Sales of power management systems market are expected to amount to around US$ 3,618.7 million globally in 2023. Over the next ten years, the power management systems market is expected to expand at a 6.6% annual pace. The entire market worth is anticipated to reach US$ 6,880.9 million by the end of 2033.
The market for power management systems is expanding due to the accelerating pace of industrialization and the rising need for energy conservation. The deployment of smart grid technologies and the growth in the usage of renewable energy sources will also drive demand.
The growing usage of IoT and AI technologies is contributing to the growth of the power management systems industry.
Governments are implementing policies and regulations to promote the adoption of energy-efficient technologies and to reduce carbon emissions. This will continue to fuel power management system sales.Growing number of industries and commercial projects that require efficient power management systems to ensure uninterrupted power supply will elevate demand.
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Power management systems are widely used in utilities, followed by data centers. The utilities segment is one of the key users of power management systems. It is likely to hold more than one fourth of the market value share.
Demand for power management systems in data centers will rise at a healthy pace owing to rise in cloud computing and increasing demand for data storage and processing.
Key Takeaways from Power Management System Market Study
- The worldwide market for power management systems will reach a valuation of US$ 6,880.9 million by 2033.
- Global sales of power management systems are likely to soar at a CAGR of 6.6% through 2033.
- By module, power monitoring and control segment is set to hold a dominant share of around 50.2% in 2023.
- Based on end use, the utilities segment will dominate the market by creating an incremental opportunity of nearly US$ 790.3 million from 2023 to 2033.
- Power management system demand across India will increase at 9.0% CAGR through 2033.
- The United States power management system industry is forecast to expand at 5.5% CAGR.
The ever-expanding industries such as marine, chemical, and so on, are expected to boost the power management system market over the forecast period. This is true for both, developed as well as developing countries. Research suggests that manufacturers will find significant opportunity in shifting their production priorities towards custom-built products to meet changing industrial demands.” – says a Future Market Insights (FMI) analyst.
Competitive Landscape
The power management system market is moderately consolidated with few global players acquiring around 38% to 42% of the market shares. To improve their market presence, these players are making investments in new technological advancements and expanding their distribution networks.
Few of the leading manufacturers and suppliers of power management systems include ABB Ltd., Schneider Electric, Siemens AG, Eaton Corporation PLC, Rockwell Automation, Mitsubishi Electric, General Electric, Honeywell Corporation, and Fuji Electric, among others.
A few recent developments are:
- In July 2021, Mitsubishi Electric announced that it has developed a new power module that is designed to offer improved efficiency and reliability for electric and hybrid vehicles.
- In June 2021, Delta Electronics announced that it has launched a new range of modular UPS systems that are designed to offer improved energy efficiency and reliability.
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Find More Valuable Insights
The research report analyzes the demand for power management systems. The global power management system market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background.
As per Future Market Insights (FMI), the market has been analyzed based on type, module, end use, and region. The report provides qualitative and quantitative information on various players in this market. It also tracks the market by both supply-side and demand factors.
Global Power Management System Market by Category
By Type:
- Software
- Hardware
- Services
By Module:
- Power Monitoring and Control
- Load Shedding and Management
- Power Simulator
- Generator Control
- Energy Cost Accounting
- Switching and Safety Management
- Others
By End Use:
- Marine
- Petroleum Refinery
- Data Centers
- Chemical Industry
- Utilities
- Paper and Pulp
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- Central Asia
- Russia and Belarus
- Balkan and Baltic Countries
- South Asia and Pacific
- Middle East and Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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