Power management system controls the electrical system and electrical switchgear, thus ensuring that the electrical system is safe and efficient by preventing blackouts and other disturbances. The demand for power management systems is on a rise, since it is increasingly being used in businesses and residencies for monitoring and decreasing energy consumption due to its efficiency and low production cost. Moreover, the increased focus of industries on reducing their production cost without compromising on quality is also leading to the growth in adoption of power management systems.
Market overview
The global power management system market which was valued at USD 3.77 billion in 2017 is projected to reach USD 5.26 billion by 2022, growing at a CAGR of 6.88% during the forecast period from 2017 to 2022.
Based on type, the software segment is expected to hold the largest market share over the forecast period, owing to the upgradation of existing software to the latest versions and upcoming technologies. Based on module, the power monitoring and control module segment is projected to hold the largest market share, owing to the growth in the manufacturing sector in economies such as China and India and the growing oil & gas sector in North America.
Among end-users, the marine segment is expected to account for the largest market share over the next five years, mainly due to the increase in shipbuilding industry in the Asia Pacific region and Europe.
Geographical growth scenario of the market
Among regions, Asia Pacific is expected to be the leading market for power management systems over the coming years. This growth can be attributed to the growth in the manufacturing sector along with other industries such as metals and mining and data centers. In addition, the growing shipbuilding industry particularly for offshore support vessels and commercial vessels is also expected to drive the growth of this market in the coming years.
Factors driving and restraining market growth
The growth of the global market for power management systems is being primarily influenced by the following factors:
- Rising demand for energy efficiency
- Increasing installation of renewables in the industry
- Growing adoption of IoT and cloud-based platforms
Apart from these, rise in distributed power generation and growth in oil & gas sector in North America and increase in offshore support vehicles are the factors expected to offer lucrative growth opportunities in the market.
On the flip side, the risk to data security due to the increasing occurrence of viruses and cyber-attacks is the major factor expected to hamper the growth of this market. Moreover, lack of compatibility with legacy power networks & equipment is a key challenge that the leading market players have to overcome in order to witness sustained growth over the coming years.
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Major players and strategies adopted for sustenance
The leading players operating in the global market for power management systems include ABB (Switzerland), Siemens (Germany), Eaton (Ireland), GE (US), ETAP (US), Wartsila (Finland), Rockwell Automation (Japan), and Mitsubishi (Japan). These companies have adopted strategies such as contracts & agreements, new product developments, investments and expansions, and mergers & acquisitions, amongst which contracts & agreements was the most commonly adopted strategy by the top players during 2014-2017.
