Global Power Management System Market Size study & Forecast, by Type (Hardware, Software, Services) by Module (Power Monitoring, Load Shedding, Power Simulator, Generator Controls, Others), by End-User (Oil & Gas, Marine, Metals & Mining, Data Centres, Ut

Global Power Management System Market Size study & Forecast, by Type (Hardware, Software, Services) by Module (Power Monitoring, Load Shedding, Power Simulator, Generator Controls, Others), by End-User (Oil & Gas, Marine, Metals & Mining, Data Centres, Utilities, Others) and Regional Analysis, 2023-2030

Global Power Management System Market is valued approximately at USD 5.5 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.40% over the forecast period 2023-2030. A Power Management System (PMS) is a specialized system designed to efficiently manage and control the distribution and consumption of electrical power within various applications. The primary goal of a PMS is to optimize power generation, distribution, and utilization while ensuring reliability, safety, and cost-effectiveness. It is commonly used in industries, commercial buildings, data centers, ships, aircraft, and other environments where effective power management is crucial. The key factors driving the market growth is rising demand for energy-efficient equipment across several industries, growing adoption of renewable sources to reduce energy costs, rise in awareness regarding energy efficiency due to government regulations and growing adoption of IOT and cloud-based platforms are anticipated to support the market growth during forecast period 2023-2030.

Moreover, the rising demand for Smart Grids is indeed contributing to the growth of the Power Management System (PMS) market. A Smart Grid is an advanced electrical grid that uses digital communication and technology to efficiently manage and optimize the generation, distribution, and consumption of electricity. This modernization of the grid brings several benefits, such as increased reliability, better integration of renewable energy sources, reduced energy losses, and improved overall energy efficiency. Thus, the growing smart grids demand is anticipated to support the market growth. According to Statista, in 2022, the smart grid technology market was valued USD 49.7 billion and it is anticipated to reach USD 80.46 billion by 2025. As a result, the growing smart grid technology market is anticipated to create the lucrative demand for the market. Additionally, rising use of distributed power generation and increasing investments in offshore support vessel production is anticipated to create the lucrative opportunity for the market. However, the incompatibility of older power networks with new equipment stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Power Management System Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the utilization of wind and solar energy to generate electricity, growing focus of government on modernization of grid infrastructure to present opportunities to power management system and rising Oil & gas and metals & mining industries. Whereas, the Asia Pacific is expected to grow with the fastest growth rate during the forecast period, owing to factors such as the rising investments in generating power using renewable sources, increasing focus on grid infrastructure, and deployment of wind and solar energy projects.

Major market player included in this report are:
ABB Ltd. (Switzerland)
General Electric Company (US)
Siemens AG (Germany)
Eaton Corporation plc (Ireland)
Schneider Electric SE (France)
Emerson Electric Co. (US)
Mitsubishi Electric Corporation (Japan)
Rockwell Automation, Inc (US)
Honeywell International Inc. (US)
Fuji Electric Co. Ltd (Japan)

Recent Developments in the Market:
 In June 2023, ABB has successfully acquired Eve Systems GmbH, a Munich-based firm recognised for its smart home solutions in Europe and the United States. ABB will now be a key player in the smart home business, notably in devices based on the newest interoperable standard known as Matter and wireless networking technology known as Thread.

Global Power Management System Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Type, Module, End-User, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
Hardware
Software
Services
By Module:
Power Monitoring
Load Shedding
Power Simulator
Generator Controls
Others
By End-User:
Oil & Gas
Marine
Metals & Mining
Data Centres
Utilities
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
ABB Ltd. (Switzerland)
General Electric Company (US)
Siemens AG (Germany)
Eaton Corporation plc (Ireland)
Schneider Electric SE (France)
Emerson Electric Co. (US)
Mitsubishi Electric Corporation (Japan)
Rockwell Automation, Inc (US)
Honeywell International Inc. (US)
Fuji Electric Co. Ltd (Japan)

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