- The power monitoring and control segment is expected to lead the power management system.
- The marine industry is estimated to be the largest end user of power management system.
- Asia Pacific will be the leading market for power management system.
The global power management system market was valued at $3.77 billion in 2017 and is estimated to reach $5.26 billion by 2022, growing at a CAGR of 6.88% from 2017 to 2022. The increasing demand for energy efficiency in the manufacturing sector, increasing installation of renewables in the industry, and rising adoption of IoT and cloud-based platforms are driving the power management system market globally. The shale oil & gas boom in North America provides an opportunity for growth in the power management system market.
The power monitoring and control segment is expected to lead the power management system
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.
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.
The 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.
The marine industry is estimated to be the largest end user of power management system
The marine segment comprises marine vessels such as offshore support vessels, cargo vessels, LNG tankers, cruise ships, and defense vessels. Marine vessels consume substantial amounts of diesel or natural gas to power the vessels. Power management systems in marine vessels ensure optimized load distribution in marine vessels, generator start and stop, automatic load shedding, switching operations, and fuel optimization. The marine segment is estimated to hold the largest market share by 2022. The growth in the global shipbuilding industry, particularly in the Asia Pacific region and Europe is expected to drive the marine segment in the power management system market.
- Excel Spreadsheets & Automation VBA/Macros
- Publish 3 Press Releases for $20! – Connects with Google news, Goolge & Bing Organic Search plus Social Media Websites
- Social Media Business Boot Camp – Learn how to Leverage Social Media for Business Returns
- $12 for Google News & More Press Release – Possibly the Best PR Deal on the Internet
- Online Business Consultant: Let Us Help You Solve Your Business & Amazon Problems
- Get a Brand Design that Reflects Your Values, Beliefs and Personality!
- Press Release Written & Distributed – Get your PR Published on Google news and more.
- 5 Articles for $250 – Thousands of Views
- Search Engine Optimization (SEO) for Your Website, Improve Your Goggle Rankings
- News Writing & Google / Communal News Publishing – Let Us Help You Tell Your Story!
The Data centers segment is driven by the increasing demand for energy cost saving, which is critical for data centers. Data centers are highly energy intensive and require continuous power with stabilized conditions at all times. All these factors are expected to offer lucrative business opportunities to power management solution providers in the data centers segment during the forecast period.
The generator control module finds applications for generator start and stop operations, generator load distribution, fuel optimization, and generator protection. The increase in distributed power generation in industries such as metals and mining, data centers, and oil & gas is also contributing to the growth of the generator control segment. This segment also has a considerable demand in the marine sector due to the increasing demand for efficiency in offshore support vessels.
Asia Pacific: The Leading Market for Power Management System
The market in Asia Pacific is expected to lead the power management system market, by region. 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.
The ecosystem of the power management system market comprises companies such as ABB (Switzerland), Eaton (Ireland), Siemens (Germany), GE (US), ETAP (US), Wartsila (Finland), and Rockwell Automation (Japan).