(EnergyIndustry.Net, August 04, 2020 ) The global power management system market is estimated to reach USD 3.77 Billion in 2017 and is projected to reach USD 5.26 Billion by 2022, growing at a CAGR of 6.88%, during the forecast period. The market is set to grow due to the increasing demand for energy efficiency in the manufacturing sector, rising installation of renewables in the industry, and rising adoption of IoT and cloud-based platforms.
The power monitoring and control segment is expected to hold the largest share of the power management system market. The power monitoring and control module helps in measuring and controlling vital parameters such as frequency, voltage, energy demand, current and voltage control, and data analysis for overall power quality control. The segment is expected to be driven by the increasing demand for energy efficiency in the manufacturing sector in the Asia Pacific region. Emerging economies such as China and India are witnessing substantial growth in the manufacturing sector with favorable government policies supporting investments in the sector. The shale oil & gas boom in North America is expected to another key driver for the growth in the power monitoring and control segment during the forecast period.
The power management system market has been segmented, by end-user, into oil & gas, marine, chemicals and pharmaceuticals, paper and pulp, metals and mining, utilities, data centers, and others. The others segment includes food & beverage, infrastructure, heavy engineering and automotive, and railway. The marine segment comprises marine vessels such as offshore support vessels, cargo vessels, LNG tankers, cruise ships, and defense vessels. Marine vessels consume substantial amounts of diesel or natural gas to power the vessels. Power management systems in marine vessels ensure optimized load distribution in marine vessels, generator start and stop, automatic load shedding, switching operations, and fuel optimization. The growth in the global shipbuilding industry, particularly in the Asia Pacific region and Europe is expected to drive the marine segment in the power management system market.
Asia Pacific: Expected to be the leading market for power management systems. The power management system market has been analyzed with respect to six regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. The market in Asia Pacific is expected to lead the power management system market, by region. The increase in the manufacturing sector along with other industries such as metals and mining and data centers is the key factor driving the power management system market in Asia Pacific. The growth in shipbuilding particularly for offshore support vessels and commercial vessels is another key driver for the growth in the market.
Some of the major players in the Power Management System Market are ABB (Switzerland), Eaton (Ireland), Siemens (Germany), GE (US), ETAP (US), Wartsila (Finland), Mitsubishi (Japan), and among others.
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