Wilmington, Delaware, United States, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global power management services market is projected to flourish at a CAGR of 6.9% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 6.9 billion is anticipated for the market in 2031. As of 2023, the demand for power management services is expected to close at US$ 4.1 billion.
The increasing global demand for energy, driven by population growth, industrialization, and urbanization, requires efficient power management services to ensure a stable and reliable power supply.
Strong government policies on energy efficiency and numerous government regulations have been enacted to adopt safe and cost-effective sources of energy. This is also estimated to boost the power management services market.
The increasing global demand for energy, driven by population growth, industrialization, and urbanization, creates a need for efficient power management services to ensure a stable and reliable power supply.
Governments and businesses worldwide focus on energy efficiency to reduce carbon emissions and minimize energy costs. Power management services play a crucial role in optimizing energy consumption and improving overall efficiency.
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Competative Landscape
The global power management services market comprises several small and large-scale service providers that control majority of market share. Most of the firms are adopting new technologies and strategies with comprehensive research and development, primarily to develop and prioritize sustainable power maintenance service. Diversification of product portfolios and mergers & acquisitions are prominent strategies adopted by key players.
- ABB
- Siemens
- BRUSH.
- Eaton
- Wärtsilä
- Rockwell Automation
- Honeywell
- L & T
- Fuji Electric
- Mitsubishi Electric.
- Schneider Electric
- General Electric
- Operation Technology. Inc.
The deployment of smart grid technologies, including advanced metering infrastructure (AMI) and grid automation, creates opportunities for power management services. These services help utilities monitor and control the grid more effectively.
Key Takeaways from the Market Study
- As of 2022, the power management services market was valued at US$ 3.8 billion
- The preventive and predictive maintenance segment is estimated to dominate the market during the forecast period.
- Based on end-user industry, the power generation segment dominated the global power management services market.
Power Management Services Market: Key Trends and Opportunistic Frontiers
- Growing adoption in manufacturing and process industries to drive demand for power management systems
- High demand for energy-efficient solutions to boost the global power management system industry
- The rising penetration of IoT and AI may create lucrative opportunities for power management system manufacturers
- Increasing usage of renewable energy sources such as solar power and wind may boost power management system sales
- The introduction of government policies increase to energy efficiency and counter climate change may support market expansion
- Growing focus on sustainability and carbon reduction may act as a catalyst triggering power management system sales
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Power Management Services Market – Regional Analysis
- Asia Pacific accounted for a prominent global market share in 2021. In Asia Pacific, countries such as China, India, Japan, etc., are expected to witness rapid increase in industrial activities, along with the growth of the manufacturing sector and a rise in the number of data centers. The electric power industry in China is the world’s largest electricity generator, which tends to have a larger number of power plants.
- The North American market benefits from a high level of technological adoption, stringent environmental regulations, and a growing emphasis on energy efficiency. The integration of renewable energy sources and the need for grid modernization contribute to the demand for power management services.
Key Developments in the Power Management Services Market
- In December 2022, BHP, one of the leading producers of iron ore, copper, etc. selected ABB to deliver a power management system for their Jansen Potash Project in Canada. This may help in providing nutrient-rich potash fertilizer to promote sustainable farming around the globe.
- In February 2023, Siemens AG partnered with EnergyHub to broaden its ecosystem of a grid software business. The firm is a top supplier of software for grid planning, operation, and software maintenance.
Power Management Services Market – Key Segments
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
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