Global power management systems market to reach $5.4 billion by 2024
FACTS AT A GLANCE
Editing: seven; Published: May 2021
Executive Pool: 24692
Companies: 43 – Players covered include 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: End use (oil and gas, marine, metals and mining, data centers, other end uses); Module (power monitoring and control, load shedding and management, power simulator, generator controls, other modules); Type (Hardware, Software, Services)
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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Global Power Management Systems Market to Reach $5.4 billion by 2024
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. Comprehensive monitoring, interlocking, and distributed control and protection are some of the strategies deployed by PMS to ensure the safety and reliability of the plant’s electrical system. Additionally, by providing operator assistance for safe, secure and error-free operation of the electrical system, the PMS increases plant operability. In addition, PMS uses automatic functions whenever necessary to aid in faster recovery of the electrical system. At the same time, PMS incorporates functionality to generate reports, while minimizing operator workload.
Likewise, PMS streamlines the maintainability of the plant’s electrical system by gathering maintenance data from historical data and condition-based monitoring systems, while providing appropriate solutions for the analysis of data and maintenance records management. The standard PMS platform also makes it easy to perform offline engineering analysis and power system performance prediction, leveraging plant data from historical, online, fault and disturbance data systems. PMS engineering analysis tools are relevant for improving electrical system reliability by adjusting controls and protection setpoints, while supporting future plant electrical system upgrades and expansions. Additionally, PMS extends technical access to intelligent electronic devices (IEDs) for configuration, settings, and other non-operational data such as fault records.
Amid COVID-19 Crisis, the Global Power Management System Market is Expected to Reach US$5.4 billion by 2024, registering a compound annual growth rate (CAGR) of 6.7% over the analysis period. United States represents the largest regional market for power management system, accounting for an estimated 20.2% share of the global total. The market should reach US$1.2 billion at the end of the analysis period. China is expected to spearhead the growth and become the fastest growing regional market with a CAGR of 8.5% over the analysis period.
The rise of digital lifestyle and digital economy is creating healthy growth in the global data center industry, creating large-scale opportunities for various power system markets, including PMS, which helps data centers 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, are triggering widespread deployments of PMS in the 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 are improving the market prospects for PMS. The marine sector is another large end-use sector. Maritime business is growing due to the intensification of maritime logistics and also maritime tourism, while expanding the demand for maritime PMS.
Automation has become the key feature of the modern industrial manufacturing enterprise, which has paved the way for the design, development and deployment of high-tech systems that help factories and factories run their operations in an automated manner. . The key benefits of automation, such as reduced manual labor requirements, low operating expenses and increased productivity, have captured the attention of global manufacturing, while creating market opportunities for various automation technologies, including PMS, which focuses on automating the factory electrical system.
At the same time, technological advancements and improvements have created vast opportunities in the PMS market, expanding the scope and reach as well as the addressable market for PMS. The modern PMS platform includes the most sophisticated sensors, real-time communication functionality, and advanced software with comprehensive reporting and analytics to deliver a robust solution that protects the plant’s electrical system. Going forward, the PMS market is expected to remain firm in the coming years. The relative stability in the economic scenario, positive business confidence indices and growing global demand for manufactured goods are expected to support the demand for industrial electrical automation systems including PMS. Furthermore, factors such as the continued focus on energy efficiency in industrial manufacturing, the wider deployment of Industry 4.0, the growing adoption of IoT and cloud-based platforms and the Investments in renewable energy facilities are driving strong growth in the PMS market. Following
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