The new report by Expert Market Research titled, ‘Global Power Management System Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global power management system market, assessing the market based on its segments like end-users and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 2.3 Billion
• Forecast CAGR (2023-2028): 7.06%
• Forecast Market Size (2027): USD 3.5 Billion
With the increasing complexity of electrical systems and increasing demand for power in the power-intensive industries, power management systems are gaining significant traction in the forecast period. The increasing demand for efficient power management systems in oil and gas and automotive industry, among others, in order to achieve cost-savings on energy, is anticipated to be a major driving factor in the market.
The rising investments in the smart grid technology in order to bolster the communication systems and optimize energy resources is anticipated to be a propelling factor in the market. Geographically, North America accounts for a significant share in the market owing to the advanced electrical distribution system across the United States of America and Canada.
Industry Definition and Major Segments
Power management system is defined as a system which manages the distribution, cost, and safety of power in various energy-intensive industries. Power management system can prevent blackouts and disturbances during an electrical operation. It is extremely important in the cases where power consumption is larger than the power production capacity.
On the basis of end-user, the market can be segmented into:
• Data Centers
• Oil and Gas
The regional markets for power management system include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
The key trends in the power management systems market include the growing consciousness pertaining to environment degradation and sustainable development goals and stringent government legislations aimed towards optimising the energy management. The integration of human-machine interface (HMI) to allow the users communicate with generators is adding to the market growth.
Moreover, the technological advancements in the marine industry are likely to propel the demand for power management systems to make the environment safe and efficient. Some other developments in the market include the increasing demand for power management systems in the automotive industry. In January 2022, Nissan announced that the company began to test the energy management system to focus on carbon neutrality.
Key Market Players
The major players in the market are ABB Ltd, ComAp A.S., RH Marine Netherlands BV, Wärtsilä Corporation, and Marine Control Service AS, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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