Power Management System Market- Global Industry Size, Share, Trends, Opportunities, and Forecast Segmented By Type (Hardware, Software, Services), By Module (Power Monitoring, Load Shedding, Power Simulator, Generator Controls, Others), By End-User (Oil & Gas, Marine, Metals & Mining), By Region, Competition 2018-2028F

Global Power Management System market is expected to grow during the forecast period because improved energy management is required as a result of factors including changing energy prices, growing environmental awareness, and strict restrictions. In turn, this aspect is bringing attention to the power management system business.

Power management system is used to monitor and balance the generation & consumption of power in an electrical network with multiple loads and sources. It is used to prevent blackouts and disturbances in operations. It also helps controls energy costs and enhance environmental safety.

Global Power Management System MarketDrivers & Trends

Increasing Focus on Safety, Especially in Manufacturing Environment

• 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 growth in investments. 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 due to the  Industry 4.0 initiatives. In 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 being reflected in countries like China, Mexico, Brazil, and India.
• In recent years, industries like mining and manufacturing have increased focus on casualty and accidents due to electrical faults or mismanagement of power devices. According to the Safe in India (SII) Foundation, in the 2019-20 fiscal year, 1,873 workers were injured in India in automotive manufacturing factories. Most of the injuries took place due to electrical fault on the power press, a machine involved in 59% of the accidents, up from 52% in 2018. The foundation also reported that in 88% of the cases, the injuries were attributed to absent or malfunctioning safety sensors or other electric mechanisms on the power press.
• 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.
• Smart technology automation is gaining momentum in the industrial sector because it reduces the possibility of human mistakes while enhancing productivity and efficiency in a more modern and safer environment.

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Global Power Management System MarketChallenges

Risk to Data Security Caused by Occurrence of Cyber Attacks

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Global Power Management System MarketOpportunities

Development Of Urban Infrastructure in Emerging Economies

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The New Climate Economy estimates that by 2030, the world would need to invest USD 90 trillion in sustainable infrastructure.

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Market Segments

Global power management system market is segmented into type, module, end-user, and region. Based on type, the market is segmented into hardware, software, and services. Based on module, the market is segmented into power monitoring, load shedding, power simulator, generator controls, and others. Based on end-user, the market is segmented into oil & gas, marine, and metals & mining. Based on region, the market is segmented into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Market Players