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Global Power Management System Market to Grow at a CAGR of 7.06% During 2022-2027, Driven by the Rising Demand for Power Management Systems in the Utility Sector

According to a new report by EMR titled, ‘Global Power Management System Market Report and Forecast 2022-2027’, the global market for power management system attained a value of about USD 2.3 billion in 2021. The industry is further expected to grow at a CAGR of 7.06% in the forecast period of 2022-2027 to reach a value of approximately USD 3.5 billion by 2027.

The Asia Pacific holds a significant share of the power management system industry owing to the growing demand for power management systems in the utility sector. The extensive demand for efficient power management systems in the manufacturing and oil and gas industries to streamline workflow efficiencies is driving the industry growth. As countries like India and China are witnessing rapid industrialisation and urbanisation, the demand for power management systems for providing power supply is increasing, hence augmenting the growth of the market. Moreover, the rising deployment of power management systems in data centres to meet the growing demand for high-speed networks is providing further impetus to the market.

Some of the leading companies in the market are ABB Ltd (NYSE: ABB) and RH Marine Netherlands BV. The latter developed an on-board cloud solution that simplifies repairs and updates while automating the network in November 2019. The system is inspired by cloud-technology that automates system integration. It offers an on-board computer network, which connects the power management system to the Alarm Control and Monitoring System  (ACMS) and engine room. The system operates all software applications to enable efficient functioning during workstation failures and power outages. It can be installed on board any vessel during the construction and design phase, which makes it an ideal solution for refits and on-builds. Moreover, it makes vessels smarter and easy to operate. The development of such solutions is surging the demand for power management systems, which is driving the market growth.

Market Analysis by End-User and Region:

  • The market, on the basis of end-user, can be divided into utilities, data centres, oil and gas, and marine, among others.
  • The regional markets for power management system include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing use of power management systems to enhance the energy-efficiency in the marine industry is bolstering the market growth.
  • The market is being aided by the growing deployment of automatic power management systems to automate power conservation as well as regulate power generation.
  • The growing use of power management systems to provide a consistent power supply and reduce operating costs in the oil and gas industry is propelling the market growth.
  • The market is being aided by the integration of artificial intelligence (AI) in power management systems, which is automating maintenance and operations while bolstering energy-efficiency.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for power management system for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the end-users and major regions of power management system.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global power management system market are ABB Ltd, ComAp A.S., RH Marine Netherlands BV, Wärtsilä Corporation, and Marine Control Service AS, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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