Power Management System Market - Growth, Trends, Forecasts (2022 - 2027)

Power Management System Market - Growth, Trends, Forecasts (2022 - 2027)

The global power management system market was valued at USD 2.03 billion in 2019, and it is projected to be worth USD 2.81 billion by 2025, registering a CAGR of 7.02% during the period of 2019-2025. The market is experincing growth, owing to the liberalization of world trade, where there has been an increase in the number of ships that traverse the oceans, which, in turn, impacts the demand for such solutions. Safety at sea is gaining importance and governments of various countries are exploring various technologies.

Key Highlights

• With automation, robotics, and IoT connectivity propelling in smart factories globally, there is a critical need to ensure robustness of electrical systems. Power management systems, in such scenario, help improve reliability of electrical distribution and optimize consumption.
• According to a 2019 survey by 360training.com, a provider of online OSHA and EHS training, done on more than 1,000 adults working in industries, impacted by Environment, Health and Safety (EHS), including utilities, construction, transportation, and manufacturing, slips, trips and falls, and electrical hazards were the top safety concerns for utility worker. The survey found that concern for on-the-job survey is on the rise with 39% of all respondents more concerned with on-the-job safety in 2019 than they were in 2018. This signifies an increasing need for power management systems.
• Aditionally, During the recent COVID-19 outbreak and nationwide lockdown in many of the regions, the power consumption witnessed a surge, which also increased in load shedding cases. These load shedding and management solutions will find massive growth opportunities for the market in various regions.
• For instance, despite a drop in demand due to the COVID-19 lockdown in South Africa, State-run Eskom implemented various rounds of load shedding since the COVID-19 outbreak. The authority recently implemented the latest round of load shedding due to the severe problem in the power generation system in September 2020. Load shedding is likely to continue until September 2021, according to the government.

Key Market TrendsIncreasing Focus on Safety, Especially in Manufacturing Environment

• The Increasing awareness about protection systems against electricity and power faults and the benefits of better technology for prevention, especially in the manufacturing and processing industry, are driving the growth of the market. End-user industries are looking for the latest technological products, and the market is witnessing growing investment.
• The growing adoption of smart factories or increasing adoption of sensors and Industry 4.0 further mandates safety in these industries. It is expected that, by 2023, the companies in the industrial sector may grow revenues by as much as USD 490 billion as a result of Industry 4.0 initiatives. In the US, the Federal Government and the private sector are investing in Industry 4.0 technologies to enhance American industrial safety, a trend that is also reflecting in countries like China, Mexico, Brazil, and India.
• During 2020, 3 fatal accidents occurred in India in three manufacturing sectors, chemicals, pulp and paper, and thermal power plants, mainly due to electrical fault. These scenarios are also increasing cases of fire and explosion. For instance, in Taiwan, fire and explosion occurred at a polypropylene (PP) and copper-clad laminate high-tech plant due to these faults only.

Asia-Pacific is Expected to Witness Significant Growth

• Power Management Systems (PMS) lessens production interruption by rendering a constant power supply and boosts the reliability of electric power systems, by promoting automatic synchronization mechanisms that enable the field to reconnect back to the utility under blackouts and power shortage. The rise in the manufacturing sector, along with other industries such as data centers and metals and mining, is the principal determinant encouraging the power management system market in the Asia-Pacific region.
• According to Exxon Mobil, in 2040, the power generation fuel energy demand in the Asia-Pacific region was forecast to reach 149 quadrillion BTUs. In that year, the world's total energy demand will account for 675 quadrillion BTUs. In 2019, approximately 10.81 exajoules of renewable energy were consumed, as against 1.95 in 2010 in the Asia Pacific region, as per BP Plc statistics. Since PMS provides an integrated set of control, supervision, reliability and management functions for power generation, distribution and supply in industrial plants, the increasing power consumption will augment the market growth.
• Furthermore, The region is also witnessing partnerships and collaboration by the market vendors. For instance, in August 2020, ABB technology for customized intelligent distribution, metering and coordination control, has helped the Chinese utility State Grid Jibei Electric Power Co. Ltd to build a virtual power plant. The virtual power plant (VPP) is not a conventional physical power plant. It is a network of clean energy generation systems and energy storage devices, which is a seamless virtual platform that controls power generation via a distributed power-management system.

Competitive Landscape

The Power Management Systems market is competitive and consists several major players. However, in terms of market share, few of the major players currently dominate the market. These major players, with a prominent share in the market, are focusing on expanding their customer bases across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market shares and profitability. The key players are ABB Ltd, Noris Group GMBH and few others. Recent developments in the market are -

• July 2019 - NORIS Group and SIBO Group extended their joint venture NORIS-SIBO Automation for a further fifteen years. By this joint venture, the company is strengthening its position in the Chinese market in the future.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
ComAp AS
Brush Group
Nipro Corporation
ABB Ltd
etap (Operation Technology Inc.)
Wartsila Oyj Abp
INTECH Process Automation Inc.
RH Marine Netherlands BV
Marine Control Services
Kongsberg Gruppen ASA
SELMA

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