Registering a Y-o-Y growth rate of 5.9%, the global power management system market is set to reach USD 3,618.7 million in 2023. Between 2023 and 2033, global power management system sales are likely to increase at a healthy value CAGR of 6.6%. Total market valuation at the end of 2033 may reach USD 6,880.9 million.
Power or energy is crucial for every industry in the contemporary world and so is energy management.
Factors such as fluctuations in energy costs, rising environmental consciousness, and stringent regulations are creating a need for improved energy management. This in turn is putting the power management system industry into the spotlight.
An advanced system that provides control and monitoring of electrical generators, switchboards, and other devices is known as a power management system (PMS). It comprises an electronic system that delivers elaborative information about power flow in a power substation or an electrical power generation system.
A power management system keeps utility operations running smoothly and avoids blackouts and other disruptions. Its responsibility is to ensure the electrical system's dependability and effectiveness.
When electricity demand exceeds the capacity of the electrical grid, load shedding is utilized to prevent blackouts. It can handle a range of switchgear configurations, as well as generator combinations powered by steam, diesel, and other source-fired generators.
A PMS may choose the best generator combination based on load usage. Hardware and software solutions in power management systems include managed switches, power supply modules, Remote Terminal Units (RTU), PMS server licenses, and others.
Power management systems ensure the safe, efficient, compliant, and reliable operation of electrical distribution systems. They are critical for reducing energy consumption and saving energy bills.
Power management systems can both optimize the available sources as well as manage the load dynamically. They automatically monitor & control installation, ensuring uninterrupted power, and allowing users to operate the installation as efficiently as possible.
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Growing adoption of advanced energy-efficient technologies across industries. Such as utilities, marine, oil & gas, paper & pulp, may drive power management system demand during the projection period.
The increase in data centers along with the growing importance of power management systems in these data centers may boost the market.
Increasing usage of the Internet of Things (IoT) and artificial intelligence (AI) technologies are driving innovation in the PMS market. These technologies can help optimize energy usage and reduce waste, leading to cost savings for businesses.
The availability of customized electrical power management systems (EPMS) may also boost revenues in the market. Leading power management system companies are likely to benefit from providing customized solutions to end users.
| Attribute | Key Insights |
|---|---|
| Power Management System Market Size (2023) | USD 3,618.7 million |
| Projected Power Management System Market Value (2033) | USD 6,880.9 million |
| Collective Value Share: Top 5 Countries (2023E) | 40 to 45% |
| Value-based CAGR (2023 to 2033) | 6.6% |
From 2018 to 2022, global sales of power management systems expanded at a value CAGR of 4%. Total market valuation at the end of 2022 reached USD 3,416.2 million. Over the projection period, global power management system demand may surge at 6.6% CAGR.
The power management system industry suffered during the global lockdown. This resulted in huge reductions in energy consumption from both commercial as well as industrial sectors. The supply chain and production facilities of the integrated circuits manufacturing industry were also impacted.
For the forecast period, the worldwide power management system industry is expected to witness a positive growth trajectory. This is due to the rising need for better power management solutions across residential, commercial, and industrial sectors to reduce energy consumption and save energy bills.
Renewable energy, which is a widely used energy source, has started to gain a significant share in the power management system market.
The expansion of smart grid infrastructure, which allows for two-way communication between utilities and customers, is creating new opportunities for power management systems.
Power management systems can help utilities manage the distribution of energy more efficiently and provide customers with real-time energy usage data. Hence, these systems are gaining wider popularity.
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Demand for energy-efficient solutions is driven by growing concern about climate change and rising energy costs. Power management systems (PMS) provide a variety of options for reducing energy use and expenses.
The declining cost of renewable energy technologies is leading to increased adoption of solar, wind, and other sources of renewable energy. Power management systems play a critical role in integrating these sources into the grid, managing their output, and balancing supply and demand.
Governments around the world are implementing regulations and incentives to promote the adoption of energy-efficient and renewable energy technologies. This is leading to an increased demand for power management systems.
Smart grids enable utilities to better monitor and manage their distribution networks, optimize energy usage, and improve grid resilience. Power management systems are crucial for enabling the integration of smart grid technologies.
Power management systems are ideal for effective power distribution across networks. In the electric system, poor power factor raises the operating cost for companies due to increased power consumption.
Power management systems can improve cost efficiency and reduce power consumption, which ultimately enhances the efficiency of the system.
Huge consumption of power across various industries is driving demand for power management systems as production capacity rises. Food, chemical, and pharmaceutical production is increasing as a result of rising demand from numerous markets, particularly developing and developing countries.
Manufacturers are focusing on lowering operational expenses by using power management systems to provide cost-effective and efficient power supplies. Driven by this, power management system sales may thrive at a healthy pace through 2033.
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Growing demand from manufacturing industries and heavy industries is set to bolster power management system sales.
Today, manufacturers aim to minimize operating expenses that are linked with wasted energy and effectively satisfy power demand. As a result, they are adopting energy-saving systems, such as power management systems.
Favorable government regulations and policies on energy are also playing key roles in encouraging the adoption of power management systems.
Installation of PMS in manufacturing facilities is expected to improve power quality. By ensuring efficient use of power, increasing the facilities' economic viability, and minimizing capital expenditures.
Due to total failures, surges, or sags in electrical power, the possibility of traditional electronic equipment malfunctioning is significant. As a result, there may be losses such as costly downtime, damaged or lost data, and broken hardware.
Power management systems are rising in demand because they offer qualities. Such as the elimination of excess reactive power charges and continuous delivery of uninterrupted power. This ensures the supply of efficient power to several industrial equipments.
The market demand for affordable PMS is expected to increase since power management systems also lower permitted supply capacity charges, expensive network upgrades, and capital expenditures on infrastructure.
Increasing Focus on Smart Grid Technology is Fueling the Market Growth in the USA
As per Future Market Insights (FMI), the United States power management system market is projected to reach a valuation of USD 917.2 million in 2033. Overall demand for power management systems in the country is set to surge at 5.5% CAGR through 2033.
One of the primary reasons for the increasing demand for PMS in the United States is the growing need for energy efficiency. With the increasing demand for electricity and the rising cost of energy, businesses and individuals are seeking ways to reduce their energy consumption and cut costs.
Power management systems can help achieve these goals by managing and optimizing energy usage. As a result, these systems are gaining immense traction in the United States.
Another factor contributing to the increased demand for power management systems in the United States is the growing adoption of renewable energy sources such as wind and solar.
PMS can help manage the variable output of these sources and integrate them into the power grid, ensuring a reliable and stable power supply. It can help manage power supply and demand by monitoring and controlling power usage during peak periods. This can help prevent blackouts and reduce the need for costly infrastructure upgrades.
| Regional Markets | Global Market Share in Percentage |
|---|---|
| United States | 15.6% |
| Germany | 4.3% |
| Japan | 6.5% |
| Australia | 3.1% |
Increasing Requirements for Efficient Energy Storage Systems to Bolster Market Demand in India
India's power management system market is anticipated to thrive at 9.0% CAGR from 2023 to 2033. This is due to the growing adoption of power management systems across various industries.
Similarly, rising energy costs and favorable government support may boost India's power management system industry through 2033. Further, the increase in data centers in India may fuel power management system demand.
South Asia Pacific countries present various opportunities in terms of integration of power grids and promoting Cross-Border Electricity Trade (CBET). In several cases, CBET offers more viable, affordable, and rapid solutions.
Hence, the expansion of the power market in India and the rise in cross-border electricity trade may create lucrative opportunities for power management system manufacturers.
| Regional Markets | CAGR (2023 to 2033 |
|---|---|
| United Kingdom | 5.2% |
| China | 7.5% |
| India | 9% |
Power Monitoring and Control to Remain the Most Remunerative Module Segment
By module, the power monitoring and control segment is likely to account for half of the market value share during the forecast period. As per Future market insights, the target segment may create an absolute opportunity of USD 1,433.6 million through 2033.
Widening usage in applications such as measuring and controlling energy requirements & voltage and maintaining overall power in several industrial sectors is driving the growth of the target segment. This is followed by energy cost accounting, which is set to progress at a value CAGR of 8.7%.
| Category | By Module Type |
|---|---|
| Top Segment | Power Monitoring |
| Market Share in Percentage | 50.2% |
| Category | By End User |
|---|---|
| Top Segment | Petroleum Refinery |
| Market Share in Percentage | 17.9% |
Adoption of Power Management Systems to Remain High for Utility Analytics and Data Centers
Based on end use, the utility segment is set to hold more than one-fourth of the market value share over the next ten years. Further, the same segment may create an absolute opportunity of USD 790.3 million by the end of 2033.
The growth of the target segment is attributed to the rising adoption of power management systems across the utility sector. The expansion of smart grid infrastructure, which allows for two-way communication between utilities and customers. This may create new opportunities for PMS solutions.
Power management systems can help utilities manage the distribution of energy more efficiently and provide customers with real-time energy usage data.
Similarly, the data centers segment may thrive at a value CAGR of 9.6% from 2023 to 2033. The demand for power management systems is increasing as a result of their energy-efficient characteristics.
Power management systems help end users such as utilities and data centers to reduce energy consumption and save operational costs, besides providing other benefits. As a result, demand for these systems is increasing significantly.
Leading power management system manufacturers are strategically focusing on providing more advanced and energy-efficient solutions. They are also partnering and collaborating with prominent end users for long-term supply contracts. For instance
| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 3,618.7 million |
| Projected Market Value (2033) | USD 6,880.9 million |
| Anticipated Growth Rate (2023 to 2033) | 6.6% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; East Asia; Central Asia; Russia and Belarus; Balkan and Baltic Countries; South Asia and Pacific; and Middle East and Africa |
| Key Countries Covered | The United States, Canada, Mexico, Brazil, Argentina, Germany, Italy, France, United Kingdom, Spain, BENELUX, NORDICS, Poland, Hungary, Romania, Czech Republic, China, Japan, South Korea, India, ASEAN, Australia, New Zealand, Türkiye, South Africa, GCC Countries, Northern Africa |
| Key Segments Covered | Type, Module, End Use, and Region |
| Key Companies Profiled | ABB Ltd.; Siemens AG; Eaton Corporation Plc; Schneider Electric; Rockwell Automation; Mitsubishi Electric; General Electric; Honeywell Corporation; Fuji Electric; Larsen & Toubro Ltd; Wärtsilä Corporation |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The Asia Pacific region generated 35% of the global demand in 2022.
The Asia Pacific market to grow at 7% CAGR through 2033.
The silicon carbide (SiC) material type segment contributes 25% of total production.
The integrated circuit (IC) segment holds 40% of the global market share.
From 2018 to 2022, the global market exhibited 4% CAGR in the Power Management System market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Software 5.2. Hardware 5.3. Services 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Module 6.1. Power Monitoring and Control 6.2. Load Shedding and Management 6.3. Power Simulator 6.4. Generator Control 6.5. Energy Cost Accounting 6.6. Switching and Safety Management 6.7. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Marine 7.2. Petroleum Refinery 7.3. Data Centers 7.4. Chemical Industry 7.5. Utilities 7.6. Paper and Pulp 7.7. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. ABB Ltd. 16.2. Siemens AG 16.3. Eaton Corporation Plc 16.4. Schneider Electric 16.5. Rockwell Automation 16.6. Mitsubishi Electric 16.7. General Electric 16.8. Honeywell Corporation 16.9. Fuji Electric 16.10. Larsen & Toubro Ltd 16.11. Wärtsilä Corporation 17. Assumptions & Acronyms Used 18. Research Methodology
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Power Management System Market
