Global Power Management Systems Market to Reach $5.4 Billion by 2024
SAN FRANCISCO, Aug. 13, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Power Management Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: May 2021
Executive Pool: 24692
Companies: 43 - Players covered include ABB Group; Cpower; Eaton Corporation PLC; Emerson Electric Co.; ETAP - Operation Technology, Inc.; Fuji Electric Co., Ltd.; GE Grid Solutions; Honeywell Process Solutions; Larsen & Toubro Limited; Mitsubishi Electric Corporation; Rockwell Automation, Inc.; Schneider Electric SA; Siemens AG; Wartsila Corporation; Yokogawa Electric Corporation and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Oil & Gas, Marine, Metals & Mining, Data Centers, Other End-Uses); Module (Power Monitoring & Control, Load Shedding & Management, Power Simulator, Generator Controls, Other Modules); Type (Hardware, Software, Services)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Power Management Systems Market to Reach $5.4 Billion by 2024
The Power Management System (PMS) is a specially designed technology platform that controls the plant electrical system and electrical switchgear, with the objective to deliver safe and reliable power supply by resolving unsettling influences and power outage issues. PMS design places emphasis on improving the safety, reliability, operability, maintainability, code compliance, and Design Codes of plant electrical system, while acknowledging the relevant IEC standards, and national and local regulations. Comprehensive monitoring, interlocking and distributed control and protection are some of the strategies deployed by PMS to ensure safety and reliability of plant electrical system. Further, by providing operator assistance for safe, secure, and error free operation of the electrical system, PMS augments the plant operability. In addition, PMS employs automatic functions where ever necessary to aid in faster recovery of the electrical system. Simultaneously, PMS integrates functionality to generate reports, while minimizing operator workload.
Likewise, PMS streamlines the maintainability of plant electrical system by collating maintenance data from data historian and condition-based monitoring systems, while delivering appropriate solutions for data analysis and maintenance record management. Standard PMS platform also aids in carrying out off-line engineering analysis and in predicting electrical system performance, leveraging the plant data sourced from historical, on-line, fault and disturbance data systems. PMS engineering analysis tools hold relevance in enhancing the electrical system reliability by fine-tuning the controls and protection set points, while rendering support to future upgrades and expansions of plant electrical system. Furthermore, PMS extends engineering access to the intelligent electronic devices (IED) for configuration, settings, and other non-operational data such as fault records.
Amid the COVID-19 crisis, the global market for Power Management System is projected to reach US$5.4 Billion by 2024, registering a compounded annual growth rate (CAGR) of 6.7% over the analysis period. The United States represents the largest regional market for Power Management System, accounting for an estimated 20.2% share of the global total. The market is projected to reach US$1.2 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 8.5% over the analysis period.
The rise of digital lifestyle and digital economy is creating healthy growth in the global data center industry, creating large-scale opportunities for 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, are triggering 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 are enhancing market prospects for PMS. Marine sector is another major end-use sector. Shipping activities are growing due to intensified maritime logistics and also due to marine tourism, while widening the demand for marine PMS.
Automation has emerged as the key trait of modern industrial manufacturing enterprise, which paved way for design, development and roll out of high-tech systems that aid factories and plants to run their operations in automated manner. The key benefits of automation such as reduced need for manual workforce, low OPEX, and higher productivity have grabbed the attention of world manufacturing sector, while instigating market opportunities to various automation technologies including PMS, which stresses on automating the plant electrical system.
At the same time, technology advancements and improvements have instigated broad-based opportunities to the PMS market, widening the scope and span as well as addressable market for PMS. Modern PMS platform features most sophisticated sensors, real-time communication functionality, and advanced software with comprehensive reporting and analytics to deliver a robust solution that safeguards the plant electrical system. Going forward, the market for PMS is likely to remain firm in the coming years. Relative stability in economic scenario, positive business confidence indices, and rising global demand for manufactured goods are likely to sustain the demand for industrial electrical automation systems including PMS. Furthermore, factors such as sustained emphasis on energy efficiency in industrial manufacturing, wider roll out of Industry 4.0, growing adoption of IoT and cloud-based platforms, and increased investments on renewable energy facilities, favor strong growth in the PMS market. More
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