Increasing demand for energy efficiency in the manufacturing sector, increasing installation of renewables in the industry, rising adoption of IoT and cloud-based platforms among others to drive the Global Power Management System Market through 2025
According to TechSci Research report, “Global Power Management System Market, By Type (Software, Hardware, Service), By Module (Power Monitoring & Control, Switching & Safety Management, Data Historian, Power Simulator, Generator Controls, Load Shedding & Management, Energy Cost Accounting, Others), By End-Use (Oil & Gas, Marine, Metal & Mining, Utilities, Data Centers and Others, By Region, Competition, Forecast & Opportunities, 2025” the Global Power Management System Market is expected to reach USD 6,113.60 million by 2025 from 4,339.65 million in 2020 growing at a rate of 9.08% from 2020-2025. The growth is attributed to the increasing application of power management systems in several sectors such as automotive, consumer electronics, networking, telecommunications, among others. Moreover, an increase in the manufacturing sector along with other industries such as metals and mining, and data centers is another factor driving the Power Management System Market.
Power Management System Market will witness growth on account of rising measures to incorporate a secure and reliable electrical network along with operational safety. Emerging economies face frequent voltage fluctuations and power lags and therefore deployment of reliable and efficient electrical devices such as power management systems becomes a necessity in these countries and which will further drive the growth of the market.
Browse 139 Figures spread through 110 Pages and an in-depth TOC on“Global Power Management System Market “
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Global Power Management System Market can be segmented based on type, module, end-use and region. Based on type, the Power Management System Market is segmented into hardware, software and services. Among them, the software segment dominates the Power Management System due to rising adoption of IoT and cloud-based applications across the globe. Moreover, government incentives for different industries like manufacturing, will further contribute to the need for power, thereby boosting the demand for software-based type power management systems in different countries.
In terms of Module, the Global Power Management System Market can be categorized into power monitoring & control, switching & safety management, data historian, power simulator, generator controls, load shedding & management, energy cost accounting and others. Among them, power monitoring & control dominated the market with a share of 23.68% in 2019 and is expected to maintain its lead during the forecast years as well.
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Siemens AG, ABB Limited, Mitsubishi Electric Corporation, Eaton Corporation, Emerson Electric, ETAP Automation Pvt. Limited, General Electric Company, Larsen & Toubro, CPower Inc., Rockwell Automation, Inc., Fuji Electric Co. Ltd. are among the leading players in the Global Power Management System Market. Companies operating in the market are using organic strategies such as product and technological advancement through addition of new features, mergers and collaborations to boost their share.
“Asia Pacific is the largest market in the global power management system market and is expected to continue its dominance during the forecast period due to the expansion in the manufacturing sector, coupled with other industries such as data centers and metals and mining. Furthermore, power management system market in Asia-Pacific is expected to witness growth due to the the rise in industrialization and governments’ initiatives towards electrification in all parts of the region’s countries such as China, India, and Japan,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Power Management System Market, By Type (Software, Hardware, Service), By Module (Power Monitoring & Control, Switching & Safety Management, Data Historian, Power Simulator, Generator Controls, Load Shedding & Management, Energy Cost Accounting, Others), By End-Use (Oil & Gas, Marine, Metal & Mining, Utilities, Data Centers and Others, By Region, Competition, Forecast & Opportunities, 2015-2025”, has evaluated the future growth potential of Global Power Management System Market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Power Management System Market.
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