Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Power Management System Market 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global power management system market is poised for substantial growth in the coming years, with estimations suggesting a robust climb from USD 5.8 billion in 2023 to reach a value of USD 7.5 billion by 2028. This upward trajectory signifies a compelling Compound Annual Growth Rate (CAGR) of 5.4% throughout the forecast period.
Central to this expansion is the escalating worldwide demand for enhanced power reliability within various industries. As industries strive to fortify their operational stability, the power management system market is assuming a pivotal role in meeting these aspirations.
In this context, the market is defined, expounded upon, and predicted in this comprehensive report. Delving into crucial aspects, such as components, power sources, applications, and regions, the report amalgamates qualitative and quantitative insights to offer a profound analysis. Unveiling market dynamics, drivers, challenges, and opportunities, the report paints a holistic picture.
Additionally, it spotlights the competitive landscape, rendering a panoramic view of key players like ABB, Siemens, Schneider Electric, General Electric, and Emerson Electric, who wield significant influence over the market with their extensive global presence.
Marine: The largest segment of the power management system market, by end user industry
Based on end user industry, the Power management system market has been split into three types Oil & Gas, Marine, Chemical & Petrochemical, Paper & Pulp, Metals & Mining, Utilities, Data Centre, and Others. The marine industry can reap numerous benefits by implementing power management systems (PMS). These advanced technologies and solutions enable more efficient and effective control, monitoring, and optimization of electrical power on board ships and vessels.
Hardware segment is the second largest segment based on Type in the market
By type, the Power management system market has been segmented into hardware, software, and services. The hardware segment in the power management system (PMS) refers to the physical components and devices that are used to facilitate the control, monitoring, and distribution of electrical power in various applications. The hardware segment encompasses a diverse range of equipment and devices, each serving specific functions in managing electrical power.
South America is expected to be the fastest-growing region in the power management system market
South America is expected to be the fastest-growing Power management system market during the forecast period. According to the World Bank, the power demand in South America is expected to reach 2,500 TWh between 2008 and 2030. The government plans to scale renewable sources of energy such as wind, solar, and biomass-based electricity to generate power. These factors are set to create favorable conditions for the expansion of the power management system market, supporting increased demand and market opportunities.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 161 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $5.8 Billion |
| Forecasted Market Value (USD) by 2028 | $7.5 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Key Insights
- Opportunities in Power Management System Market: The power management system market offers promising prospects for industry players, driven by the adoption of renewable energy sources for electricity generation.
- Dominance in North America's End-User Industry: In the North American power management system market, the oil & gas sector in the US stands out as a dominant player, reflecting its significant role in the regional market.
- Type and Module Trends: The software segment is expected to hold a substantial market share by 2028, accompanied by power monitoring & control modules playing a pivotal role in the market.
- Industry Leadership: The oil & gas industry is positioned to lead the power management system market in 2028, emphasizing its influence on shaping market dynamics.
Market Overview
- Dynamic Market Landscape: The power management system market's dynamics are a blend of drivers, challenges, and opportunities, creating a dynamic industry landscape.
- Key Market Drivers: Increasing demand for energy-efficient equipment, greater adoption of renewable energy sources, and the integration of IoT and cloud-based platforms are key drivers shaping the industry's trajectory.
- Cloud-based Systems Challenges: Security concerns related to cloud-based power management systems present a significant challenge in the market landscape.
- Emerging Opportunities: The market holds potential opportunities in the realm of distributed power generation and increased investments in offshore support vessel production.
- Addressing Challenges: The industry grapples with challenges such as compatibility issues between new equipment and older power networks, and the incorporation of advanced technology.
- Evolving Revenue Patterns: Changing revenue dynamics and emerging revenue pockets are reshaping the landscape for power management system manufacturers.
- Market Ecosystem and Value Chain: The power management system market's ecosystem encompasses raw material providers, manufacturers, distributors, and service providers, while the value chain analysis underscores their interplay.
- Pricing and Competitive Landscape: The Average Selling Price (ASP) analysis and the competitive dynamics assessed through Porter's Five Forces offer insights into the market's competitiveness.
- Key Stakeholders and Buying Criteria: Key stakeholders influencing the buying process within the industry are outlined, along with the pivotal buying criteria for top end-user industries.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Power Management System Market, by Module
7 Power Management System Market, by Type
8 Power Management System Market, by Region
9 Competitive Landscape
10 Company Profiles
11 Appendix
Companies Profiled
- ABB
- General Electric
- Siemens
- Eaton
- ETAP
- Schneider Electric
- Emerson
- Mitsubishi Electric
- Rockwell Automation
- Honeywell International Inc.
- Fuji Electric
- Larsen & Toubro
- Yokogawa
- Wartsila
- CPower
- Brush
- Albireo Energy
- Greystone Energy Systems Inc.
- Omron
- Lineage Power
For more information about this report visit https://www.researchandmarkets.com/r/gzdusi
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