Power Management System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers the scope of Global Power Management System Market and it is segmented by End User (Utilities, Data Centers, Oil and Gas, Marine and other End Users), and Geography.

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Power Management Market Size

Power Management System Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 7.02 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Power Management System Market Key Players

*Disclaimer: Major Players sorted in no particular order
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Power Management Market Analysis

The global power management system market was valued at USD 2.03 billion in 2019, and it is projected to be worth USD 2.81 billion by 2025, registering a CAGR of 7.02% during the period of 2019-2025. The market is experincing growth, owing to the liberalization of world trade, where there has been an increase in the number of ships that traverse the oceans, which, in turn, impacts the demand for such solutions. Safety at sea is gaining importance and governments of various countries are exploring various technologies. 

  • With automation, robotics, and IoT connectivity propelling in smart factories globally, there is a critical need to ensure robustness of electrical systems. Power management systems, in such scenario, help improve reliability of electrical distribution and optimize consumption.
  • According to a 2019 survey by 360training.com, a provider of online OSHA and EHS training, done on more than 1,000 adults working in industries, impacted by Environment, Health and Safety (EHS), including utilities, construction, transportation, and manufacturing, slips, trips and falls, and electrical hazards were the top safety concerns for utility worker. The survey found that concern for on-the-job survey is on the rise with 39% of all respondents more concerned with on-the-job safety in 2019 than they were in 2018. This signifies an increasing need for power management systems.
  • Aditionally, During the recent COVID-19 outbreak and nationwide lockdown in many of the regions, the power consumption witnessed a surge, which also increased in load shedding cases. These load shedding and management solutions will find massive growth opportunities for the market in various regions. 
  • For instance, despite a drop in demand due to the COVID-19 lockdown in South Africa, State-run Eskom implemented various rounds of load shedding since the COVID-19 outbreak. The authority recently implemented the latest round of load shedding due to the severe problem in the power generation system in September 2020. Load shedding is likely to continue until September 2021, according to the government.

Power Management Market Trends

This section covers the major market trends shaping the Power Management System Market according to our research experts:

Increasing Focus on Safety, Especially in Manufacturing Environment

  • The 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 growing investment. 
  • 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 by as much as USD 490 billion as a result of Industry 4.0 initiatives. In the 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 reflecting in countries like China, Mexico, Brazil, and India. 
  • 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. These scenarios are also increasing cases of fire and explosion. For instance, in Taiwan, fire and explosion occurred at a polypropylene (PP) and copper-clad laminate high-tech plant due to these faults only. 
Power Management System Market Trends

Asia-Pacific is Expected to Witness Significant Growth

  • Power Management Systems (PMS) lessens production interruption by rendering a constant power supply and boosts the reliability of electric power systems, by promoting automatic synchronization mechanisms that enable the field to reconnect back to the utility under blackouts and power shortage. The rise in the manufacturing sector, along with other industries such as data centers and metals and mining, is the principal determinant encouraging the power management system market in the Asia-Pacific region. 
  • According to Exxon Mobil, in 2040, the power generation fuel energy demand in the Asia-Pacific region was forecast to reach 149 quadrillion BTUs. In that year, the world's total energy demand will account for 675 quadrillion BTUs. In 2019, approximately 10.81 exajoules of renewable energy were consumed, as against 1.95 in 2010 in the Asia Pacific region, as per BP Plc statistics. Since PMS provides an integrated set of control, supervision, reliability and management functions for power generation, distribution and supply in industrial plants, the increasing power consumption will augment the market growth. 
  • Furthermore, The region is also witnessing partnerships and collaboration by the market vendors. For instance, in August 2020, ABB technology for customized intelligent distribution, metering and coordination control, has helped the Chinese utility State Grid Jibei Electric Power Co. Ltd to build a virtual power plant. The virtual power plant (VPP) is not a conventional physical power plant. It is a network of clean energy generation systems and energy storage devices, which is a seamless virtual platform that controls power generation via a distributed power-management system.
Power Management System Market Analysis

Power Management Industry Overview

The Power Management Systems market is competitive and consists several major players. However, in terms of market share, few of the major players currently dominate the market. These major players, with a prominent share in the market, are focusing on expanding their customer bases across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market shares and profitability. The key players are ABB Ltd, Noris Group GMBH and few others. Recent developments in the market are -

  • July 2019 - NORIS Group and SIBO Group extended their joint venture NORIS-SIBO Automation for a further fifteen years. By this joint venture, the company is strengthening its position in the Chinese market in the future.

Power Management Market Leaders

  1. ComAp AS

  2. Brush Group

  3. ABB LIMITED

  4. etap (Operation Technology Inc.)

  5. Wartsila oyj abp

*Disclaimer: Major Players sorted in no particular order

ABB Ltd, Noris Group GMBH
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Power Management Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Assessment of the COVID-19 Impact

    3. 4.3 Industry Attractiveness - Porter's Five Industry Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers?

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitutes

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Industry Stakeholder Analysis

    5. 4.5 Components of Power Management System

      1. 4.5.1 Protection System

      2. 4.5.2 Wide Area Control Systems or Remedial Action Schemes (RAS)

        1. 4.5.2.1 Influencing Factors for RAS

        2. 4.5.2.2 Influencing Factors for RASCentralized RAS (CRAS) V/s Standalone RAS

        3. 4.5.2.3 Projects Describing Electrical Power Grid Remediation

      3. 4.5.3 Diagnostic and Engineering Tools

      4. 4.5.4 Visualization and Data Archiving Systems

    6. 4.6 Power Management System Application Landscape

      1. 4.6.1 Load Shedding and Management

      2. 4.6.2 Voltage Control and Regulation

      3. 4.6.3 Power Monitoring and Control

      4. 4.6.4 Switching and Safety Management

      5. 4.6.5 Impact of COVID-19 on the Power Management System Market

    7. 4.7 Market Drivers

      1. 4.7.1 Increasing Focus on Safety, Especially in the Manufacturing Environment

      2. 4.7.2 Increase in Awareness Regarding Energy Efficiency due to Government Regulations

    8. 4.8 Market Challenges

      1. 4.8.1 Risk to Data Security Caused by Occurrence of Cyber Attacks

    9. 4.9 Market Opportunities

      1. 4.9.1 Development of Urban Infrastructure in the Emerging Economies

  5. 5. MARKET SEGMENTATION

    1. 5.1 End User

      1. 5.1.1 Utilities

      2. 5.1.2 Data Centers

      3. 5.1.3 Oil and Gas

      4. 5.1.4 Marine

      5. 5.1.5 Other End Users

    2. 5.2 Geography

      1. 5.2.1 North America

      2. 5.2.2 Europe

      3. 5.2.3 Asia-Pacific

      4. 5.2.4 Rest of the World

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 ComAp AS

      2. 6.1.2 Brush Group

      3. 6.1.3 Nipro Corporation

      4. 6.1.4 ABB Ltd

      5. 6.1.5 etap (Operation Technology Inc.)

      6. 6.1.6 Wartsila Oyj Abp

      7. 6.1.7 INTECH Process Automation Inc.

      8. 6.1.8 RH Marine Netherlands BV

      9. 6.1.9 Marine Control Services

      10. 6.1.10 Kongsberg Gruppen ASA

      11. 6.1.11 SELMA

    2. *List Not Exhaustive

  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Power Management Industry Segmentation

A Power Managemnt System (PMS) is a control system or electrical generators which are often provided as a part of the IAS. They ensure the safety, reliability and efficiency of all the electrical distribution systems in a given area. Hence ensuring the power capacity is in line with vessel power at any time. The study is focuses only on various harware porvided by diffrent competitive vendors

End User
Utilities
Data Centers
Oil and Gas
Marine
Other End Users
Geography
North America
Europe
Asia-Pacific
Rest of the World
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Power Management Market Research FAQs

The Global Power Management System Market is projected to register a CAGR of 7.02% during the forecast period (2024-2029)

ComAp AS, Brush Group , ABB LIMITED , etap (Operation Technology Inc.) and Wartsila oyj abp are the major companies operating in the Global Power Management System Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Global Power Management System Market.

The report covers the Global Power Management System Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Global Power Management System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Power Management Systems Industry Report

Statistics for the 2024 Power Management Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Power Management Systems analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Power Management System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)