July 2023, Siemens launched the two new variants to its innovative Sentron 3WA Power Circuit Breakers, also referred to as the air circuit breakers (ACBs).

Segments Covered in the Report

By Type

• Modular Circuit Monitoring
• Others

By End-User

• Data Centers
• Residential
• Commercial
• Industrial

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa