The circuit monitoring market is estimated to generate USD 702.5 million in 2023, which will touch USD 949.1 million, propelling at a 4.5% compound annual growth rate, by 2030.
The progression of this industry is because of the increasing need for data centers, coupled with the rising worries about energy stability & personnel safety.
The modular circuit category, based on type, will be the larger contributor, with over 65% share, in 2023, and it is expected to continue this trend during this decade. This is because of the benefits it offers in monitoring modular circuits like easier connectivity and easy installation, while offering prompt access to information in a user-friendly way.
Whereas, the branch & multi-circuit category will propel at a higher rate during this decade. This can be because of the enhancement in technology, coupled with the benefits provided by these circuits, such as a compact size, which is more space-saving than other monitoring systems.
In addition, these circuits are widely employed at data centers, commercial & residential spaces, and manufacturing facilities because of their multi-point application.
The commercial category, based on end user, will be the largest contributor to the circuit monitoring market, with a 35% share, in 2023, and it will remain the largest throughout this decade. This can be because of the surging count of data centers across the globe, along with their rising acceptance of circuit monitoring to determine energy usage and circuit effectiveness.
The industrial category, on the other hand, is likely to propel at the fastest rate in the years to come. This will be because of the enhancing industrial infrastructure all over the world and the rising acceptance of circuit monitoring to continuously manage the current flow and avoid disruptions in production.
North America will be the largest contributor to the industry in 2023, with approximately 55%, and it will further progress at a robust rate during this decade. This continent is observing a significant increase in the count of data centers, which offer profitable opportunities to existing and new players in this industry to tap more customer base.
