Power Management System Market is Expected to be Dominated by Asia-Pacific Until 2028
Increasing focus on safety, especially in manufacturing environment and increase in awareness regarding energy efficiency are expected to drive the power management system market during the forecast period 2024-2028.
According to TechSci Research report, “Power Management System Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F”, the global power management system market is anticipated to register a robust growth during the forecast period. Electrical switching devices and systems are controlled by power management systems. Most businesses today must practice energy conservation as it increases system energy efficiency and contributes to significant cost savings.
Power management solutions can also mimic the display of your hardware and electrical system. It notifies you of any irregularities while continuously monitoring electrical characteristics. Other technologies, including electrical SCADA, load metering, electrical monitoring and control systems, event playback, and automation systems, are also integrated into the system.
On the other hand, the outdated infrastructure for energy production and delivery is one of the main problems that industrialized countries face. Delivering consistent and economical power puts a significant load on the infrastructure for energy generation and delivery. In many countries throughout the world, the high costs of network failures, customer minutes lost, and network maintenance and upgrade charges are a concern. It is projected that the power management system will expand in the near future since it may also provide more dependability at a cheaper cost.
Rise in demand for electricity is another key driver of the power management system market. Governments and companies across the globe are investing in the installation of grids in remote places. This is projected to boost the demand for power management systems. Thus, a rise in demand for electricity is anticipated to propel the power management system market during the forecast period.
Global power management system market is segmented into type, module, end-user, and region. Based on type, the market is segmented into hardware, software, and services. Based on module, the market is segmented into power monitoring, load shedding, power simulator, generator controls, and others. Based on end-user, the market is segmented into oil & gas, marine, and metals & mining. Based on region, the market is segmented into North America, Asia-Pacific, Europe, South America, Middle East & Africa.
Based on type, the software segment dominated the global power management system market in 2022, owing to the implementation of automation in industries like automotive, IT & telecom, use of IoT, and cloud platforms across the world.
Based on module, power monitoring segment dominated the global power management system market in 2022 because of prevalent application in the industrial sector for data analysis, voltage management, gauging and controlling energy requirements, and upkeep of overall power.
Based on end-user, oil & gas dominated in the global power management system market in 2022 due to the mounting exploitation of power management system in the oil & gas business is assisting the growth of the global power management system market. As uninterrupted power supply (UPS) is fundamental in the sector, power management systems are increasingly deployed to stream consistent power supply, which is extending the market growth. Furthermore, power management systems avoid outages, reduce operating costs, and increase safety while strengthening energy-efficiency, which is increasing the growth of the market. With the mounting focus on sustainability in the oil and gas industry, power management systems are significantly deployed, thereby augmenting the growth of the global power management system market.
Based on region, Asia-Pacific dominated the global power management system market in 2022, owing to the rise in industrialization and government initiatives of electrification in all parts of their countries. China, India, and Japan are the leading countries in terms of power consumption in Asia-Pacific. Increase in awareness about power saving is boosting the demand for power management systems in the region. This trend is expected to continue during the forecast period
Major market players
operating in the global Power Management System market are:
·
ComAp AS
·
Brush Group
·
ABB Ltd
·
ETAP (Operation Technology Inc.)
·
Wartsila Oyj Abp
·
INTECH Process Automation Inc.
·
RH Marine Netherlands BV
·
Marine Control Services
·
Kongsberg Gruppen ASA
·
SELMA
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“Demand for power management
systems will increase during the projected period as more sophisticated
energy-efficient technologies are adopted across a variety of industries,
including utilities, oil & gas, paper & pulp, and others. The market
will also develop as a result of the rise in data centres and the significance
of power management systems inside them. Additionally, the market for power
management systems is seeing innovation due to growing adoption of internet of
things (IoT) and artificial intelligence (AI) technologies. These technologies
can help organizations save money by reducing waste and maximizing energy use.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
Download Free Sample Report
Customers can also request for 10% free customization on this report.
“Demand for power management systems will increase during the projected period as more sophisticated energy-efficient technologies are adopted across a variety of industries, including utilities, oil & gas, paper & pulp, and others. The market will also develop as a result of the rise in data centres and the significance of power management systems inside them. Additionally, the market for power management systems is seeing innovation due to growing adoption of internet of things (IoT) and artificial intelligence (AI) technologies. These technologies can help organizations save money by reducing waste and maximizing energy use.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Power Management System Market- Global Industry Size, Share, Trends, Opportunities, and Forecast 2018-2028F Segmented By Type (Hardware, Software, Services), By Module (Power Monitoring, Load Shedding, Power Simulator, Generator Controls, Others), By End-User (Oil & Gas, Marine, Metals & Mining), By Region, Competition”, has evaluated the future growth potential of Global Power Management System Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global power management system market.
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