Global industry analysts forecast the global power management systems market to reach $5.2 billion by 2026

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Editing: 8; Published: February 2022
Executive Pool: 24692
Companies: 152 – The players covered include the ABB group; Cpower; Eaton Corporation PLC; Emerson Electric Co.; ETAP – Operation Technology, Inc.; Fuji Electric Co., Ltd. ; GE Network Solutions; Honeywell Process Solutions; Larsen & Toubro Limited; Mitsubishi Electric Corporation; Rockwell Automation, Inc.; Schneider Electric SA; Siemens AG; Wartsila Society; Yokogawa Electric Corporation and others.
Blanket: All major geographies and key segments
segments: Type (software, hardware, services); Module (power monitoring and control, load shedding and management, power simulator, generator controls, other modules); End use (marine, oil and gas, data centers, metals and mining, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.

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ABSTRACT-

Global Power Management Systems Market to Reach US$5.2 billion by 2026
Power Management System (PMS) is a purpose-built technology platform that controls the plant electrical system and electrical switchgear, with the aim of providing safe and reliable power supply by resolving disturbing influences and power failure issues. The PMS design emphasizes improving the safety, reliability, operability, maintainability, code compliance and design codes of the plant’s electrical system, while recognizing the relevant IEC standards and national and local regulations. Global growth is expected to be driven by many growth encouraging factors. While the upward trend in major end-use verticals such as data center, oil & gas, metals & mining, and marine is having a strong bearing on the market expansion, the Increased emphasis on industrial automation and deployment of advanced PMS platforms has spurred widespread market growth. The rise of digital lifestyle and digital economy has induced a healthy trajectory in the global data center industry, creating large-scale opportunities for various power system markets, including PMS, which help data centers of data to streamline the efficiency and performance of their electrical system. Likewise, the meteoric rise of the oil and gas sector along with the critical requirement for reliable and consistent power in on-shore, off-shore, storage and refining units, has triggered widespread deployments of PMS in oil and gas plants. Likewise, the mining industry’s strong indulgence towards reliable power sources that eliminate disruptions to the production floor due to power outages has improved the market outlook for PMS. The maritime sector is another major end-use sector, which has accelerated the dynamics of the market in a major way. Maritime business has developed on a large scale over the past decades, due to the intensification of maritime logistics and also due to maritime tourism, while expanding the demand for marine PMS.

Amid COVID-19 crisis, Global Power Management Systems Market estimated at 4 billion US dollars in 2022, is expected to reach a revised size of US$5.2 billion by 2026, growing at a CAGR of 6.1% over the analysis period. Software, one of the segments analyzed in the report, is expected to grow at a CAGR of 6.1% to reach US$2.4 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and induced economic crisis, Hardware segment growth is readjusted to a revised CAGR of 6.9% for the next 7-year period. This segment currently accounts for a 23.4% share of the global power management systems market.

The US market is estimated at $836.7 million in 2022, when China is expected to reach $746.4 million by 2026
The Power Management Systems Market in the United States is estimated at US$836.7 million in 2022. The country currently accounts for a 20.94% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$746.4 million in 2026 with a CAGR of 8% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 4% and 5.3% respectively over the analysis period. In Europe, Germany is expected to grow at around 4.6% CAGR while the rest of the European market (as defined in the study) will reach US$174.9 million at the end of the analysis period.

The higher adoption of PMS by industrial facilities in the developed world is influenced by factors such as the emphasis on improving the reliability and safety of the plant’s electrical system, the trend towards industry-wide automation to meet productivity goals and reduce overall energy consumption. Energy consumption has become a priority area for industrial entities in the United States and other developed countries, amid growing government initiatives to minimize carbon emissions from various sources, including factories. and factories. These government programs have had a huge impact on energy management in industrial enterprises at all levels, while generating substantial opportunities for PMS. Asia Pacific (excluding China and Japan) is the second fastest growing regional market. PMS deployments in the Asia Pacific are fueled by a growing awareness of energy management among industrial entities in the region. Such momentum is particularly visible in India, Australia, South Korea, Taiwan, Thailandand Malaysia. Increasing electrification and digitalization have been partially offset by increased energy efficiency. Emerging economies are estimated to account for the majority of electricity demand growth globally.

Service segment to reach $1.7 billion by 2026
Services constitute a major segment of the global PMS market. While full-fledged PMS software and hardware remain at the heart of the power management program, services play an important role, from the basic feasibility study to performance evaluation and follow-up actions. Also, the importance of PMS services remains highly relevant in the management, maintenance and monitoring of the PMS platform. In order to achieve energy management objectives, industrial entities focus on a range of services, including project services, consulting services, training and education services, and lifecycle services. . In the global Services segment, United States, Canada, Japan, China and Europe will result in the CAGR of 5% estimated for this segment. These regional markets representing a combined market size of US$776.5 million will reach a projected size of US$1.1 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$246.9 million by 2026, while Latin America will grow at a CAGR of 6.4% over the analysis period.
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