DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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.
The report defines, describes, and forecasts the global power management system market, 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.
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.
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.
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), and Emerson Electric (US).
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 161 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $5.8 Billion |
| Forecasted Market Value (USD) by 2028 | $7.5 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Premium Insights
- Rising Adoption of Renewable Energy Sources to Generate Electricity to Drive Market
- Oil & Gas Industry and US Dominated Power Management System Market in North America in 2022
- Software Segment to Hold Largest Market Share in 2028
- Power Monitoring & Control Segment to Capture Majority of Market Share in 2028
- Oil & Gas Industry to Lead Power Management System Market in 2028
Market Dynamics
Drivers
- Increasing Demand for Energy-Efficient Equipment Across Several Industries
- Rising Adoption of Renewable Sources to Reduce Energy Costs
- Growing Implementation of IoT and Cloud-Based Platforms
Restraints
- Data Security Issues in Cloud-Based Power Management Systems
Opportunities
- Rising Use of Distributed Power Generation
- Increasing Investments in Offshore Support Vessel Production
Challenges
- Incompatibility of Older Power Networks with New Equipment
- Trends/Disruptions Impacting Customer Business
- Revenue Shifts and New Revenue Pockets for Power Management System Manufacturers
Value Chain Analysis
- Raw Material Providers/Suppliers
- Component Manufacturers
- Power Management System Manufacturers/Assemblers
- Distributors/End-User Industries
- Post-Sales Service Providers
Company Profiles
- ABB
- Albireo Energy
- Brush
- CPower
- Eaton
- ETAP
- Emerson
- Fuji Electric
- General Electric
- Greystone Energy Systems Inc.
- Honeywell International Inc.
- Larsen & Toubro
- Lineage Power
- Mitsubishi Electric
- Omron
- Rockwell Automation
- Siemens
- Schneider Electric
- Wartsila
- Yokogawa
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