The Global Power Management System Market size is expected to reach $8.1 billion by 2030, rising at a market growth of 5.2% CAGR during the forecast period.
Power management systems assist end users, like data centers, in lowering their energy usage and operating expenses. Hence, the Data center segment generated $428.7 million revenue in the market in 2022. Due to its energy-saving attributes, power management systems are becoming increasingly prevalent. Data centers often have a mix of workloads with varying resource requirements. Power management systems help in dynamically distributing workloads across available servers and resources. This load balancing ensures that no server is overburdened while others are underutilized, leading to more efficient power usage and better resource utilization. As a result, there is a huge rise in demand for these systems in data centers.
The major strategies followed by the market participants are Acquisitions as the key developmental strategy in order to keep pace with the changing demands of end users. For instance, In December, 2021, GE Digital acquired Opus One Solutions Energy to integrate the renewable energy planning capabilities of Opus One into its network management and optimization offerings to aid utilities in making decisions on the integrations of Distributed and Renewable Energy Resources at scale across the electric grid. In October, 2022, ABB took over ASKI Industrie Elektronik GmbH to broadens ABB's digital energy management offerings and boosts the development of ABB’s ecosystem of digital energy services.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include ABB Group, General Electric Company, Siemens AG, Eaton Corporation PLC, Schneider Electric SE, Emerson Electric Co., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Honeywell International, Inc., and Fuji Electric Co., Ltd.
Power management systems assist end users, like data centers, in lowering their energy usage and operating expenses. Hence, the Data center segment generated $428.7 million revenue in the market in 2022. Due to its energy-saving attributes, power management systems are becoming increasingly prevalent. Data centers often have a mix of workloads with varying resource requirements. Power management systems help in dynamically distributing workloads across available servers and resources. This load balancing ensures that no server is overburdened while others are underutilized, leading to more efficient power usage and better resource utilization. As a result, there is a huge rise in demand for these systems in data centers.
The major strategies followed by the market participants are Acquisitions as the key developmental strategy in order to keep pace with the changing demands of end users. For instance, In December, 2021, GE Digital acquired Opus One Solutions Energy to integrate the renewable energy planning capabilities of Opus One into its network management and optimization offerings to aid utilities in making decisions on the integrations of Distributed and Renewable Energy Resources at scale across the electric grid. In October, 2022, ABB took over ASKI Industrie Elektronik GmbH to broadens ABB's digital energy management offerings and boosts the development of ABB’s ecosystem of digital energy services.
The Cardinal Matrix - Market Competition Analysis
Based on the analysis presented in the The Cardinal Matrix; Siemens AG and Honeywell International, Inc. are the forerunners in the Market. In December, 2021, Siemens Smart Infrastructure acquired EcoDomus to support Siemens Smart Infrastructure broadening its digital building suite. Companies such as ABB Group, Eaton Corporation PLC, Schneider Electric SE, and Emerson Electric Co. are some of the key innovators in the Market.
Market Growth Factors
Demand for energy efficiency is rising
The pattern of consumption of energy is shifting in modern businesses. Energy costs and environmental issues are fundamental components of the approach used by major businesses. The power management system monitors and regulates power production to ensure that power networks operate effectively. Additionally, it reorganizes generation, imports, and loading such that every generator, reactor, transformer, and tie line operates within predetermined parameters. Key market drivers include fluctuating electric power prices, tight government rules and policies, various incentives, and the growing use of PMS in building automation. Therefore, the rising demand for energy efficient systems is propelling the growth of the market.Growing Use of Distributed Energy
With the introduction of distributed energy resources and new alternatives for power generation, power systems are becoming less centralized. Numerous issues, including poor power quality, planned rolling blackouts, unforeseen utility power outages, and an increase in power prices, are driving up demand for energy from distributed energy resources. Industrial end users have begun producing electricity via distributed generation sources to meet peak loads from unconventional energy sources. It reduces energy costs for companies and in addition to resolvings environmental worries. These elements will cause the market to grow throughout the ensuing years.Market Restraining Factors
Data Security Risks Associated with PMS Solutions
Malicious viruses can steal sensitive data from power management computer systems, which can cause enormous losses for industries. The prolonged reading duration and the high initial investment cost rate may limit market growth. Both regional manufacturers and SMEs may suffer from this. Industrial automation users and vendors are increasingly concerned about cybersecurity since there have been more cyberattacks on vital infrastructure over the past ten years. As a result, the market may suffer due to the data security issues associated with power management systems.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions.
Module Outlook
By module, the market is classified into power monitoring & control, load shedding & management, energy cost accounting, switching & safety management, power simulator, generator controls, data historian, and others. In 2022, the power monitoring and control segment dominated the market with the maximum revenue share. A crucial part of a PMS is the power monitoring and control module, which devotes itself to real-time monitoring, analysis, and control of electrical power parameters in a specific system or facility. This module is essential for guaranteeing effective power distribution, maximizing energy utilization, and preserving the dependability and stability of the system. These advantages are driving the growth of the segment.Industry Outlook
Based on industry, the market is fragmented into oil & gas, marine, chemical & petrochemical, paper & pulp, metal & mining, utilities, data center, and others. In 2022, the oil and gas segment registered the highest revenue share in the market. Oil and gas operations often require continuous and reliable power to avoid disruptions. Power management systems ensure that critical equipment and processes have access to redundant power sources, minimizing downtime and production losses. Additionally, this industry is subject to strict regulatory standards. Power management systems assist in meeting compliance requirements by providing accurate energy consumption data for reporting and audit purposes.
Type Outlook
On the basis of type, the market is segmented into hardware, software, and services. The hardware segment garnered a significant revenue share in the market in 2022. The power management system's hardware components efficiently distribute, control, and monitor electrical power. Electrical factors, including voltage, current, power factor, and energy consumption, can all be measured by power meters. These offer the most recent data on energy usage, enabling precise tracking and analysis of consumption patterns.Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region witnessed the largest revenue share in the market. Many industries in North America are utilizing IoT and cloud-based systems for operational purposes. These end-user sectors' growing demand for energy-efficient technologies is contributing to an increase in the power management system. The EIA's Short-Term Energy Outlook predicts that 597 million short tons of coal were used by power plants in 2022, a 3% reduction from coal consumption in 2021. This decrease in consumption can be mostly due to shortages of supplies, such as issues with rail transportation and a limited coal supply.The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include ABB Group, General Electric Company, Siemens AG, Eaton Corporation PLC, Schneider Electric SE, Emerson Electric Co., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Honeywell International, Inc., and Fuji Electric Co., Ltd.
Strategies Deployed in the Market
Partnerships, Collaborations and Agreements:
- Jun-2023: Eaton joined hands with FMX, a provider of leading facilities and maintenance management solutions. This collaboration aims to help industrial customers implement preventive maintenance programs in their facilities. Furthermore, the solution supports power system health by integrating intelligent equipment monitoring and analytics with automated scheduling, management, and reporting.
- May-2023: Rockwell Automation, Inc. partnered with Autonox Robotics, a company with expertise in the development and production of robot mechanics. Following this partnership companies allow companies in North America, Europe, the Middle East, and Africa to achieve the latest manufacturing potential through unified robot control solutions.
- Feb-2023: Siemens AG came into partnership with EnergyHub, a leading grid-edge DERMS provider. Through this partnership, both companies would interface their supportive solutions to allow utilities to go toward a comprehensive next-generation DER management solution. Moreover, the companies would be coordinating on supportive suite elements for next-generation DER management by integrating Siemens’ network skill with EnergyHub’s proven grid-edge abilities.
Product Launches and Product Expansions:
- Aug-2023: Fuji Electric Co., Ltd. launched the P633C Series, a 3rd-generation small IPMs. The launched product helps decrease the power consumption of the equipment on which it is mounted, such as home appliances and machine tools.
- May-2023: Siemens released Sinamics S200, the latest servo drive system developed for a variety of standard applications in battery, electronics, and other industries. The products include specific servo drives, easily usable cables, and powerful servo motors that deliver high dynamic performance.
- Jan-2023: Fuji Electric Co., Ltd. rolled out MICREX-VieW FOCUS Series automation monitoring and control systems for plants. The MICREX-VieW FOCUS Evolution is capable of flexible system construction to fit customer issues.
- Nov-2022: ABB announced the launch of ABB Ability™ OPTIMAX, an energy management system. This launch aims to help decrease the costs of production by allowing real-time visibility of energy consumption in operations.
- Oct-2022: Emerson announces the launch of DeltaV version 15, a distributed control system. The new launch is built up to advance production optimization and minimize the burden of IT support, with enlarged analytics that would grow the speed and flexibility towards the market and enhance operator performance.
- Sep-2022: Siemens launched Siemens Xcelerator, an open and evolving digital business ecosystem that consists of a complete, curated suite that consists of digital and Internet of Things (IoT)-enabled offerings (software, hardware, and digital services) from Siemens, and certified third parties.
- Feb-2022: ABB announced the expansion of its M1M series with the launches of M1M11, M1MDS, M1M20B, and M1M30B models. The launch would be power monitoring and electrical measuring meters used in the digital panel meter market.
Acquisitions and Mergers:
- Dec-2022: Honeywell acquired Sparta Systems, a provider of enterprise quality management software (QMS) and a SaaS platform for the life science industry for next-generation. With this acquisition, Honeywell's position in enterprise performance management software, industrial automation, and digital transformation solutions would be boosted.
- Oct-2022: ABB completed the acquisition of ASKI Industrie Elektronik GmbH, the leading energy management platform. This acquisition broadens ABB's digital energy management offerings and boosts the development of ABB’s ecosystem of digital energy services.
- Oct-2022: Rockwell Automation, Inc. acquired CUBIC, a company with expertise in modular systems for the manufacturing of electrical panels. This acquisition strengthens Rockwell's suite of leading intelligent motor control technologies. Additionally, CUBIC would expand Rockwell's market access to data centers and renewable energy solutions.
- Jan-2022: Eaton took over Royal Power Solutions, a US-based manufacturer of high-precision electrical components. The acquisition of Royal Power Solutions strengthens the acquiring company's potential to capitalize on trending growth across aerospace, electrical, and mobility segments.
Geographical Expansions:
- Apr-2023: ABB India opened a new facility based in the Peenya factory, Bengaluru. The latest series would produce drives ranging from 75 kW to 250 kW and would serve all major industrial segments.
- Sep-2022: Schneider Electric expanded its geographical footprint by setting up a new smart factory in Hyderabad, India. The new plant reinforces the company's supply chain operations.
Scope of the Study
By Module
- Power Monitoring & Control
- Generator Controls
- Load Shedding & Management
- Switching & Safety Management
- Power Simulator
- Energy Cost Accounting
- Data Historian & Others
By Type
- Software
- Hardware
- Services
By Industry
- Oil & Gas
- Marine
- Metal & Mining
- Chemical & Petrochemical
- Paper & Pulp
- Utilities
- Data Center
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- ABB Group
- General Electric Company
- Siemens AG
- Eaton Corporation PLC
- Schneider Electric SE
- Emerson Electric Co.
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
- Honeywell International, Inc.
- Fuji Electric Co., Ltd.
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
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- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Power Management System Market by Module
Chapter 6. Global Power Management System Market by Type
Chapter 7. Global Power Management System Market by Industry
Chapter 8. Global Power Management System Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- ABB Group
- General Electric Company
- Siemens AG
- Eaton Corporation PLC
- Schneider Electric SE
- Emerson Electric Co.
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
- Honeywell International, Inc.
- Fuji Electric Co., Ltd.
Methodology
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