Power Management System Market by Type (Hardware, Software, Services), Module (Power Monitoring, Load Shedding, Power Simulator, Generator Controls), End-User (Oil & Gas, Marine, Metals & Mining, Data Centers) and Region - Global Forecast to 2028

Power Management System Market by Type (Hardware, Software, Services), Module (Power Monitoring, Load Shedding, Power Simulator, Generator Controls), End-User (Oil & Gas, Marine, Metals & Mining, Data Centers) and Region - Global Forecast to 2028

The global power management system market is estimated to grow from USD 5.8 Billion in 2023 to USD 7.5 Billion by 2028; it is expected to record a CAGR of 5.4% during the forecast period. The growing demand for improving the power reliability in the industries worldwide is driving the growth for the market.

“Marine: The largest segment of the power management system market, by end user industry“

Based on end user industry, the Power management system market has been split into three types Oil & Gas, Marine, Chemical & Petrochemical, Paper & Pulp, Metals & Mining, Utilities, Data Centre, and Others. The marine industry can reap numerous benefits by implementing power management systems (PMS). These advanced technologies and solutions enable more efficient and effective control, monitoring, and optimization of electrical power on board ships and vessels.

“Hardware segment is the second largest segment based on Type in the market”

By type, the Power management system market has been segmented into hardware, software, and services. The hardware segment in the power management system (PMS) refers to the physical components and devices that are used to facilitate the control, monitoring, and distribution of electrical power in various applications. The hardware segment encompasses a diverse range of equipment and devices, each serving specific functions in managing electrical power.

South America is expected to be the fastest-growing region in the power management system market

South America is expected to be the fastest-growing Power management system market during the forecast period. According to the World Bank, the power demand in South America is expected to reach 2,500 TWh between 2008 and 2030. The government plans to scale renewable sources of energy such as wind, solar, and biomass-based electricity to generate power. These factors are set to create favorable conditions for the expansion of the power management system market, supporting increased demand and market opportunities.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 35%, Tier 2- 45%, and Tier 3- 20%

By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%

By Region: North America- 40%, Asia Pacific- 30%, Europe- 20%, the Middle East & Africa- 5%, and South America- 5%

Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The Power management system market is dominated by a few major players that have a wide regional presence. The leading players in the power management system market are ABB (Switzerland), Siemens (Germany), Schneider Electric (US), General Electric (US), Emerson Electric (US).

Research Coverage:

The report defines, describes, and forecasts the global power management systemmarket, by component, power source, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Power management system market.

Key Benefits of Buying the Report

Increasing demand for energy efficiency, Rising installation of renewable in industries are some of the main factors driving the Power management system market. Factors such as Risk to data security still restrain the market. Rise in distributed power generation, Growth in the North American oil & gas sector and increase in offshore support vessels, creating opportunities in the power management system market to grow. Lack of compatibility with legacy power networks and equipment is the major challenge faced by countries under Power management system development.

Product Development/ Innovation: ABB and Microsoft are partnering to incorporate generative AI capabilities into industrial digital solutions, with the goal of achieving safer, smarter, and more sustainable operations. This collaboration focuses on integrating Copilot capabilities to facilitate user interaction with ABB Ability™ Genix Industrial Analytics and AI Suite, as well as its applications. The aim is to enhance the value of contextualized data, leading to increased efficiency and sustainability benefits.

Market Development: . The power management system finds application in several industries including power generation, oil & gas, and chemicals and pharmaceuticals. The region plays a vital role in the global energy market. After the Fukushima disaster, most of the countries such as China, India, South Korea, and Japan are focusing on expanding their energy market. Rapid industrialization and urbanization is one of the key factors driving the power management system market in the region. Also, the rapid growth of data centers coupled with the growth of IT hubs and commercial sectors such as malls and hospitals is driving the power management system market in the region.

Market Diversification: In India, Schneider Electric has introduced EcoStruxure Service Plans, a fresh service offering. The objective of this launch is to provide comprehensive packages accompanied by robust digital services customized to meet specific customer requirements. With this new service offering, Schneider Electric aims to enhance its customers' maintenance budgets by up to 40% and reduce the risk of electrical failures by up to 75% on connected equipment.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like ABB (Switzerland), Siemens (Germany), Schneider Electric (US), General Electric (US), Emerson Electric (US) among others in the Power management system market