[New Market Study] Global Power Management System Market is expected to hit US$ 5.2 billion by 2028, registering a CAGR of over 5.5%, Market Report by RationalStat
The demand for more efficient power use and the growing use of renewable energy sources are driving substantial growth in the global market for power management systems. Monitoring, managing, and optimizing power generation, delivery, and consumption across many industries is made possible by power management systems.
Wilmington, Delaware, Aug. 18, 2023 (GLOBE NEWSWIRE) — According to a deep-dive market assessment by RationalStat, the Global Power Management System Market has been analyzed on the basis of market segments, including offering, module type, end user, and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2028.
Market Scope and Report Overview
Power management systems are being adopted by a variety of businesses, including industrial, healthcare, data centers, and residential sectors, as awareness of energy conservation and sustainability grows. Power management systems are being put in place to efficiently manage the integration of renewable energy sources into the current power infrastructure in response to the increased emphasis on decreasing carbon emissions and shifting towards clean energy.
Market intelligence for the global power management system market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the Power Management System market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Power Management System Market: Segmental and Market Share Analysis
On the basis of offering, software and solution segment is dominated the global power management system market. Because of the increased usage of IoT, cloud platforms, and automation in industry worldwide.
On the basis of module type, power monitoring segment dominated the global power management system market. Its widespread use in the industrial sector for measuring and controlling energy requirements, data analysis, voltage control, and overall power maintenance.
On the basis of end user, the marine segment will likely dominate the global power management system market to serve cargo, defense, and other vessels.
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Period Covered include data for 2019-2028 along with year-wise demand estimations
The power management system market report analyzes the market on the basis of global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.
RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The global power management system market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the global power management system market provides a detailed competition benchmarking analysis based on the market share of the leading companies/brands/ producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global power management system market include,
- In 2023, Yokogawa partnered with Radial Software Group to provide a cutting-edge AI-powered solution that offers a single view of all published technical information, Yokogawa will be able to progress its customers’ asset management capabilities, lowering risk, promoting operational excellence, and moving them closer to digital transformation.
- In 2022, ETAP and Schneider Electric announced that the ETAP Power Training Simulator (sOTS) and ETAP Power System Monitoring & Simulation (PSMS) integrated into Schneider Electric’s EcoStruxure Power Operation.
Some of the prominent players that contribute significantly to the power management system market growth include ABB Ltd., Eaton Corporation, Emerson Electric Co., General Electric Company, Honeywell International Inc., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Toshiba Corporation, Yokogawa Electric Corporation among others.
RationalStat has segmented the global power management system market based on offering, module type, end user, and region
- Global Power Management System Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by Offering
- Hardware and Equipment
- Software and Solutions
- Global Power Management System Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by Module Type
- Power Simulator
- Power Monitoring
- Power Control Systems
- Generator and Genset Control
- Others (Tools, Management Software, etc.)
- Global Power Management System Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by End User
- Oil & Gas
- IT Sector and Data Center
- Manufacturing Units
- Power Generation and Distribution
- Global Power Management System Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by Region
- North America Power Management System Market
- Latin America Power Management System Market
- Rest of Latin America
- Western Europe Power Management System Market
- Rest of Western Europe
- Eastern Europe Power Management System Market
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Power Management System Market
- South Korea
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Power Management System Market
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Rest of the Middle East & Africa
- North America Power Management System Market
- Leading Companies and Market Players
- ABB Ltd.
- Eaton Corporation
- Emerson Electric Co.
- General Electric Company
- Honeywell International Inc.
- Rockwell Automation, Inc.
- Schneider Electric SE
- Siemens AG
- Toshiba Corporation
- Yokogawa Electric Corporation
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Key Questions Answered in the Power Management System Report:
- What will be the market value of the global power management system market by 2028?
- What is the market size of the global power management system market?
- What are the market drivers of the global power management system market?
- What are the key trends in the global power management system market?
- Which is the leading region in the global power management system market?
- What are the major companies operating in the global power management system market?
- What are the market shares by key segments in the global power management system market?
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