Wilmington, Delaware, United States, June 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Power Management System Market is projected to flourish at a CAGR of 11.6% from 2023 to 2031. As per the report published by TMR, the global power management system market is expected to reach a value of US$ 14.4 trillion by 2031. The market was valued at US$ 5.4 trillion in 2022.
The increasing population growth, urbanisation, and industrialization are significant drivers for the power management system market. With an increasing number of power generation facilities to meet demand, the need for efficient and reliable power management systems increases globally. The increased demand for cleaner and renewable energy sources, such as solar, wind, and hydroelectric power, is expected to drive the power management systems market during the forecast period.
Increased need for improved energy management and The increasing demand from industries and the manufacturing sector is expected to drive the market for power management systems, as this system controls the charging and discharging of energy storage devices for optimal utilization. With the increasing need for effectively managing and integrating these distributed energy resources (DERs) into the grid, demand for power management systems increases.
The increasing concept of smart cities and smart grids is gaining traction worldwide. These initiatives aim to create intelligent and interconnected energy ecosystems that efficiently manage power generation, distribution, and consumption. This is likely to increase the demand for advanced power management systems.
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Market Scope:
| Market Revenue | USD 5.4 Trn | |
| Estimated Value | USD 14.4 Trn | |
| Growth Rate - CAGR | 11.6% | |
| Forecast Period | 2023 - 2031 | |
| No. of Pages | 430 Pages | |
| Market Segmentation | By Component, Application, End-use | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
Key Takeaways from the Market Report
- As of 2023, the power management systems market is forecast to reach US$ 6.02 trillion
- By application, the performance monitoring segment is expected to account for key market share in 2023
- Based on components, the hardware segment remains popular as it efficiently monitors, controls, and distributes electric power
- North America is projected to be a lucrative market for power management systems.
Power Management System Market: Prominent Drivers and Trends
- Increasing demand for energy-efficient solution and increased concern regarding climate change is expected to drive market growth during the forecast period
- Increasing awareness among the population and increasing use of renewable energy sources are expected to provide an opportunity for market expansion.
- Technological innovation and an increase in research & development activities and the introduction of efficient power solutions accelerate the growth of the market during the forecast period.
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Power Management System Market: Regional Analysis
- North America is expected to lead the power management system market due to the increased need for energy efficiency and increasing adoption of renewable energy sources such as wind and solar. Increasing focus on smart grid technology in the region is fueling the market growth.
- Asia Pacific is expected to exhibit the highest share in the power management system market owing to the increased energy consumption. The large population base, increased urbanization, and industrialization are fueling regional market growth. Increasing energy costs and favorable government rules support the growth of power management systems in the Asia Pacific.
Competitive Landscape
Transparency Market Research has profiled the following players in its global power management system market report:
- General Electric
- ABB
- Siemens
- Eaton
- ETAP
- Schneider Electric
- Mitsubishi Electric
- Rockwell Automation
- World Benchmarking Alliance
- Emerson
The key power management system market players are focusing on providing more advanced and energy-efficient solutions. Market players are also engaged in regulatory approvals, the launch of new products, and new and strategic collaborations.
- Eaton is a global provider of power management systems that help customers optimize energy usage, improve power quality, and enhance operational efficiency. Eaton's solutions include smart meters, energy management software, and power distribution control systems for various applications, including industrial, commercial, and utility sectors.
- GE provides comprehensive solutions for power generation, transmission, and distribution, including advanced control systems, energy management software, and grid optimization solutions. GE focuses on developing intelligent solutions that enhance grid stability, enable renewable energy integration, and improve asset performance.
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Power Management System Market: Key Segments
Component
- Hardware
- Computer Server
- Controller
- Sensor
- Communication Network
- Others
- Software
- Supervisory Control & Data Acquisition (SCADA)
- Advanced Distribution Management Solution (ADMS)
- Outage Management System (OMS)
- Generation Management System (GMS)
- Internet of Things(IoT)
- Others
Application
- Performance Monitoring
- Load Proofing and Scheduling
- Outage Scheduling
- Maintenance & Inspection
- Optimal Power Flow
- Automation Control & Dispatch
- Data Security
- Others
End-Use
- Oil & Gas
- Petrochemical
- Marine
- Power & Energy
- Manufacturing
- Healthcare
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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