The power management system market size is expected to expand significantly at a CAGR of 7% during the forecast period, owing to the increasing requirement for energy efficiency throughout the industrial landscape.
Integration of sophisticated technologies such as cloud-based platforms and IoT are likely to drive rapid industrial growth. Power management systems are dedicated microsystems designed to aid in the intelligent automation of industrial power grids.
Power management systems are designed to prevent blackouts and optimize the performance of operations and vital processes in load shedding and power system control applications.
The power monitoring and control category led the market with a 23.68% share and is likely to retain its dominance during the forecast years.
With a power management system market share of 25.8%, the oil and gas category leads.
· By 2027, Latin America is expected to account for a sizable part of the power management system market. This is mostly due to the region’s expanding grid construction and energy-related enterprises.
Another significant driver of the power management system market is an increase in electricity demand. Governments and businesses all around the world are investing in the installation of grids in remote locations. The need for power management systems is expected to rise as a result of this.
As a result, an increase in electricity consumption is expected to boost the power 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 power management system market. Renewables are rapidly becoming the world’s fastest-growing energy source.
Despite the COVID-19-induced economic downturn, renewable energy capacity exceeded previous predictions.
The pandemic triggered by the unique coronavirus outbreak has not only resulted in a catastrophic health catastrophe but has also ushered in a new period of economic instability across a wide range of industries. This is visible in a variety of ways, most notably in energy demand and consumption patterns.
Power monitoring and control sector in the power management system market demand is predicted to be strong in industries such as oil & gas, mining, data centres, and telecom & IT. These industries are concentrating their efforts on creating a more energy-efficient system. As a result, the power monitoring and control segment is expected to grow significantly in the near future.
The end-user segment of the power management system market, oil and gas and telecom, and IT are expected to grow at a substantial CAGR throughout the projection period.
Due to frequent improvements and the introduction of new energy management technologies, the software will emerge as a key segment in the power management system market by 2027.
The Asia Pacific area is a prosperous region for the power management system market. The market in the region is likely to grow at a rapid CAGR during the forecast period as a result of increased industrialization and government attempts to electrify all areas of their respective countries.
In terms of electricity consumption in the Asia Pacific, China, India, and Japan are the leaders. The region’s need for power management systems is increasing as people become more aware of the benefits of conserving energy. During the predicted period, this tendency is likely to continue.
Some of the leading players in the power management system market include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), GE (US), ETAP (US), Wartsila (Finland), and Mitsubishi (Japan).
Contracts & agreements were the most commonly adopted strategy by top players in the power management system market. It was followed by new product developments, investments and expansions, and mergers & acquisitions.
Eaton, a prominent power management company, will release its new Intelligent Power Manager (IPM) 2 software to the worldwide market in July 2021. The software, which was launched as a major component of the Eaton Brightlayer Data Centers package, was aimed to provide stronger power infrastructure control in edge computing or business applications to minimize costly outages.
In June 2021, Chile will inaugurate Latin America’s first concentrated solar power facility, which will provide 100% renewable and clean electricity to over 380,000 households. Cerro Dominador is a first-of-its-kind hybrid solar thermal and photovoltaic system in Latin America, with a total capacity of 210 MW that will deliver green energy to Chile’s power grid.
These insights are based on a report Power Management System Market by Future Market Insights