Circuit Monitoring Market Size, Share, Opportunities, And Trends By Type (Modular Circuit Monitoring, Brach & Multi-Circuit Monitoring), By Current (AC, DC), By End-User (Residential, Commercial, Industrial), And By Geography - Forecasts From 2024 To 2029

The circuit monitoring market is projected to reach US$1,018.032 million in 2029 from US$748.756 million in 2024 at 6.34% (CAGR).

Circuit monitoring is a multichannel measurement process that establishes electrical parameters for monitoring AC & DC branches. This process ensures optimum energy flow through critical power applications by tracking PUE (Power Usage Effectiveness). Favorable investments in housing units and commercial and industrial establishments across major economies have provided a major scope for the circuit monitoring market’s growth.

Moreover, the establishment of new power grids and data centers, coupled with ongoing initiatives to bolster circuit protection to prevent major power losses and accidents, have also led to an upward market trajectory. Major governing authorities have also laid guidelines for monitoring electrical grid performance, acting as an additional driving factor.

Circuit Monitoring Market Drivers:

• The growing strength of housing units has provided new growth prospects for the market.

The circuit monitoring system provides real-time load balancing across different branch circuits, which simplifies the overall power usage measurement used to provide accurate billing from the energy department. Owing to its high-performance features, circuit monitoring finds major usage in housing units and residential establishments for optimizing energy usage across different electrical gadgets.

The rapid population growth over the years has bolstered the demand for housing units across various economies, leading to favorable investments in housing construction. For instance, according to the Ministry of Land, Infrastructure, Transport, and Tourism, in 2022, the number of housing dwellings built for sale in Japan stood at 255,487 units, representing a 4.7% growth over 2021’s figure. The same source specified that in 2023, the total strength of new construction starts of dwellings reached 8,19,623 units.

Likewise, as per the housing statistics provided by Homes England, in 2023, nearly 32,384 housing completions were delivered through programs managed by Homes England. Of this, affordable housing constituted 71% of units and experienced a 3% growth over housing completions in 2022.

• Favorable establishments of data centers are stimulating market expansion.

Circuit monitoring is also heavily used in data centers besides residential applications. It plays an integral role in capacity planning, which assists in tracking the total load and available capacity for each cabinet, thereby promoting energy efficiency and savings. The growing internet traffic coupled with booming digitization in economies has increased the overall data volume, propelling the demand for data centers and leading to new investments.

In June 2024, Equinox announced the construction of its data center, “LS2 International Business Exchange,” in Lisbon, enabling it to expand the digital ecosystem across Portugal, allowing local businesses to grow. Likewise, in July 2024, DataBank announced the construction of its third IAD4 data center on Red Rum Drive in Virginia, which will provide an additional 70,000 square feet of space for data storage.

• Growing investments in commercial establishments are driving the overall market expansion.

Rapid urbanization, improvement in living standards, and growing work culture worldwide have accelerated the demand for commercial spaces such as offices, malls, hotels, and institutions. Circuit monitoring bridges the gap between the energy supply and energy usage by tracking the load distribution. With the ongoing investment in commercial spaces, the demand for circuit monitoring tools & devices is anticipated to experience positive growth.

According to Statistics Canada, in Q2 2024, investment in building construction reached $62.8 billion, with non-residential construction accounting for $19.1 billion, and the year-on-year growth in the second quarter stood at 7.2%. Moreover, construction activities are also witnessing positive growth across major Middle Eastern economies such as Saudi Arabia, with investment in commercial buildings, hotels, and recreational facilities experiencing an upward trajectory.

Circuit Monitoring Market Segment Analysis

• Branch and multi-circuit monitoring is estimated to grow at a constant rate.

By type, the circuit monitoring market is segmented into modular and branch & multi-circuit monitoring. The latter is poised for constant growth and will account for a considerable market share fueled by its high applicability across various industrial applications, such as control and power panels, to maintain the efficiency of current flow. The growing industrial units and manufacturing plants have bolstered electricity demand, making it imperative to keep track of energy flow across such units to prevent any power cut-offs or disruption.

North America is estimated to constitute a significant share of the market.

Based on geography, the circuit monitoring market is divided into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American region is projected to account for a considerable market share, fueled by favorable investment in public and private construction covering residential and commercial aspects in major regional nations, namely the United States and Canada.

Economies are investing in bolstering their grid development to optimize the energy flow across varied applications. For instance, in October 2023, the Biden Administration announced an investment of US$3.46 billion in 58 projects that would strengthen the electric grid resilience across 44 US states.

Moreover, the well-established presence of major market players, namely ABB, Eaton Corporation, Omron, and CircuitMeter Inc., followed by ongoing developments of circuit protection devices, is acting as an additional driving factor for the regional market growth.

Asia Pacific is poised for the quickest market growth during the given timeframe, with ongoing investments in smart grids and energy-efficiency devices.

Circuit Monitoring Market Key Developments:

• In March 2024, Siemens introduced its innovative circuit protection device, “SENTRON ECPD.” This device features electronic switch technology that switches off the circuit in case of any fault, thereby mechanically isolating the contact downstream. The product shows a modern approach to electrical planning and maximizing safety.
• In January 2024, Omnion Power Inc. launched its secondary DC-distribution cabinet namely “Intelligent Distribution Bay,” featuring individual branch circuit monitoring up to 160 circuits. This addition expanded Omnion’s BDFB (Battery Distribution Fuse Bay) and BDCBB (Battery Distribution Circuit Breakers Bay) product portfolio.
• In March 2023, Schaeffler acquired ECO-Adapt SAS, which specializes in providing condition electrical signal monitoring solutions to optimize overall energy consumption. The acquisition expanded Schaeffler’s capacity for industrial maintenance, thereby preventing any risk of electrical component failure. ECO-Adapt SAS’s product offering also includes multi-circuit meters.

The Circuit Monitoring market is segmented and analyzed as given below:

• By Type
  • Modular Circuit Monitoring
  • Brach & Multi-Circuit Monitoring
• By Current
  • AC
  • DC
• By End-User
  • Residential
  • Commercial
  • Industrial
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others