Power management systems market is expected to reach US$6.69 billion in 2032 with a steady CAGR of 6.1% from 2022 to 2032
The energy management systems market The size is expected to increase significantly at a CAGR of 6.1% during the forecast period, owing to the increasing requirement for energy efficiency across the industrial landscape.
The integration of sophisticated technologies such as cloud-based platforms and IoT is likely to drive rapid industrial growth. Power management systems are dedicated microsystems designed to facilitate intelligent automation of industrial power grids.
Power management systems are designed to prevent outages and optimize the performance of vital operations and processes in power system control and load shedding applications.
Another significant driver for the energy management systems market is the increase in the demand for electricity. Governments and businesses around the world are investing in installing networks in remote locations. The need for power management systems is expected to increase accordingly.
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As a result, an increase in electricity consumption is expected to drive the energy management system market throughout the forecast period.
The growing number of renewable energy installations is one of the most notable factors driving the growth of the energy management systems market. Renewables are quickly becoming the fastest growing source of energy in the world.
Despite the COVID-19-induced economic downturn, renewable energy capacity exceeded previous forecasts.
The pandemic triggered by the unique coronavirus outbreak has not only resulted in a catastrophic health disaster, but also ushered in a new period of economic instability across a wide range of industries. This manifests itself in a variety of ways, including patterns of energy demand and consumption.
The power monitoring and control segment in the power management system market is expected to be strong in industries such as oil and gas, mining, data centers, telecommunications and computing. These industries focus their efforts on creating a more energy-efficient system. As a result, the power monitoring and control segment is expected to witness significant growth in the near future.
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The end-user segment of the power, oil & gas, telecommunications and IT management systems market is expected to grow at a substantial CAGR throughout the projection period.
Due to frequent enhancements and introduction of new energy management technologies, software will become a key segment of the energy management system market by 2027.
Asia-Pacific is a thriving region for the power management systems market. The region market is expected to grow at a rapid CAGR during the forecast period owing to increased industrialization and government attempts to electrify all regions in their respective countries.
In terms of electricity consumption in Asia-Pacific, China, India and Japan are the leaders. The region’s need for energy management systems is growing as people realize the benefits of energy conservation. Over the forecast period, this trend is expected to continue.
By 2027, Latin America is expected to account for a major share of the energy management systems market. This is mainly due to the expansion of grid construction and energy-related businesses in the region.
Key points to remember:
- The power monitoring and control category leads the market with a share of 23.68% and is expected to maintain its dominance over the forecast years.
- With an energy management systems market share of 25.8%, the oil and gas category leads the way.
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Key players in the power management system market include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), GE (US), ETAP (US), Wartsila (Finland) and Mitsubishi (Japan).
Contracts and agreements were the most common strategy adopted by major players in the energy management systems market. It was followed by new product developments, investments and expansions, and mergers and acquisitions.
- Eaton, a leading power management company, will release its new Intelligent Power Manager (IPM) 2 software to the global market in July 2021. The software, which was released as a major component of the Eaton Brightlayer Data Centers package, aimed to provide better control of the power infrastructure in edge computing or enterprise applications to minimize costly outages.
- In June 2021, Chile will inaugurate the first concentrated solar power plant in Latin America, which will supply 100% renewable and clean electricity to more than 380,000 homes. Cerro Dominador is a unique hybrid solar thermal and photovoltaic system in Latin America, with a total capacity of 210 MW that will supply green energy to the Chilean electricity grid.
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