The "Power Management System Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global power management system market is evaluated at US$ 5.084 billion for the year 2020 growing at a CAGR of 7.74% reaching the market size of US$7.952 billion by the year 2026.
Power management system is a system which is in charge of the electrical system and makes sure that the electrical system is safe and efficient. The system is majorly used to monitor the operations of an electrical distribution system in the given premises or an area. It further helps to optimize maintenance and get more life from electrical assets, recover from outages more quickly and safely, find ways to reduce energy costs, avoid electrical fires and prevent shock. The popularity of this concept is mainly due to the fact that they help an organization to gain competitive advantage and create a safer environment for the labours to work. Furthermore, a key factor driving the market for power management system is the increasing amount of government regulations on energy conservation and a limited availability of fossil fuels. These systems help the operator to monitor the energy usage in the area and consequently cut down operational costs. The benefit of the system to reduce the operational cost is gaining the attention of major players which is further expected to drive the market of the power management system during the forecast period.
The power management system has been an evolving and a continuously developing technology which has helped several organizations to collect real-time information on the energy use through monitoring, assessing, and visualizing energy consumption. The innovations taking place in this technology is the presence of Internet of Things (IoT) in the network which helps the system generate more data and manage the operations more efficiently and make data driven decisions. The market has been significantly driven by a drastic suburban migration which has led to a rapid increase in the power consumption across regions which has further fuelled the importance and need for better power management solutions. The increase in the energy consumption in various sectors is expected to fuel the market for power management system during the forecast period. This rise in the levels of energy consumption has led to more stringent government laws in order to better manage the power distribution and reduce power loss and operational costs.
The advent of COVID-19 had a diverse impact on the global power management system market. According to a report by the International Energy Agency (IEA), the demand from the residential segment increased whereas the demand from the commercial and industrial operations fell owing to the lockdown measures. The global electricity consumption fell by 2.5% in the first quarter of 2020 due to the lockdown in being imposed in several countries. China was one of the first countries to implement the lockdown measures to fight the pandemic which resulted in a demand decline of about 6.5% during the period. With more countries going under lockdown from March, the decline in the demand for electricity consumption varied from 2.5% to 4.5%, in Europe, Japan, Korea and the United States. As the demand for electricity declined, the demand for power management systems witnessed a slight decline as well owing to a lesser need to manage the power when the operations were shut down.
etap (Operation Technology Inc.)
Wartsila Oyj Abp
INTECH Process Automation Inc.
RH Marine Netherlands BV
Marine Control Services
Kongsberg Gruppen ASA
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Power Management System Market Analysis, By Offering.
6. Power Management System Market Analysis, By End User
6.3. Data Centers
6.4. Oil & Gas
7. Power Management System Market Analysis, By Geography
7.2. North America
7.3. South America
7.5. Middle East And Africa
7.6. Asia Pacific
8. Competitive Environment And Analysis
8.1. Major Players And Strategy Analysis
8.2. Emerging Players And Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, And Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/e782b9
View source version on businesswire.com: https://www.businesswire.com/news/home/20210226005213/en/
Laura Wood, Senior Press Manager
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