Global Power Management Systems Market Report 2022: Market to Reach $5.2 Billion by 2026

DUBLIN, May 20, 2022 /PRNewswire/ — The “Power Management Systems – Global Market Trajectory and Analysis” report has been added to from ResearchAndMarkets.com offer.

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Global Power Management Systems Market to Reach US$5.2 billion by 2026

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.

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.

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.

What’s new for 2022?

  • Global competitiveness and percentage market shares of main competitors

  • Market presence in multiple geographies – Strong/Active/Niche/Trivial

  • Peer-to-peer collaborative online interactive updates

  • Access to the publisher’s digital archives and research platform

  • Free updates for one year

Main topics covered:

I. METHODOLOGY

II. ABSTRACT

1. MARKET OVERVIEW

  • Industrial activity remains subdued in 2020

  • Effect of the pandemic on the power management systems market

  • An Introduction to the Power Management System (PMS)

  • Power Management Systems: Current Market Scenario and Prospects

  • Growth engines

  • While developing regions drive the overall PMS market growth, the contribution of developed regions remains relevant

  • PMS software: dominant product segment

  • Cloud versions drive new demand for PMS software

  • PMS services remain a major market segment

  • Power monitoring and control: Core PMS module

  • The critical importance of load shedding and load management amplifies demand

  • COMPETITIVE SCENARIO

  • PMS: a fragmented market

  • Recent market activity

  • Select Innovations

  • Select global brands

  • Competitive Market Presence – Strong/Active/Niche for 153 players globally in 2022 (E)

2. FOCUS ON CERTAIN PLAYERS (Total 152 Featured)

  • ABB Ltd.

  • group of brushes

  • Eaton Corporation Inc.

  • Emerson Electric Company

  • ETAP/Operation Technology, Inc.

  • General electricity company

  • Honeywell International Inc.

  • Larsen & Toubro Limited

  • Mitsubishi Electric Corporation

  • Rockwell Automation, Inc.

  • Schneider Electric SE

  • Siemens AG

  • Wartsila Corporation

3. MARKET TRENDS AND DRIVERS

  • Select relevant trends for the power management systems industry

  • Power efficiency and management provide several benefits

  • Continued focus on industrial automation creates fertile environment for PMS market growth and advancement

  • Industry 4.0 to drive the next wave of growth

  • Growing adoption of industrial IoT and M2M technologies bodes well

  • Growing energy efficiency needs amid rising energy costs are driving the expansion of the PMS market

  • Focus on reducing carbon emissions accelerates PMS deployments

  • After taking the hardest hit, the clean energy segment is poised to rebound

  • Marine sector: Major consumer of PMS

  • Steady growth in maritime traffic volumes and parallel increase in the number of ocean freight carriers is driving demand for maritime PMS

  • World Maritime Trade Statistics

  • Shipbuilding activity expands opportunities for marine PMS

  • Naval vessels, a dominant application segment: geopolitical conflicts and the quest for military supremacy broaden the business case

  • Stable growth forecast for PMS in the oil and gas sector

  • Rising E&P Spending and Volatility Continue to Shape Strategy for Sustained Demand for Energy Management Systems

  • Sophisticated PMS gain traction in metallurgical and mining applications

  • Global Metals and Mining Industry by Material Category: An Overview

  • Established Role of Power Management in Data Centers Strengthens Market Momentum

  • Beyond COVID-19 lies a new normal with new opportunities for data centers

  • Demand for Data Centers Rises as Remote Work Becomes the New Normal

  • Technologically advanced applications in power management

  • Intelligent integrated power management solutions

  • Power management system in smart homes

  • Innovations in Power Management ICs

  • ENERSYS Power Management Tools

  • BAE Systems power management solutions for air taxis

  • TAE Technologies’ Inventive Energy Management Strategy Transforms Electric Vehicle Management

  • Review of Generator Sets for Healthcare Facilities – A Real Life Example

4. GLOBAL MARKET OUTLOOK

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information on this report, visit https://www.researchandmarkets.com/r/q0lgt6

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SOURCE Research and Markets

Alan A. Seibert