Power Management System Market Size, Share and Global Trend By Type (Hardware, Software, Services), By Module (Power Monitoring, Load Shedding, Power Simulator, Generator Controls, Others), By End-User (Oil & Gas, Marine, Metals & Mining) and Regional Forecast, 2024-2032

A power management system is a gadget that controls the electrical system and electrical switchgear. Also, improving power by forestalling power outages and aggravations. Most of the organizations today need to conserve energy. It helps to save a considerable amount of money and make the system energy efficient.

This helps to enhance the productivity of the industry during a power outage. The power management system helps to meet these goals of the industry. The power management system can screen your essential power system as well as any backup system. The frameworks help limit hardware breakdowns, control spikes, and shutdowns and proactively advance your capacity to organize.

A power management system can likewise follow the exhibition of your electrical system and hardware. It gives the real-time monitoring of electrical parameters and alerts you to any anomalies. The system additionally incorporates different arrangements, for example, electrical SCADA, load gauging, electrical observing, and control system, occasion playback, and automation system.

The demand for power management systems is expanding, as it is very vitality proficient and includes low creation cost. It is progressively being utilized in organizations and residencies to screen and diminish vitality utilization, which leads to low power costs. industries are progressively centering after lessening their production cost without settling on quality. A power management system helps to reduce the operational cost for enterprises.

On the basis of the type, the global power management system market can be segmented into hardware, software, services. The software segment is expected to dominate the market in the above segment. Owing to the increase in adoption of automation in industry, use of IoT, and cloud platform across the world.

On the basis of the module, the global power management system market is segmented into power monitoring, load shedding, power simulator, generator controls, and others. Power monitoring is expected to dominate the market in the above segment. Its wide application in the industrial sector for measuring and controlling energy requirement, analysis of data, controlling voltage and to maintain overall power.

On the basis of end-user, the global power management system market is segmented into oil & gas, marine, metals & mining, data centers, utilities and others. Marine is expected to dominate the market in the above segment. The power management system is used to support vessels of cargo, defense, etc.

The large quantity of oil or gas has been consumed by marine vessel to generate power. A power management system helps to maintain advance load distribution, on or off of a generator, fuel enhancement, and switching operation, etc. 

The factor that is expected to drive the growth of the global power management system market is the demand for power management system is expanding, owing to its energy-efficient features. This helps to reduce low production costs. It is widely utilized by both industrial as well as a residential sector to reduce the power cost.

Industries are more focusing on reducing the production cost with the same quality. a power management system helps to reduce production costs. Owing to the increase in industrial processes this leads to a rise in the power management system market to grow.

The factor that is expected to restrain the growth of the global power management system market is with the advancement in technology and the use of IoT and cloud platform this leads to increasing more concern about data security.

Key Players Covered

Some of the major companies in the global power management system market are ABB, Siemens, Eaton, GE, ETAP, Rockwell Automation, Schneider Electric, Honeywell, L&T, Fuji Electric, Yokogawa, Emerson, and Mitsubishi Electric.

SEGMENTATION

Regional Analysis

The global power management system market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the Asia Pacific owing to countries like China, India, Japan, etc. These show rapid growth in industrial activities along with the growth of manufacturing sectors and data centers. In North America, the USA has a large number of industries that are adoption IoT and cloud-based system in their operational purposes. Owing to increasing demand for energy-efficient systems from these end-user industries help to escalate the power management system. In Europe, power management system is adopted by most of the manufacturing industries. It helps to reduce the production cost and without lowering the quality. Also, help to track the performance of the electrical system and equipment and minimize equipment malfunctions. Increasing investment in R&D to develop the automation system and portable devices for industries.

Key Industry Developments

• In Mar 2019, Eaton has committed to invest $500 million to secure contracts for a key part of electrified vehicle powertrain programs.
• In May 2018, Schneider Electric helps CPFL Energia, Brazil for modernizing the distribution operation system with EcoStruxure ADMS. The undertaking will probably improve electric system operational productivity for five CPFL Energia distributor.
• In Jun 2018, Eaton has secured a contract from the U.S. Department of Reclamation, Mid-Pacific Region, to lead an electrical life expansion and modernization venture at the Shasta and Keswick hydroelectric power plants in California. The task will update the existing generation system at the Sacramento River dams to help progressively effective vitality creation and improve grid stability.