The global power management system market is expected to grow at a CAGR of more than 6% over the forecast period. This growth is mainly attributed to increasing adoption of Internet of Things (IoT) and other cloud-based platforms. Along with this, rising demand for energy efficiency in manufacturing sectors coupled with increasing installation of renewables in various sectors is likely to stimulate market growth.
Factors such as low production cost and its wide application across businesses and residencies are likely to fuel the market growth over the forecast period. However, rising risk of data security such as cyber-attacks and viruses are projected to affect the profitability of market.
Power Management System Market: Type Insights
On the basis of source, the industry is segmented into hardware, software and services. The market for software is anticipated to occupy the highest share owing to increasing technological innovations such as upgradation of existing software. Moreover, rising adoption of cloud-based platforms coupled with growing trend of IoT is likely to boost the market.
Power Management System Market: Module Insights
By form, the industry is segmented into power monitoring & control, load shedding & management, power simulator, energy cost accounting, switching & safety management, generator controls and data historian among others. The power monitoring & control segment is anticipated to register a significant growth rate over the forecast period on account of growing manufacturing sector and rising government investment in developed economies. Along with this, rising oil & gas sector in advanced economies is also projected to foster demand for the product.
Power Management System Market: Application Insights
Power Management System finds its application in oil & gas, marine, chemicals & pharmaceuticals, paper & pulp, utilities, metals & mining, and data canters among others. The marine segment is anticipated to dominate the market over the forecast period owing to rising application of power management system in marine vessels. Moreover, factors such as fuel optimization and automatic load shedding among others are also expected to favour the sector.
Power Management System Market: Regional Insights
Asia Pacific occupied the largest share of this market since the past few years. This can be attributed to growing manufacturing sector in this region. Along with this, rising ship-building sector is also expected to stimulate market growth.
Power Management System Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Power Management System Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase power management system over the coming years. Some leading consumers of this market are Sinopec, Saudi Aramco and Exxon Mobil.
Power Management System Market: Market Share & Competitor Analysis
The key players profiled in the power management system include ABB, Siemens, Eaton, GE, ETAP, Wartsila, Mitsubishi, Schneider Electric, Rockwell Automation, Honeywell, Yokogawa, Larsen & Toubro, and Cpower.
In January 2018, Cyber Power Systems (USA), Inc., launched an uninterruptible power supply (UPS) system. The system is designed to protect building and industrial controls and devices from surges, power failure, over-voltages and interruptions.
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