Global Power Management System market is expected to grow during the
forecast period because improved energy management is required as a result of factors
including changing energy prices, growing environmental awareness, and strict
restrictions. In turn, this aspect is bringing attention to the power
management system business.
Power management
system is used to monitor and balance the generation & consumption of power
in an electrical network with multiple loads and sources. It is used to prevent
blackouts and disturbances in operations. It also helps controls energy costs
and enhance environmental safety.
Global Power Management
System Market: Drivers & Trends
Increasing Focus on Safety,
Especially in Manufacturing Environment:
- Increasing
awareness about protection systems against electricity and power faults
and the benefits of better technology for prevention, especially in the manufacturing
and processing industry, are driving the growth of the market. End-user
industries are looking for the latest technological products, and the
market is witnessing growth in investments. The growing adoption of smart
factories or increasing adoption of sensors and Industry 4.0, further
mandates safety in these industries. It is expected that, by 2023, the
companies in the industrial sector may grow revenues due to the Industry 4.0 initiatives. In US, the
Federal Government and the private sector are investing in Industry 4.0
technologies to enhance American industrial safety, a trend that is also being
reflected in countries like China, Mexico, Brazil, and India.
- In
recent years, industries like mining and manufacturing have increased
focus on casualty and accidents due to electrical faults or mismanagement
of power devices. According to the Safe in India (SII) Foundation, in the
2019-20 fiscal year, 1,873 workers were injured in India in automotive
manufacturing factories. Most of the injuries took place due to electrical
fault on the power press, a machine involved in 59% of the accidents, up
from 52% in 2018. The foundation also reported that in 88% of the cases,
the injuries were attributed to absent or malfunctioning safety sensors or
other electric mechanisms on the power press.
- During
2020, 3 fatal accidents occurred in India in three manufacturing sectors,
chemicals, pulp and paper, and thermal power plants, mainly due to
electrical fault.
- Smart
technology automation is gaining momentum in the industrial sector because
it reduces the possibility of human mistakes while enhancing productivity
and efficiency in a more modern and safer environment.
Increase In Awareness
Regarding Energy Efficiency Due to Government Regulations:
· Manufacturers of power management hardware must adhere
to the regionally mandated regulatory requirements for the power management
portion of end-device equipment. These power norms differ from one place to the
next and are always changing.
· These are The American National Standards Institute
(ANSI), European Community (EC) Directives, International Electrotechnical
Commission (IEC), Underwriter's Laboratory (UL), Safety Approvals for Electrical
and Electronic products within the United States; Canadian Standards
Association (CSA), European Telecommunications Standards Institute (ETSI), etc.
· Apart from these regulations, the national governments
worldwide are making regulations and initiatives to promote energy-efficient
and power management solutions across the industrial sector.
· For instance, the United States’ Department of Energy
(DOE) has implemented the changes to accelerate more efficient data gathering
methods, moving analytical information to the technical support document, and
establishing a standing negotiated rulemaking committee.
· Canada's Energy Efficiency Act (Act) and Energy
Efficiency Regulations (the Regulations) are also following these factors and
promoting energy efficiency among the Canadian industrial sector.
· The Government of India has notified broad policies
and regulations for promoting energy efficiency in India's industrial sectors.
Additionally, the Bureau of Energy Efficiency (BEE) at the national level and
State Designated Agency (SDA) at the state level are also providing the relevant
push towards energy efficiency. India is also taking significant steps to
enhance its energy security by fostering domestic production through the most
significant upstream reform of India's Hydrocarbon Exploration and Licensing
Policy (HELP) and building up dedicated oil emergency stocks in the form of a
strategic petroleum reserve.
Global Power Management
System Market: Challenges
Risk to Data Security Caused
by Occurrence of Cyber Attacks:
· Power systems are being considered as critical infrastructure
networks whose risk environment is uncertain and complex. There has been a
significant evolution of threats, vulnerabilities, and consequences over the
past decade. Critical infrastructure has long been exposed to risks, such as
natural disasters and physical threats. However, it is only recently that cyber
risks have been thrown into the mix.
· The widespread accessibility of internet applications
has resulted in some positive and negative trends in the cyber world. Over
these years, the threat has evolved and diversified to become a severe problem
for individuals, organizations, and society at large. One of the prime negative
trends that can be observed is the rise of the next generation offenders, i.e.,
cybercriminals. This can be attributed as the highest contributing factor to
the growth of the segment.
· According to a 2020 report by Keeper Security, Inc., in
third quarter the company has experienced at least one data breach. The
physical vulnerabilities for electric power are related to generation
facilities, substations, and transmission lines.
· According to the US Government Accountability Office
(GAO), hackers are looking forward to targeting the grid. US utilities would
spend more than USD 7 billion on grid security in 2020. Utility companies must
first comprehend how interconnected and susceptible their systems are, in order
to properly deploy solutions.
· Further, a report submitted by the Central Electricity
Regulatory Commission, India in January 2020, also indicated that power grids
in the country are highly susceptible to cyber-attacks from neighboring
countries.
· With the increasing need to provide fine-grained
information regarding the flow of power in an electrical power generation
system, the pace of attacks pertaining to data breaches is likely to continue
to increase
Global Power Management
System Market: Opportunities
Development Of Urban
Infrastructure in Emerging Economies:
· The growing urban infrastructure in countries like
China, India, and Brazil are further accelerating the need for power management
solutions. For instance, growing investment in the smart power grid in these
countries with initiatives like smart cities, has further expanded the scope of
the studied market.
· The New Climate Economy estimates that by 2030, the
world would need to invest USD 90 trillion in sustainable infrastructure. These investments will primarily be made possible through supporting green economic
growth in developing and emerging regions.
· In countries like these, almost 75–80% of total energy
consumption is consumed in cities responsible for 80% of greenhouse gas
emissions. And about 9 in 10 businesses reported setting goals to manage
electricity and other resources in 2020.
· Many emerging countries are making policies and
initiatives for urban development that have Distributed Generation (DG),
Demand-Side Management (DSM), and new tariff schemes of accelerated power
management deployment. The deployment of storage technologies, however, is at a
slow pace of growth.
· Latin America's power infrastructure is expected to
witness growth due to the adoption of power infrastructures, such as UPS,
generators, PDUs, and switchgear of N+N redundancy, among facilities. Major
Telecommunication giants, such as Entel, Telefonica (Vivo), Americatel,
Telecarrier, and América Móvil, are investing in new facilities in the region.
· In 2020, Brazilian energy distributor Neoenergia has
developed the Multilink data concentrator for deployment in the smart grid. The
Multilink concentrator is based on the open Wi-SUN wireless communication
standard to provide an interoperable solution for deployment in the field with
equipment from different manufacturers.
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Market Segments
Global power management
system market is segmented into type, module, end-user, and region. Based on type,
the market is segmented into hardware, software, and services. Based on module,
the market is segmented into power monitoring, load shedding, power simulator,
generator controls, and others. Based on end-user, the market is segmented into
oil & gas, marine, and metals & mining. Based on region, the market is
segmented into North America, Asia-Pacific, Europe, South America, Middle East
& Africa.
Market Players
Major market players in the global power management system market are ComAp A.S., Brush Group, ABB Ltd, ETAP (Operation Technology Inc.), Wartsila Oyj Abp, INTECH Process Automation Inc., RH Marine Netherlands BV, Marine Control Services, Kongsberg Gruppen ASA, SELMA.
Attribute
|
Details
|
Base Year
|
2022
|
Historic Data
|
2018 –
2022
|
Estimated Year
|
2023
|
Forecast Period
|
2024
– 2028
|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
|
Report coverage
|
Revenue
forecast, company share, growth factors, and trends
|
Segments covered
|
Type
Module
End-User
Region
|
Regional Scope
|
North
America, Asia-Pacific, Europe, South America, Middle East & Africa
|
Country scope
|
United States, Canada, Mexico, China, India, Japan, Australia,
South Korea, Germany, Italy, United Kingdom, France, Spain, UAE, Saudi Arabia,
South Africa, Brazil, Argentina, Colombia
|
Key companies profiled
|
ComAp A.S., Brush Group, ABB Ltd, ETAP (Operation Technology Inc.),
Wartsila Oyj Abp, INTECH Process Automation Inc., RH Marine Netherlands BV,
Marine Control Services, Kongsberg Gruppen ASA, SELMA
|
Customization scope
|
10% free report
customization with purchase. Addition or alteration to country, regional
& segment scope.
|
Pricing and purchase options
|
Avail
customized purchase options to meet your exact research needs. Explore purchase options
|
Delivery Format
|
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
|
Report
Scope:
In this
report, global power management system market has been segmented into following categories, in addition
to the industry trends which have also been detailed below:
- Power Management System Market, By Type:
- Hardware
- Software
- Services
- Power Management System Market, By Module:
- Power Monitoring
- Load Shedding
- Power Simulator
- Generator Controls
- Others
- Power Management System Market, By End-User:
- Oil & Gas
- Marine
- Metals & Mining
- Power Management System Market, By Region:
o
North America
§ United States
§ Canada
§ Mexico
o
Europe
§ France
§ Germany
§ United Kingdom
§ Italy
§ Spain
o
Asia pacific
§ China
§ India
§ Japan
§ South Korea
§ Australia
o
Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
o
South America
§ Brazil
§ Argentina
§ Colombia
Competitive
Landscape
Company
Profiles: Detailed analysis of the major
companies present in Global Power Management System Market.
Available
Customizations:
Global Power
Management System Market with
the given market data, Tech Sci Research offers customizations according to a
company’s specific needs. The following customization options are available for
the report:
Company
Information
·
Detailed analysis and profiling of additional
market players (up to five).
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Management System Market is an
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