Wilmington, Delaware, United States, July 07, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Rising demand for improving energy efficiency and continuous need for increasing reliability of power transmission and distribution to various industries has bolstered the revenue potential of key market segments in power management services market. Growing government investments in smart energy management systems will create new streams of revenue of power management services market. The global market is forecast to advance at CAGR of 6.9% from 2022 to 2031.
Service providers are increasingly offering advanced power management software to capture growing revenue of power management services market. In particular, electric automation companies are keen on reaping revenue gains by offering solutions equipped with IoT in order to boost maintenance, support, and improvement services. Of note, the demand for such technologies in the power management services market is reinforced by the trend of predictive maintenance.
Solutions for preventive and predictive maintenance of energy infrastructure present largest opportunity for power management services market players. Energy companies are also adopting automation solutions for new installations, expanding future market outlook for power management services. Growing need for upgrading aging power generation infrastructure in various countries around the world will broaden future market outlook for power management services.
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Key Findings of Power Management Services Market Study
- Upgrade of Power Transmission and Distribution Assets Reinforcing Revenue Growth: Growing investments of governments and utility companies on power transmission and distribution (T&D) units have bolstered the demand for automation solutions. An array of solutions have been adopted with focus on increasing the productivity of the T&D assets, thus boosting the power management services market.
- Need for Reliable Power Distribution to Industries Propelling Massive Demand: Needs for maximizing reliability and reducing total costs in energy production are steering demand for power management services in the power distribution. Automation of power plants has gathered momentum notably in renewable energy generation. Solution providers in power management services market have also tapped into the massive revenue gains by offering solutions especially for clients to help them manage aging energy infrastructures. Energy companies are increasingly demanding power management solutions for predictive and preventive maintenance of assets. A case in point is enormous profitable avenues in the global power management services market emerging from installation of energy management systems. They are preferred for aging energy generation and distribution infrastructure in the U.S. and numerous other developing economies in Europe.
- Demand in Power Generation to Drive Enormous Revenues: Power generation presents a massive avenue for providers in the power management services. The segment held largest revenue share in power management services market—amounting to 42%--in 2021. The solutions are especially being used to obtain insights on power-related events in real time in order to boost productivity.
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Power Management Services Market: Key Drivers
- Growing spending of the governments in numerous countries on upgrading an aging power transmission and distribution infrastructure is a key driver for the installation of automation systems for power management. This is enriching the prospects of the power management services market.
- Need for increasing energy security as one of the sustainable goals of economies has boosted the outlook of the power management services market
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Power Management Services Market: Regional Growth Dynamics
- Asia Pacific is a potentially lucrative power management services market; it held a market share of 49.2% in 2021. Rise in consumption of power in several industries particularly manufacturing sector and growing number of data centers have spurred the demand for power management services. Several countries including China, India, and Japan have been at the forefront of profitable avenues.
- Europe is expected to witness substantial revenue streams during the forecast period. Enormous demand for automation solutions is expanding avenue in the Europe power management services market. Rise in investments in renewable power plants has opened up new opportunities in recent years.
Power Management Services Market: Key Players
Some of the prominent players in the power management services market are Operation Technology. Inc., General Electric, Schneider Electric, Mitsubishi Electric., Fuji Electric, L & T, Honeywell, Rockwell Automation, Eaton, ABB, and Siemens.
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Power Management Services Market Segmentation
- Service Type
- System Start-up
- Testing and Commissioning
- Upgrades and Retrofits
- Power System Engineering Studies
- Preventative and Predictive Maintenance
- Life Extension and Modernization
- Emergency Service and Support
- Training
- End-use Industry
- Power Generation
- Fossil-based
- Renewable
- Oil & Gas
- HVAC
- Aerospace & Defense
- Water & Wastewater
- Pulp & Paper
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- Japan
- China
- India
- ASEAN
- Brazil
- Mexico
- GCC Countries
- South Africa
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