CHICAGO, July 20, 2023 /PRNewswire/ -- Power Management System Market is projected to reach USD 7.5 billion in 2028 from USD 5.8 billion in 2023 at a CAGR of 5.4% according to a new report by MarketsandMarkets™. Power Management System (PMS) is a set of hardware and software components designed to optimize and control the distribution and consumption of electrical power within a given system or facility. It plays a crucial role in modern power systems to ensure efficient energy utilization, reduce waste, and enhance overall system reliability and stability.
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162 - Tables
57 - Figures
180 – Pages
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Power Management System Market Scope:
Report Coverage | Details |
Market Size | USD 7.5 billion in 2028 |
Growth Rate | 5.4% of CAGR |
Largest Market | North America |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2024-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Module, End User Industry, and Region |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Rise in distributed power generation |
Key Market Drivers | Increasing demand for energy efficiency |
Power Monitoring and Control, by module, is expected be the largest market during the forecast period.
Based on module, the Power Management System Market has been split into Power Monitoring & Control, Load Shedding & Management, Energy Cost Accounting, Switching & Safety Management, Power Simulator, Generator Controls, Data Historian, and Others. The Power Monitoring and Control module is a critical component within a Power Management System (PMS) that focuses specifically on real-time monitoring, analysis, and control of electrical power parameters in a given system or facility. This module plays a vital role in ensuring efficient power distribution, optimizing energy usage, and maintaining system reliability and stability. These benefits in various applications is driving the market.
The Services, by type is expected to be the fastest segment during the forecast period
Based on Type, the Power Management System Market has been split into hardware, software, and services. The Power Management System (PMS) market offers a wide range of services aimed at providing efficient, reliable, and sustainable management of electrical power in various sectors and applications. These services cater to the needs of industries, commercial buildings, data centers, smart grids, and other entities seeking to optimize power consumption, reduce energy costs, and enhance overall power system performance. PMS service providers often offer training and support services to end users, ensuring that their staff is proficient in using the system and maximizing its benefits. These benefits are driving the market.
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Asia Pacific is expected to be the second largest region in the Power Management System Industry
Asia Pacific is expected to be the second largest Power Management System Market during the forecast period. Extensive LNG projects and growing investments in manufacturing and chemicals & petrochemicals industries are the primary drivers of the market in this region. Due to its large-scale industrial sector and the world's highest per capita energy consumption, the region has tremendous energy requirements. This is creating demand for the generators in the market.
Key Market Players:
Some of the major players in the Power Management System Companies are ABB (Switzerland), Siemens (Germany), Schneider Electric (US), General Electric (US), Emerson Electric (US). The major strategies adopted by these players include acquisitions, sales contracts, product launches, partnerships.
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Recent Developments
- In June 2023, Eve Systems GmbH, a Munich-based company known for its smart home products in Europe and the United States, has been successfully acquired by ABB. With this acquisition, ABB will now establish itself as a prominent player in the smart home industry, particularly in products based on the latest interoperating standard called Matter and wireless connectivity technology known as Thread.
- In June 2022, GE Digital has introduced the Accelerator product line, which consists of exceptional software tools. These tools aim to assist companies operating in energy industries with significant assets by facilitating the configuration of their Asset Performance Management (APM) and other solutions. The GE Digital Accelerators are specifically developed to enhance the speed at which companies can realize value, expand the implementation of APM to various assets, and enable enterprises to generate financial benefits throughout their facilities and across the entire organization.
- In October 2021, Siemens Smart Infrastructure has successfully finalized the purchase of Wattsense, a French startup specializing in hardware and software solutions. Wattsense provides a cutting-edge, plug-and-play IoT management system designed for small and mid-size buildings.
- In September 2022, In India, Schneider Electric has introduced EcoStruxure Service Plans, a fresh service offering. The objective of this launch is to provide comprehensive packages accompanied by robust digital services customized to meet specific customer requirements. With this new service offering, Schneider Electric aims to enhance its customers' maintenance budgets by up to 40% and reduce the risk of electrical failures by up to 75% on connected equipment.
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