Market Trends of Global Power Management System Industry
This section covers the major market trends shaping the Power Management System Market according to our research experts:
Increasing Focus on Safety, Especially in Manufacturing Environment
- The Increasing awareness about protection systems against electricity and power faults and the benefits of better technology for prevention, especially in the manufacturing and processing industry, are driving the growth of the market. End-user industries are looking for the latest technological products, and the market is witnessing growing investment.
- The growing adoption of smart factories or increasing adoption of sensors and Industry 4.0 further mandates safety in these industries. It is expected that, by 2023, the companies in the industrial sector may grow revenues by as much as USD 490 billion as a result of Industry 4.0 initiatives. In the US, the Federal Government and the private sector are investing in Industry 4.0 technologies to enhance American industrial safety, a trend that is also reflecting in countries like China, Mexico, Brazil, and India.
- During 2020, 3 fatal accidents occurred in India in three manufacturing sectors, chemicals, pulp and paper, and thermal power plants, mainly due to electrical fault. These scenarios are also increasing cases of fire and explosion. For instance, in Taiwan, fire and explosion occurred at a polypropylene (PP) and copper-clad laminate high-tech plant due to these faults only.
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Asia-Pacific is Expected to Witness Significant Growth
- Power Management Systems (PMS) lessens production interruption by rendering a constant power supply and boosts the reliability of electric power systems, by promoting automatic synchronization mechanisms that enable the field to reconnect back to the utility under blackouts and power shortage. The rise in the manufacturing sector, along with other industries such as data centers and metals and mining, is the principal determinant encouraging the power management system market in the Asia-Pacific region.
- According to Exxon Mobil, in 2040, the power generation fuel energy demand in the Asia-Pacific region was forecast to reach 149 quadrillion BTUs. In that year, the world's total energy demand will account for 675 quadrillion BTUs. In 2019, approximately 10.81 exajoules of renewable energy were consumed, as against 1.95 in 2010 in the Asia Pacific region, as per BP Plc statistics. Since PMS provides an integrated set of control, supervision, reliability and management functions for power generation, distribution and supply in industrial plants, the increasing power consumption will augment the market growth.
- Furthermore, The region is also witnessing partnerships and collaboration by the market vendors. For instance, in August 2020, ABB technology for customized intelligent distribution, metering and coordination control, has helped the Chinese utility State Grid Jibei Electric Power Co. Ltd to build a virtual power plant. The virtual power plant (VPP) is not a conventional physical power plant. It is a network of clean energy generation systems and energy storage devices, which is a seamless virtual platform that controls power generation via a distributed power-management system.
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