Dublin, May 19, 2022 (GLOBE NEWSWIRE) — The “Power Management Systems – Global Market Trajectory & Analytics” report has been added to from ResearchAndMarkets.com offer.
Global power management systems market to reach US$5.2 billion by 2026
Global Power Management Systems Market estimated to be worth US$4 billion in 2022 is expected to reach a revised size of US$5.2 billion by 2026, growing at a CAGR of 6.1 % over the analysis period.
Global growth is expected to be driven by many growth encouraging factors. While the upward trend in major end-use verticals such as data center, oil & gas, metals & mining, and marine is having a strong bearing on the market expansion, the Increased emphasis on industrial automation and deployment of advanced PMS platforms has spurred widespread market growth.
The rise of digital lifestyle and digital economy has induced a healthy trajectory in the global data center industry, creating large-scale opportunities for various power system markets, including PMS, which help data centers of data to streamline the efficiency and performance of their electrical system. Likewise, the meteoric rise of the oil and gas sector along with the critical requirement for reliable and consistent power in on-shore, off-shore, storage and refining units, has triggered widespread deployments of PMS in oil and gas plants.
Likewise, the mining industry’s strong indulgence towards reliable power sources that eliminate disruptions to the production floor due to power outages has improved the market outlook for PMS. The maritime sector is another major end-use sector, which has accelerated the dynamics of the market in a major way. Maritime business has developed on a large scale over the past decades, due to the intensification of maritime logistics and also due to maritime tourism, while expanding the demand for marine PMS.
Software, one of the segments analyzed in the report, is expected to grow at a CAGR of 6.1% to reach US$2.4 billion by the end of the analysis period. After an in-depth analysis of the business implications of the pandemic and induced economic crisis, Hardware segment growth is readjusted to a revised CAGR of 6.9% for the next 7-year period. This segment currently accounts for a 23.4% share of the global power management systems market.
The US market is estimated at $836.7 million in 2022, while China is expected to reach $746.4 million by 2026
The power management systems market in the United States is estimated to be worth US$836.7 million in 2022. The country currently accounts for a 20.94% share of the global market. China, the second largest economy in the world, is expected to reach an estimated market size of US$746.4 million in 2026 growing at a CAGR of 8% over the analysis period.
Other noteworthy geographic markets include Japan and Canada, each forecasting growth of 4% and 5.3% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 4.6%, while the rest of the European market (as defined in the study) will reach US$174.9 million by the end of the year. analysis period.
The higher adoption of PMS by industrial facilities in the developed world is influenced by factors such as the emphasis on improving the reliability and safety of the plant’s electrical system, the trend towards industry-wide automation to meet productivity targets and reduce overall energy consumption.
Energy consumption has become a priority area for industrial entities in the United States and other developed countries, amid growing government initiatives to minimize carbon emissions from various sources, including factories. and factories. These government programs have had a huge impact on energy management in industrial enterprises at all levels, while generating substantial opportunities for PMS.
Asia-Pacific (excluding China and Japan) is the second fastest growing regional market. PMS deployments in the Asia Pacific region are fueled by growing awareness of power management among industrial entities in the region. Such momentum is particularly visible in India, Australia, South Korea, Taiwan, Thailand and Malaysia. Increasing electrification and digitalization have been partially offset by increased energy efficiency.
Emerging economies are estimated to account for the majority of electricity demand growth globally.
Services segment to reach $1.7 billion by 2026
Services constitute a major segment of the global PMS market. While full-fledged PMS software and hardware remain at the heart of the power management program, services play an important role, from the basic feasibility study to performance evaluation and follow-up actions.
Also, the importance of PMS services remains highly relevant in the management, maintenance and monitoring of the PMS platform. In order to achieve energy management objectives, industrial entities focus on a range of services, including project services, consulting services, training and education services, and lifecycle services. .
In the global services segment, the United States, Canada, Japan, China and Europe will drive the estimated CAGR of 5% for this segment. These regional markets representing a combined market size of US$776.5 million will reach a projected size of US$1.1 billion by the end of the analysis period. China will remain among the fastest growing markets in this group of regional markets.
Led by countries such as Australia, India, and South Korea, the Asia-Pacific market is expected to reach US$246.9 million by 2026, while Latin America will expand to a CAGR of 6.4% over the analysis period.
What’s new for 2022?
- Global competitiveness and percentage market shares of main competitors
- Market presence in multiple geographies – Strong/Active/Niche/Trivial
- Peer-to-peer collaborative online interactive updates
- Access to the publisher’s digital archives and research platform
- Free updates for one year
Main topics covered:
- Industrial activity remains subdued in 2020
- Effect of the pandemic on the power management systems market
- An Introduction to the Power Management System (PMS)
- Power Management Systems: Current Market Scenario and Prospects
- Growth engines
- While developing regions are driving the overall PMS market growth, the contribution of developed regions remains relevant
- PMS software: dominant product segment
- Cloud versions drive new demand for PMS software
- PMS services remain a major market segment
- Power monitoring and control: Core PMS module
- The critical importance of load shedding and load management amplifies demand
- COMPETITIVE SCENARIO
- PMS: a fragmented market
- Recent market activity
- Select Innovations
- Select global brands
- Competitive Market Presence – Strong/Active/Niche for 153 players globally in 2022 (E)
2. FOCUS ON CERTAIN PLAYERS (Total 152 Featured)
- ABB Ltd.
- group of brushes
- Eaton Corporation Inc.
- Emerson Electric Company
- ETAP/Operation Technology, Inc.
- General electricity company
- Honeywell International Inc.
- Larsen & Toubro Limited
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Wartsila Corporation
3. MARKET TRENDS AND DRIVERS
- Select relevant trends for the power management systems industry
- Power efficiency and management provide several benefits
- Continued focus on industrial automation creates fertile environment for PMS market growth and advancement
- Industry 4.0 to drive the next wave of growth
- Growing adoption of industrial IoT and M2M technologies bodes well
- Growing energy efficiency needs amid rising energy costs are driving the expansion of the PMS market
- Focus on reducing carbon emissions accelerates PMS deployments
- After taking the hardest hit, the clean energy segment is poised to rebound
- Marine sector: Major consumer of PMS
- Steady growth in maritime traffic volumes and parallel increase in the number of ocean freight carriers is driving demand for maritime PMS
- World Maritime Trade Statistics
- Shipbuilding activity expands opportunities for marine PMS
- Warships, a Dominant Application Segment: Geopolitical Conflicts and the Quest for Military Supremacy Expand the Business Case
- Stable growth forecast for PMS in the oil and gas sector
- Rising E&P Spending and Volatility Continue to Shape Strategy for Sustained Demand for Energy Management Systems
- Sophisticated PMS gain traction in metallurgical and mining applications
- Global Metals and Mining Industry by Material Category: An Overview
- Established Role of Power Management in Data Centers Strengthens Market Momentum
- Beyond COVID-19 lies a new normal with new opportunities for data centers
- Demand for Data Centers Rises as Remote Work Becomes the New Normal
- Technologically advanced applications in power management
- Intelligent integrated power management solutions
- Power management system in smart homes
- Innovations in Power Management ICs
- ENERSYS Power Management Tools
- BAE Systems power management solutions for air taxis
- TAE Technologies’ Inventive Energy Management Strategy Transforms Electric Vehicle Management
- Review of Generator Sets for Healthcare Facilities – A Real Life Example
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/91zn9i
Global Power Management Systems Market