Power Management System Market by Type (Hardware, Software, and Services), by Module (Power Monitoring, Load Shedding, Power Simulator, Generator Control, and Others), and by End-user (Oil & Gas, Marine, Metals & Mining, Power & Energy and Others) – Global Opportunity Analysis and Industry Forecast 2024-2030

Market Definition

The Power Management System Market size was valued at USD 4.70 billion in 2023 and is predicted to reach USD 6.88 billion by 2030 with a CAGR of 5.6% from 2024-2030.

A power management system (PMS) refers to a set of integrated hardware and software to efficiently monitor, control, and optimize the distribution and consumption of electrical power within various systems. It performs certain tasks such as load shedding, energy storage management, voltage regulation and maintain power quality.

The residential users can remotely monitor and control their home appliances and devices which allows them to turn off or adjust settings accordingly. In commercial and industrial users PMS helps prevent damage to industrial equipment by optimizing power distribution and preventing voltage fluctuations. It offers centralized control of lighting, heating, and cooling systems across educational institutes.

Market Dynamics and Trends

Growing energy storage technologies such as batteries and other advanced storage system is creating a global demand for power management system market. For instance, in July 2023, Samsung SDI Co., Ltd and Stellantis NV, a multinational automotive manufacturer partnered to establish a second battery manufacturing unit in the U.S. under the existing StarPlus Energy joint venture. The plant aims to have an initial annual production capacity of 34 gigawatt hours (GWh). Also, in May 2022 Samsung SDI Co., Ltd and Stellantis confirmed to build first battery manufacturing plant in Kokomo, Indiana which have an annual production capacity of 33 GWh.

Moreover, growing integration of renewable energy sources such as, solar, wind, and hydroelectric power into the system which requires certain power and energy management. For instance, in May 2023, ABB collaborates with Lhyfe, a leading company in green and renewable hydrogen, and Skyborn, a global leader in renewable energy.

This collaboration focuses on the production of offshore wind renewable hydrogen into the energy system in the SoutH2Port project. It is expected to produce about 240 tons of hydrogens per day making it one of the largest suppliers of renewable hydrogen in Europe.

However, the high initial and upgradation cost that restrict the small and medium sized industries to implement power management systems in hardware, software, and infrastructure is restraining the market growth. On the contrary, the increasing adoption of electric vehicle (EV) creates an opportunity for the power management system to manage EV charging infrastructure which will further boosts the market growth.

Market Segmentation and Scope of Study

The power management system is divided on the basis of type, module, end user and region. On the basis of type, the market is categorized into hardware, software, and services. On the basis of hardware, the market is sub-divided into computer server, controller, sensor, communication network, and others. On the basis of software, the market is again divided into Supervisory Control & Data Acquisition (SCADA), Advanced Distribution Management Solution (ADMS), Outage Management System (OMS), Generation Management System (GMS), and others.

On the basis of module, the market is classified into power monitoring, load shedding, power simulator, generator control, and others. On the basis of end users, the market is bifurcated into oil & gas, marine, metals & mining, power & energy and others. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the dominating share of power management system during the forecast period. This is attributed to factors such as growing demand of renewable source of energy and utilization of carbon-free power across the region is propelling the market growth.

For instance, in February 2023, Emerson, a global software and engineering leader is selected to automate operations at Intermountain Power Agency (IPP) power plant which is a regional energy hub that uses renewable energy resources.

This will allow IPP to align with Emerson’s power industry expertise to increase safety and cost reduction in maintaining the energy firm. This initiative creates clean energy hub in western U.S. and extend its digital foundation for green hydrogen production, storage, and power generation.

Also, increasing production for Sustainable Aviation Fuels (SAF) in aviation industry in the developed nations such as the U.S. and Canada for less consumption of fuel and reduction in carbon emissions is driving the demand for power management system market in this region.

For instance, in June 2023, Honeywell International Inc, announced a new High-Efficiency Mode (HEM) upgrade for its 131-9B Auxiliary Power Unit (APU) for Boeing 737 aircraft. The HEM is expected to provide fuel efficiency and lower CO2 emissions by 1% to 2% and increase time-on-wing by up to 1,500 APU flight hours.

On the other hand, Asia-pacific is considered fastest growing region where the market is analysed across India, China, Japan, and rest of the Asia-pacific region. It is based on the fact that the rapid growing adoption of technology in power and energy management such as clean energy usage and decarbonization in this region, thrives the growth of the market.

For instance, June 2023, Mitsubishi Heavy Industries Ltd. (MHI) and TNB Genco, Malaysia’s largest power producer signed a Memorandum of Understanding (MoU) to study and exchange information related to clean energy technology.

This examines three areas related to clean power generation including the hydrogen and ammonia value chain in relation with hydrogen production and supply, logistics, storage and related infrastructure, and carbon capture.

Furthermore, power distribution companies are constantly opting sustainable and carbon free energy resources to reduce operational and maintenance cost over the growing population is driving the growth of power management system market.

For instance, in March 2023, ABB China a subsidiary of ABB is moving towards various energy efficient development and reduction in carbon emissions. It also launched the “Energy Efficient Movement” in 2021, which focuses in improvement of energy efficiency and promote green development in the country. According to a survey by ABB in May 2022, 97% of the global industries are investing towards energy efficient way of power consumption.

Competitive Landscape

The power management system which is highly competitive includes several market players including ABB Ltd., Siemens AG, General Electric Company, Eaton Corporation, Rockwell Automation Inc., Mitsubishi Electric Corporation, Schneider Electric SE, Larsen & Toubro Limited, Honeywell International Inc., and Emerson Electric Co. among others. These market players are opting various strategies such as acquisition and collaboration to maintain their dominance in the global power management system.

For instance, in August 2023, General Electric (GE) Vernova acquired Greenbird, a data integration platform company focused on utilities, to boost GridOS innovation which is the world’s first software designed for grid orchestration. This acquisition further allows GE Vernova’s technologies in growing the sustainable energy grid and expand GridOS software portfolio which allows operators to connect easily into the system.

Key Benefits

• The report provides quantitative analysis and estimations of the power management system from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the power management system including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the power management system is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Key Market Segments

By Type

• Hardware

  • Computer Server

  • Controller

  • Sensor

  • Communication Network

  • Others

• Software

  • Supervisory Control & Data Acquisition (SCADA)

  • Advanced Distribution Management Solution (ADMS)

  • Outage Management System (OMS)

  • Generation Management System (GMS)

  • Others

• Services

By Module

• Power Monitoring

• Load Shedding

• Power Simulator

• Generator control

• Others

By End-user

• Oil & Gas

• Marine

• Metals & Mining

• Power & Energy

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

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