Farmington, March 03, 2023 (GLOBE NEWSWIRE) -- The Global Power Management System Market Is Expected To Reach US$ 5.9 Billion In 2030 From US$ 3.7 Billion In 2022, With A Steady CAGR of 6.1% from 2022 to 2030. Electrical switching devices and systems are controlled by power management systems. Increase power by avoiding outages and deterioration as well. Most businesses today must practise energy conservation. It increases system energy efficiency and contributes to significant cost savings.
In times of outages, this boosts industry productivity. Systems for power management aid the sector in achieving these objectives. Your primary power system and any backup systems can both be screened by a power management system. These frameworks assist in reducing hardware failures, managing spikes and downtime, and proactively enhancing the capabilities of your firm.
Power management solutions can also mimic the display of your hardware and electrical system. It notifies you of any irregularities while continuously monitoring electrical characteristics. Other technologies, including electrical SCADA, load metering, electrical monitoring and control systems, event playback, and automation systems, are also integrated into the system.
Request Sample Copy of Report “Power Management System Market Size, Share & Trends Estimation Report By Type (Hardware, Software, Services), By Module (Power Monitoring, Load Shedding, Power Simulator, Generator Controls, Others), By End-User (Oil & Gas, Marine, Metals & Mining), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- In March 2019, Eaton committed to investing $500 million to secure contracts for a key part of its electric vehicle powertrain program.
- In May 2018, Schneider Electric helps Brazil's CPFL Energia modernize its distribution operating system with EcoStruxure ADMS. This initiative will likely improve the productivity of the electrical system operations of the five CPFL Energia distributors.
Segment Overview
Type Insights
Based on type, the power management system market may be broken down into three categories: hardware, software, and services. The software sector is anticipated to rule the market in the above-mentioned segment. as a result of IoT, cloud platform use, and growing business acceptance of automation.
Module Insights
Depending on the module, power monitoring, load shedding, power simulators, generator controllers, and other systems are segmented in the global market for power management systems. Power monitoring is anticipated to rule the market in the above-mentioned sector. has widespread application in the industrial sector for data analysis, voltage management, gauging and controlling energy requirements, and upkeep of overall power.
End-User Insights
The oil & gas, maritime, metals & mining, data centres, utilities, and other end-user categories are among the subcategories of the worldwide power management system market. Marine is expected to dominate the market segment stated above. The power management system supports several vessel types, including cargo, defence, and others.
Regional Outlook:
The North American, European, Asian Pacific, Latin American, and Middle East & Africa regions make up the major segments of the global market for power management systems. Due to China, India, Japan, and other nations in the Asia-Pacific. These nations' industrial activity is expanding quickly, along with manufacturing and data centre expansion. IoT and cloud-based systems are being adopted across a wide range of North American sectors for operational needs. This makes it easier to modify power management systems due to the end-user industries' growing demand for energy-efficient solutions. The majority of manufacturing industries in Europe employ power management systems. It contributes to production cost reduction without lowering quality. It also aids in monitoring the effectiveness of electrical systems and apparatus and reduces equipment breakdowns. Invest more in R&D to create industrial portable gadgets and automation solutions.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 6.1% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 5.9 Billion |
| By Resin | Hardware, Software, Services, Others |
| By Technology | Power Monitoring, Load Shedding, Power Simulator, Generator Controls, Others |
| By Application | Oil & Gas, Marine, Metals & Mining, Data Centres, Utilities, Others |
| By Companies | Benchmarking, ABB, GE, Siemens, Eaton, Etap, Schneider Electric, Emerson, Mitsubishi Electric, Rockwell Automation, Honeywell, Fuji Electric, L&T, Yokogawa, Wartsila, Cpower, Brush |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Due to their energy-saving characteristics, power management systems are experiencing an increase in demand, which is anticipated to propel the market's expansion. Low production costs are a result of this. In order to lower electricity costs, both industrial and household sectors employ it extensively.
The industry places more emphasis on maintaining quality while lowering production costs. Systems for managing power assist in lowering production costs. The expansion of industrial processes is what's driving the market for power management systems to rise.
Technology developments, IoT adoption, and cloud platform usage are projected to hinder the growth of the worldwide power management systems market since they have raised worries about data security.
Key Segments Covered:
Top Market Players:
Benchmarking, ABB, GE, Siemens, Eaton, Etap, Schneider Electric, Emerson, Mitsubishi Electric, Rockwell Automation, Honeywell, Fuji Electric, L&T, Yokogawa, Wartsila, Cpower, Brush, and others.
By Type
- Hardware
- Software
- Services
- Others
By Module
- Power Monitoring
- Load Shedding
- Power Simulator
- Generator Controls
- Others
By End-User
- Oil & Gas
- Marine
- Metals & Mining
- Data Centres
- Utilities
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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