Global Power Management System Market Report and Forecast 2024-2032

Global Power Management System Market Outlook

The global power management system market attained a value of about USD 2.64 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 7.2% to reach nearly USD 4.92 billion by 2032.    

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Increasing Deployment of Power Management System in the Marine Industry Bolstering the Market Growth

The growing demand for power management systems in the marine industry is augmenting the market growth. As power saving is one of the most critical board operations, mariners are increasingly deploying power management systems to boost energy efficiency, thereby augmenting the market growth. The integration of a human-machine interface (HMI) to enable users to communicate with generators while allowing the overview of overall power management system is significantly contributing to the growth of the market.

The rising deployment of automatic power management systems to efficiently regulate power generation while automating power conservation is driving the growth of the market. The easy system configuration and different operation modes provided by power management systems are surging their use, thereby driving the industry growth. Moreover, the ease-of-maintenance and convenience offered by innovative power management systems are increasing their use in vessels, which is providing further impetus to the industry growth.

Power Management System Market Segmentation

A power management system refers to a system that monitors power distribution systems to enhance the quality and usability of energy. It enhances the efficiency, reliability, and safety of electrical distribution systems while optimising maintenance and durability. As electrical systems are increasingly getting more complex, power management systems are deployed to simplify the management, operations, and maintenance of such systems.

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The major end-users of power management system are:

• Utilities
• Data Centres
• Oil and Gas
• Marine
• Others

The EMR report looks into the regional markets of power management system like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Use of Power Management System in the Oil and Gas Industry to Augment the Market Growth

The growing deployment of power management systems in the oil and gas industry is aiding the growth of the market. As uninterrupted power supply is crucial in the sector, power management systems are increasingly deployed to provide consistent power supply, which is augmenting the market growth. In addition, power management systems prevent outages, reduce operating costs, and maximise safety while bolstering energy-efficiency, which is fuelling the growth of the market. With the growing focus on sustainability in the oil and gas industry, power management systems are extensively deployed, thereby augmenting the growth of the market.

The integration of the latest technologies like artificial intelligence (AI) in power management systems to efficiently monitor power consumption is invigorating the market growth. Such systems can track the consumption pattern of energy to place in power consumption mode, hence bolstering the energy-efficiency. As AI-enabled power management systems are autonomous, they eliminate the use of additional servers to enhance cost-efficiency. Moreover, automated maintenance and operations offered by such systems are expected to surge their use, which is predicted to significantly contribute to the market growth in the forecast period.

Key Industry Players in the Global Power Management System Market

The report presents a detailed analysis of the following key players in the global power management system market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• ABB Ltd
• ComAp A.S.
• RH Marine Netherlands BV
• Wärtsilä Corporation
• Marine Control Service AS
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report