Global Power Management System Market Size (2024 - 2029)

The power management system market is experiencing growth driven by the increasing demand for robust electrical systems in smart factories, influenced by automation, robotics, and IoT connectivity. The liberalization of world trade and the rising importance of safety at sea are also contributing to the market's expansion. Additionally, the surge in power consumption and load shedding cases during the COVID-19 pandemic has created significant growth opportunities for power management solutions. These factors collectively indicate a positive trajectory for the market size in the coming years.

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Market Size of Global Power Management System Industry

Power Management System Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 7.02 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Power Management System Market Key Players

*Disclaimer: Major Players sorted in no particular order

Power Management Market Analysis

The global power management system market was valued at USD 2.03 billion in 2019, and it is projected to be worth USD 2.81 billion by 2025, registering a CAGR of 7.02% during the period of 2019-2025. The market is experincing growth, owing to the liberalization of world trade, where there has been an increase in the number of ships that traverse the oceans, which, in turn, impacts the demand for such solutions. Safety at sea is gaining importance and governments of various countries are exploring various technologies. 

  • With automation, robotics, and IoT connectivity propelling in smart factories globally, there is a critical need to ensure robustness of electrical systems. Power management systems, in such scenario, help improve reliability of electrical distribution and optimize consumption.
  • According to a 2019 survey by 360training.com, a provider of online OSHA and EHS training, done on more than 1,000 adults working in industries, impacted by Environment, Health and Safety (EHS), including utilities, construction, transportation, and manufacturing, slips, trips and falls, and electrical hazards were the top safety concerns for utility worker. The survey found that concern for on-the-job survey is on the rise with 39% of all respondents more concerned with on-the-job safety in 2019 than they were in 2018. This signifies an increasing need for power management systems.
  • Aditionally, During the recent COVID-19 outbreak and nationwide lockdown in many of the regions, the power consumption witnessed a surge, which also increased in load shedding cases. These load shedding and management solutions will find massive growth opportunities for the market in various regions. 
  • For instance, despite a drop in demand due to the COVID-19 lockdown in South Africa, State-run Eskom implemented various rounds of load shedding since the COVID-19 outbreak. The authority recently implemented the latest round of load shedding due to the severe problem in the power generation system in September 2020. Load shedding is likely to continue until September 2021, according to the government.

Power Management Industry Segmentation

A Power Managemnt System (PMS) is a control system or electrical generators which are often provided as a part of the IAS. They ensure the safety, reliability and efficiency of all the electrical distribution systems in a given area. Hence ensuring the power capacity is in line with vessel power at any time. The study is focuses only on various harware porvided by diffrent competitive vendors

End User
Utilities
Data Centers
Oil and Gas
Marine
Other End Users
Geography
North America
Europe
Asia-Pacific
Rest of the World
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Global Power Management System Market Size Summary

The power management system market is experiencing significant growth, driven by the increasing need for robust electrical systems in smart factories and the rising importance of safety at sea. The liberalization of world trade has led to a surge in maritime activities, prompting governments to explore advanced technologies for maritime safety. Additionally, the integration of automation, robotics, and IoT connectivity in industries necessitates reliable power distribution and optimized consumption, further fueling market demand. The COVID-19 pandemic highlighted the critical need for load management solutions, as power consumption surged and load shedding became more prevalent in various regions. This trend underscores the growing awareness of protection systems against electrical faults, particularly in manufacturing and processing industries, which are increasingly adopting Industry 4.0 technologies.

In the Asia-Pacific region, the power management system market is bolstered by the rise in manufacturing and other industries such as data centers and metals and mining. The region's increasing power consumption, coupled with strategic partnerships and collaborations among market vendors, is expected to drive market growth. Companies like ABB Ltd and Noris Group GMBH are leveraging strategic initiatives to expand their global presence and enhance profitability. The market is competitive, with major players focusing on expanding their customer bases and increasing their market shares through collaborative efforts. Recent developments, such as the extension of the NORIS-SIBO Automation joint venture, highlight the ongoing efforts to strengthen market positions, particularly in regions like China.

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Global Power Management System Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Assessment of the COVID-19 Impact

    3. 1.3 Industry Attractiveness - Porter's Five Industry Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers?

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitutes

      5. 1.3.5 Intensity of Competitive Rivalry

    4. 1.4 Industry Stakeholder Analysis

    5. 1.5 Components of Power Management System

      1. 1.5.1 Protection System

      2. 1.5.2 Wide Area Control Systems or Remedial Action Schemes (RAS)

        1. 1.5.2.1 Influencing Factors for RAS

        2. 1.5.2.2 Influencing Factors for RASCentralized RAS (CRAS) V/s Standalone RAS

        3. 1.5.2.3 Projects Describing Electrical Power Grid Remediation

      3. 1.5.3 Diagnostic and Engineering Tools

      4. 1.5.4 Visualization and Data Archiving Systems

    6. 1.6 Power Management System Application Landscape

      1. 1.6.1 Load Shedding and Management

      2. 1.6.2 Voltage Control and Regulation

      3. 1.6.3 Power Monitoring and Control

      4. 1.6.4 Switching and Safety Management

      5. 1.6.5 Impact of COVID-19 on the Power Management System Market

    7. 1.7 Market Drivers

      1. 1.7.1 Increasing Focus on Safety, Especially in the Manufacturing Environment

      2. 1.7.2 Increase in Awareness Regarding Energy Efficiency due to Government Regulations

    8. 1.8 Market Challenges

      1. 1.8.1 Risk to Data Security Caused by Occurrence of Cyber Attacks

    9. 1.9 Market Opportunities

      1. 1.9.1 Development of Urban Infrastructure in the Emerging Economies

  2. 2. MARKET SEGMENTATION

    1. 2.1 End User

      1. 2.1.1 Utilities

      2. 2.1.2 Data Centers

      3. 2.1.3 Oil and Gas

      4. 2.1.4 Marine

      5. 2.1.5 Other End Users

    2. 2.2 Geography

      1. 2.2.1 North America

      2. 2.2.2 Europe

      3. 2.2.3 Asia-Pacific

      4. 2.2.4 Rest of the World

Global Power Management System Market Size FAQs

The Global Power Management System Market is projected to register a CAGR of 7.02% during the forecast period (2024-2029)

ComAp AS, Brush Group , ABB LIMITED , etap (Operation Technology Inc.) and Wartsila oyj abp are the major companies operating in the Global Power Management System Market.

Power Management Systems Market Report Snapshots

Power Management System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)