Asia-Pacific dominates the Global Power Management System Market with a share of 32.50% in 2019
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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