Market Size of Global Power Management System Industry
| 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
*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.
