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Monday, June 27, 2022

Global Power Management System Market to be Driven by the Increasing Demand for Power in the Energy-Intensive Industries in the Forecast Period of 2022-2027

The new report by Expert Market Research titled, ‘Global Power Management System Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global power management system market, assessing the market based on its segments like end-users and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2017-2027)

• Historical Market Size (2021): USD 2.3 Billion
• Forecast CAGR (2022-2027): 7.06%
• Forecast Market Size (2027): USD 3.5 Billion

With the increasing complexity of electrical systems and increasing demand for power in the power-intensive industries, power management systems are gaining significant traction in the forecast period. The increasing demand for efficient power management systems in oil and gas and automotive industry, among others, in order to achieve cost-savings on energy, is anticipated to be a major driving factor in the market. The rising investments in the smart grid technology in order to bolster the communication systems and optimize energy resources is anticipated to be a propelling factor in the market. Geographically, North America accounts for a significant share in the market owing to the advanced electrical distribution system across the United States of America and Canada.

Industry Definition and Major Segments

Power management system is defined as a system which manages the distribution, cost, and safety of power in various energy-intensive industries. Power management system can prevent blackouts and disturbances during an electrical operation. It is extremely important in the cases where power consumption is larger than the power production capacity.

On the basis of end-user, the market can be segmented into:

• Utilities
• Data Centers
• Oil and Gas
• Marine
• Others

The regional markets for power management system include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Market Trends

The key trends in the power management systems market include the growing consciousness pertaining to environment degradation and sustainable development goals and stringent government legislations aimed towards optimising the energy management. The integration of human-machine interface (HMI) to allow the users communicate with generators is adding to the market growth. Moreover, the technological advancements in the marine industry are likely to propel the demand for power management systems to make the environment safe and efficient. Some other developments in the market include the increasing demand for power management systems in the automotive industry. In January 2022, Nissan announced that the company began to test the energy management system to focus on carbon neutrality.

Key Market Players

The major players in the market are ABB Ltd, ComAp A.S., RH Marine Netherlands BV, Wärtsilä Corporation, and Marine Control Service AS, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company’s expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.


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