How Has the Circuit Monitoring Market Evolved Historically and What is its Current Size?
The circuit monitoring market has seen considerable growth due to a variety of factors.
• The market size for circuit monitoring has seen robust growth in the past few years. It is projected to increase from $1.15 billion in 2024 to $1.26 billion in 2025, with a compound annual growth rate (CAGR) of 9.0%.
The historic growth is primarily attributed to factors such as the escalating acceptance of smart grids, the mounting need for predictive maintenance, an increase in electricity usage, an amplified focus on sustainability, and the expansion of industrial automation.
What is the Forecasted Market Size and CAGR for the Circuit Monitoring Market Size Evolve over the Forecast Period?
The circuit monitoring market is expected to maintain its strong growth trajectory in upcoming years.
• Expect a robust expansion in the circuit monitoring market size in the forthcoming years, with a projected growth to $1.75 billion by 2029, boasting a Compound Annual Growth Rate (CAGR) of 8.7%.
The surge anticipated in the forecast span can be traced to several factors such as the rising adoption of renewable energy, increased significance of data analytics, escalation in industrial infrastructure development, the upswing of connected devices, a heightened focus on energy optimization, and the burgeoning demand for energy storage systems. The major trends likely to be seen during this forecast period are the progress in IoT and sensor technology, strides in artificial intelligence and machine learning, amalgamation with cloud computing, and collaboration with building management systems. Additionally, growth can also be expected in the domain of energy-efficient monitoring systems and a widespread shift towards automated and intelligent systems.
Which Drivers Are Accelerating Growth In The Circuit Monitoring Market?
The circuit monitoring market is set for growth, fuelled by the ever-growing uptake of renewable energy sources. These renewable sources, including solar, wind, hydro, geothermal, and biomass, are naturally replenished and offer a sustainable and eco-friendly alternative for power generation. The transition towards renewable power is largely attributed to factors such as climate worries, limited fossil fuel supplies, and the quest for sustainable solutions. This global shift is being encouraged further by innovative technologies, supportive policies, and cost-cutting measures. Circuit monitoring plays a critical role in this transition towards renewables, ensuring aspects such as grid stability, real-time fault detection, efficient energy distribution, and system optimization are maintained. For example, data from the U.S. Energy Information Administration in January 2024, predicts a notable surge in U.S. solar power generation by 75% - moving from 163 billion kWh in 2023 up to 286 billion kWh by 2025 - and an 11% increase in wind power generation from 430 billion kWh in 2023 to 476 billion kWh in 2025. Thus, it is the rising popularity of renewable energy sources that's steering the expansion of the circuit monitoring market.
What Are The Market Segments In The Circuit Monitoring Market?
The circuit monitoring market covered in this report is segmented –
1) By Product Type: Circuit Breakers, Contactors, Relays, Fuses, Circuit Protection Modules, Motor Protection Relays, Residual Current Devices, Power Meters, Smart Circuit Breakers
2) By Voltage Rating: Low Voltage (Up To 1000V), Medium Voltage (1000V To 33kV), High Voltage (33kV And above)
3) By Application: Industrial Automation, Power Generation and Distribution, Building Automation, Consumer Electronics, Transportation, Medical Equipment, Oil And Gas
4) By End User: Manufacturers, Utilities, Commercial Buildings, Residential Buildings, Data Centers
Subsegments:
1) By Circuit Breakers: Air Circuit Breakers (ACB), Molded Case Circuit Breakers (MCCB), Miniature Circuit Breakers (MCB), Vacuum Circuit Breakers (VCB), SF6 Circuit Breakers
2) By Contactors: Electromechanical Contactors, Solid-State Contactors, Magnetic Contactors, Definite Purpose Contactors, Lighting Contactors
3) By Relays: Electromechanical Relays, Solid-State Relays, Time Delay Relays, Protective Relays, Automotive Relays
4) By Fuses: Cartridge Fuses, Plug Fuses, Blade Fuses, Resettable Fuses, High-Rupture Capacity (HRC) Fuses
5) By Circuit Protection Modules: Surge Protection Devices (SPD), Overcurrent Protection Modules, Ground Fault Protection Modules, Arc Fault Protection Modules, Voltage Regulation Modules
6) By Motor Protection Relays: Overload Protection Relays, Phase Failure Relays, Voltage Monitoring Relays, Thermal Protection Relays, Digital Motor Protection Relays
7) By Residual Current Devices: Residual Current Circuit Breakers (RCCB), Residual Current Breakers with Overcurrent Protection (RCBO), Ground Fault Circuit Interrupters (GFCI), Portable Residual Current Devices (PRCD), Earth Leakage Circuit Breakers (ELCB)
8) By Power Meters: Analog Power Meters, Digital Power Meters, Smart Energy Meters, Multifunction Power Meters, Wireless Power Meters
9) By Smart Circuit Breakers: IoT-Enabled Circuit Breakers, Remote-Controlled Circuit Breakers, Self-Diagnostic Circuit Breakers, AI-Powered Circuit Breakers, Cloud-Connected Circuit Breakers
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What Trends Are Shaping The Circuit Monitoring Market?
Major companies operating in the circuit monitoring market are focusing on technological advancements, such as compact switchgear, to enhance efficiency, optimize space utilization, and improve the reliability of circuit monitoring systems in various applications. Compact switchgear is a space-efficient electrical system that controls and safeguards circuits, ideal for tight installations without compromising performance. For instance, in May 2022, Schneider Electric SE, a France-based automation machinery manufacturing company, launched SureSeT MV switchgear and EvoPacT circuit breakers. This combination enhances operational efficiency with compact designs, digital monitoring, and predictive maintenance. EvoPacT's 25% smaller size and 40-year lifespan improve space utilization and equipment longevity. The integrated sensors and wireless features allow remote management, early detection of issues, and optimized performance through cloud services, contributing to greater safety and uptime.
Who Are the Key Players In The Circuit Monitoring Market?
Major companies operating in the circuit monitoring market are:
• Siemens AG
• General Electric Company
• Schneider Electric S.E.
• ABB Limited
• Toshiba International Corporation
• Eaton Corporation plc
• Molex LLC
• Legrand S.A.
• Rockwell Automation Inc.
• Omron Corporation
• Phoenix Contact GmbH & Co. KG
• Leviton Manufacturing Company Inc.
• Socomec Group
• ETA Elektrotechnische Apparate GmbH
• NHP Electrical Engineering Products Pty Limited
• Acrel Electric Co. Limited
• Elmeasure India Private Limited
• Accuenergy Inc.
• Anord Mardix
• Nlyte Software LLC
• Senva Inc.
• Schurter AG
• CET Technology
• CircuitMeter Inc.
• Packet Power LLC
• Daxten Limited
What Are The Regional Insights Into The Circuit Monitoring Market?
North America was the largest region in the circuit monitoring market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the circuit monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
