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- Global Power Management Systems Market to Reach US$5.2 Billion by the Year 2026
- The Power Management System (PMS) is a specially designed technology platform that controls the plant electrical system and electrical switchgear, with the objective to deliver safe and reliable power supply by resolving unsettling influences and power outage issues. PMS design places emphasis on improving the safety, reliability, operability, maintainability, code compliance, and Design Codes of plant electrical system, while acknowledging the relevant IEC standards, and national and local regulations. Growth in the global is set to be driven by numerous growth encouraging factors. While uptrend in key end-use verticals such as data centers, oil & gas, metals & mining, and marine has a strong bearing on market expansion, increased emphasis on industrial automation and roll out of advanced PMS platforms instigated widespread growth of the market. The rise of digital lifestyle and digital economy induced a healthy trajectory in global data center industry, creating large-scale opportunities to various electrical systems markets including PMS, which aid data centers in streamlining their electrical system efficiency and performance. Similarly, stupendous increase in oil & gas sector along with critical requirement of reliable and consistent power in on-shore, off-shore, storage and refinery units, triggered widespread deployments of PMS in oil & gas plants. Likewise, the mining industry`s strong lenience towards reliable power sources that eliminate production floor disturbances due to power outages enhanced the market prospects for PMS. Marine sector is another major end-use sector, which accelerated the market momentum in a major way. Shipping activities grew on a large scale during recent decades, due to intensified maritime logistics and also due to marine tourism, while widening the demand for marine PMS.
- Amid the COVID-19 crisis, the global market for Power Management Systems estimated at US$4 Billion in the year 2022, is projected to reach a revised size of US$5.2 Billion by 2026, growing at a CAGR of 6.1% over the analysis period. Software, one of the segments analyzed in the report, is projected to grow at a 6.1% CAGR to reach US$2.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hardware segment is readjusted to a revised 6.9% CAGR for the next 7-year period. This segment currently accounts for a 23.4% share of the global Power Management Systems market. - The U.S. Market is Estimated at $836.7 Million in 2022, While China is Forecast to Reach $746.4 Million by 2026
- The Power Management Systems market in the U.S. is estimated at US$836.7 Million in the year 2022. The country currently accounts for a 20.94% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$746.4 Million in the year 2026 trailing a CAGR of 8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR while Rest of European market (as defined in the study) will reach US$174.9 Million by the end of the analysis period. Higher uptake of PMS by industrial facilities in the developed world is influenced by factors such as strong emphasis on improving the reliability and safety of plant electrical system, inclination towards industry-wide automation to comply with productivity objectives, and reducing overall energy consumption. Energy consumption has emerged as a prime focus area for industrial entities in the US and other developed nations, against the backdrop of rising governmental initiatives to minimize carbon emissions from various sources including factories and plants. Such governmental programs have wielded huge impact on energy management in industrial enterprises across the board, while generating substantial opportunities for PMS. Asia-Pacific (excluding China and Japan) constitutes the second fastest growing regional market. PMS deployments in the Asia-Pacific region are being fueled by growing awareness about power management among industrial entities in the region. Such momentum is especially visible in India, Australia, South Korea, Taiwan, Thailand, and Malaysia. Rising electrification and digitalization have been offset partly due to increased energy efficiency. The emerging economies are estimated to account for the majority of electricity demand growth globally. - Services Segment to Reach $1.7 Billion by 2026
- Services constitute a major segment within the world PMS market. Although the full-fledged PMS software and hardware remains at the core of power management program, services play an important role from basic feasibility study through performance evaluation and follow-through actions. Further, importance of PMS services remains highly relevant in managing, maintaining and monitoring of PMS platform. In order to achieve power management objectives, industrial entities focus on a range of services including Project Services, Consultancy Services, Training & Educational Services, and Lifecycle Services. In the global Services segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$776.5 Million will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$246.9 Million by the year 2026, while Latin America will expand at a 6.4% CAGR through the analysis period. Select Competitors (Total 152 Featured) ABB Ltd. Brush Group Eaton Corporation Inc. Emerson Electric Company ETAP/Operation Technology, Inc. General Electric Company Honeywell International Inc. Larsen & Toubro Limited Mitsubishi Electric Corporation Rockwell Automation, Inc. Schneider Electric SE Siemens AG Wärtsilä Corporation
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