The global Power Management System Market is projected to reach USD 5.26 billion by 2022, growing at a CAGR of 6.88% from 2017 to 2022. This market growth is primarily driven by the increasing demand for energy efficiency in the manufacturing sector, rising installation of renewable energy in industry, and rising adoption of IoT and cloud-based platforms. The shale oil & gas boom in North America provides an opportunity for growth in the power management system market.
The power management system has been segmented based on module into power monitoring and control, load shedding and management, energy cost accounting, switching and safety management, power simulators, generator controls, data historian, and others. The others segment includes fuel consumption monitoring, alarms and annunciators, and consoles.
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The power monitoring and control segment is expected to hold the largest share of the power management system market
The power monitoring and control segment is estimated to largest segment of power management system market during the forecast period. The power monitoring and control module helps in measuring and controlling vital parameters such as frequency, voltage, energy demand, current and voltage control, and data analysis for overall power quality control. This segment is expected to be driven by the increasing demand for energy efficiency in the manufacturing sector in the Asia Pacific region. Emerging economies such as China and India are witnessing substantial growth in the manufacturing sector with favourable government policies supporting investments in the sector. The shale oil & gas boom in North America is expected to another key driver for the growth in the power monitoring and control segment during the forecast period.
Asia Pacific is expected to be the largest market for power management system
The Asia Pacific is expected to lead the power management system market. The increase in the manufacturing sector along with other industries such as metals and mining and data centers is the key factor driving the power management system market in Asia Pacific. The growth in shipbuilding particularly for offshore support vessels and commercial vessels is another key driver for the growth in the market.
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Some of the leading players in the Power Management System Market include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), GE (US), ETAP (US), Wartsila (Finland), and Mitsubishi (Japan).