DUBLIN, May 20, 2022 /PRNewswire/ -- The "Power Management Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Power Management Systems Market to Reach US$5.2 Billion by the Year 2026
The global market for Power Management Systems estimated at US$4 Billion in the year 2022, is projected to reach a revised size of US$5.2 Billion by 2026, growing at a CAGR of 6.1% over the analysis period.
Growth in the global is set to be driven by numerous growth encouraging factors. While uptrend in key end-use verticals such as data centers, oil & gas, metals & mining, and marine has a strong bearing on market expansion, increased emphasis on industrial automation and roll out of advanced PMS platforms instigated widespread growth of the market.
The rise of digital lifestyle and digital economy induced a healthy trajectory in global data center industry, creating large-scale opportunities to various electrical systems markets including PMS, which aid data centers in streamlining their electrical system efficiency and performance. Similarly, stupendous increase in oil & gas sector along with critical requirement of reliable and consistent power in on-shore, off-shore, storage and refinery units, triggered widespread deployments of PMS in oil & gas plants.
Likewise, the mining industry's strong lenience towards reliable power sources that eliminate production floor disturbances due to power outages enhanced the market prospects for PMS. Marine sector is another major end-use sector, which accelerated the market momentum in a major way. Shipping activities grew on a large scale during recent decades, due to intensified maritime logistics and also due to marine tourism, while widening the demand for marine PMS.
Software, one of the segments analyzed in the report, is projected to grow at a 6.1% CAGR to reach US$2.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hardware segment is readjusted to a revised 6.9% CAGR for the next 7-year period. This segment currently accounts for a 23.4% share of the global Power Management Systems market.
The U.S. Market is Estimated at $836.7 Million in 2022, While China is Forecast to Reach $746.4 Million by 2026
The Power Management Systems market in the U.S. is estimated at US$836.7 Million in the year 2022. The country currently accounts for a 20.94% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$746.4 Million in the year 2026 trailing a CAGR of 8% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR while Rest of European market (as defined in the study) will reach US$174.9 Million by the end of the analysis period.
Higher uptake of PMS by industrial facilities in the developed world is influenced by factors such as strong emphasis on improving the reliability and safety of plant electrical system, inclination towards industry-wide automation to comply with productivity objectives, and reducing overall energy consumption.
Energy consumption has emerged as a prime focus area for industrial entities in the US and other developed nations, against the backdrop of rising governmental initiatives to minimize carbon emissions from various sources including factories and plants. Such governmental programs have wielded huge impact on energy management in industrial enterprises across the board, while generating substantial opportunities for PMS.
Asia-Pacific (excluding China and Japan) constitutes the second fastest growing regional market. PMS deployments in the Asia-Pacific region are being fueled by growing awareness about power management among industrial entities in the region. Such momentum is especially visible in India, Australia, South Korea, Taiwan, Thailand, and Malaysia. Rising electrification and digitalization have been offset partly due to increased energy efficiency.
The emerging economies are estimated to account for the majority of electricity demand growth globally.
Services Segment to Reach $1.7 Billion by 2026
Services constitute a major segment within the world PMS market. Although the full-fledged PMS software and hardware remains at the core of power management program, services play an important role from basic feasibility study through performance evaluation and follow-through actions.
Further, importance of PMS services remains highly relevant in managing, maintaining and monitoring of PMS platform. In order to achieve power management objectives, industrial entities focus on a range of services including Project Services, Consultancy Services, Training & Educational Services, and Lifecycle Services.
In the global Services segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$776.5 Million will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.
Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$246.9 Million by the year 2026, while Latin America will expand at a 6.4% CAGR through the analysis period.
What's New for 2022?
Global competitiveness and key competitor percentage market shares
Market presence across multiple geographies - Strong/Active/Niche/Trivial
Online interactive peer-to-peer collaborative bespoke updates
Access to the publisher's digital archives and Research Platform
Complimentary updates for one year
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Industrial Activity Remain Subdued in 2020
Pandemic's Effect on the Power Management Systems Market
An Introduction to Power Management System (PMS)
Power Management Systems: Current Market Scenario and Outlook
While Developing Regions Steer Overall Growth in the PMS Market, Contribution of Developed Regions Remains Relevant
PMS Software: Dominant Product Segment
Cloud Versions Instigate New Demand for PMS Software
PMS Services Remains a Major Market Segment
Power Monitoring & Control: Core PMS Module
Critical Importance of Load Shedding & Management Amplifies Demand
PMS: A Fragmented Marketplace
Recent Market Activity
Select Global Brands
Competitive Market Presence - Strong/Active/Niche for 153 Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS (Total 152 Featured)
Eaton Corporation Inc.
Emerson Electric Company
ETAP/Operation Technology, Inc.
General Electric Company
Honeywell International Inc.
Larsen & Toubro Limited
Mitsubishi Electric Corporation
Rockwell Automation, Inc.
Schneider Electric SE
3. MARKET TRENDS & DRIVERS
Select Trends Relevant to the Power Management System Industry
Power Efficiency and Management Offer Several Benefits
Sustained Emphasis on Industrial Automation Creates Fertile Environment for Growth and Progress of PMS Market
Industry 4.0 to Steer Next Wave of Growth
Rising Adoption of Industrial IoT & M2M Technologies Augurs Well
Growing Energy Efficiency Needs Amid Escalating Energy Costs Favor PMS Market Expansion
Emphasis on Curbing Carbon Emissions Accelerates PMS Deployments
After Getting Hit the Hardest, the Clean Energy Segment Bound to Rebound
Marine Sector: Major Consumer of PMS
Steady Growth in Seaborne Trade Volumes and Parallel Increase in Number of Marine Freight Carriers Enhance Marine PMS Demand
Global Seaborne Trade Statistics
Shipbuilding Activity Widens Opportunities for Marine PMS
Naval Ships, a Dominant Application Segment: Geopolitical Conflicts & Quest for Military Supremacy Widen the Business Case
Steady Growth Projected for PMS in Oil & Gas Sector
Increase in E&P Spending and Volatility Continue to Shape Strategy for Sustained Demand of Power Management Systems
Sophisticated PMS Gain Traction in Metals and Mining Applications
World Metals & Mining Industry by Material Category: A Snapshot
Established Role of Power Management in Data Centers Builds Market Momentum
Beyond COVID-19 Lies a New Normal With New Opportunities for Datacenters
Demand for Datacenters Surge as Remote Working Becomes the New Normal
Technologically Advanced Applications in Power Management
Smart Integrated Power Management Solutions
Power Management System in Smart Homes
Innovations in Power Management ICs
Power Management Tools from ENERSYS
BAE Systems' Power Management Solutions for Air Taxis
TAE Technologies Inventive Power Management Strategy Transforms Electric Vehicle Management
Review of Generator Sets for Healthcare Settings - A Case in Point
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/q0lgt6
Research and Markets
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