Power Monitoring Market Size to Reach $10.56 billion at a CAGR of 7.3% by 2031

The power monitoring market is projected to grow from USD 7.41 billion in 2026 to USD 10.56 billion by 2031, at a CAGR of 7.3% during the forecast period. The market growth is driven by a need for real-time visibility into electrical parameters, power quality management, and energy optimization amid grid instability, greater renewable integration and rising electricity demand across manufacturing, data centers, commercial buildings, healthcare facilities, telecom infrastructure, utilities and smart city projects. In regions like China and India, industrial growth and smart grid initiatives accelerate adoption of advanced power monitoring technologies. These systems enable remote monitoring and diagnostics, IoT connectivity, harmonic analysis, automatic alerts, load balancing and integration with SCADA, BMS and cloud platforms. The industrial end-use segment is expected to hold the largest market share during the forecast period.