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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.
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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.
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