Power Management System Market

Power Management System Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Power Management System Market grew at a CAGR of 6.4 % between 2017-2021 and is estimated to be US$ 4,891.2 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.3% and is expected to reach a valuation of US$  9,894.9  Mn by 2032 end.

In terms of power management systems, integrating modern technologies such as cloud-based platforms and IoT will drive substantial industry growth in the next few years. Moreover, the development of the power management system market is linked to the expansion of consumer electronics and vehicle industries.

Market Dynamic

RECENT GROWTH IN POWER MANAGEMENT SYSTEMS BOOSTS THE MARKET

The market for power-saving electronic goods, such as power ICs and PMICs, has grown due to the enormous energy use and cost increase. Wireless communication is a major driver of the power management systems market in the communication industry. The increased demand for wired and wireless connections and their increasing industrial applications drive infrastructure innovation, resulting in more room for PMICs.

VARIOUS FACTORS AFFECTING  POWER MANAGEMENT HAMPER THE MARKET GROWTH

Many factors restrain the growth of the global power management system market, including the high cost of deployment, a lack of data security, and regulation of the use of the software. For example, companies need to be able to monitor the performance of their power distribution systems, resulting in better business efficiency. Additionally, companies must be able to reduce operating costs and increase their revenues by implementing automated monitoring and control technology to shape their customers’ needs and requirements.

THE RISE IN MULTI-POWER MANAGEMENT SYSTEM PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET

On the other hand, the integration process for multi-power management systems on a chip (SOC) of PMICs is a major impediment to the growth of the power management integrated circuits industry. Multi-voltage SOCs, for example, necessitates a strong methodology and toolkit for implementation, which is why having the right tool for analog and digital parts is critical.

COVID-19 Impact

As a result of the worldwide pandemic, many industries have experienced drastic changes in demand and power usage patterns. Much like other areas of industry, these changes require the development of better tools and techniques to better plan production schedules, avoid waste, enable lean manufacturing processes, and manage storage systems.

However, it is anticipated that the adoption of the Power Management System and, therefore, the Power Management System systems will expand due to the growing installation of Power Management System systems in operational projects and the growing government focus on upgrading the electricity sector. The market value might not catch up to the pre-COVID-19 value until 2027.

Market Segments Covered in Report

By Type:

• Software
• Hardware
• Services

By Module:

• Power Monitoring and Control
• Load Shedding and Management
• Power Simulator
• Generator Control
• Others

By End Use:

• Marine
• Oil & Gas
• Data Centers
• Metals & Mining
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is the Software segment projected to ensure the most revenue during the forecast period?

In 2021, the Software segment held the largest revenue market share of 40.0%. The increasing interest in achieving energy efficiency coupled with the growing adoption of energy management solutions across different market verticals is projected to fuel the market in the forecast period.

Why are Various end-user industries expected to expand the fastest during the forecast period?

In 2021, The increase in the demand for industrial equipment and automobiles, as well as oil and gas, as these sectors rely on costly energy sources, are some of the reasons that can be looked at behind its high growth. The growth of the global power management system market has been attributed to its broad application base. It provides savings of up to 80.0% across various end-user industries, such as automotive, industrial manufacturing, and consumer products.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, the Asia Pacific market held a sizeable revenue share of 45.6%. The majority of manufacturing industries in Asia Pacific use power management systems. It aids in lowering production costs without compromising quality. Additionally, assist in monitoring the functionality of the electrical system and equipment and reduce equipment malfunctions. Increasing spending on R&D to create portable devices and automation systems for the industry.
• Many industries in North America, including the USA, are utilizing IoT and cloud-based systems for operational purposes. These end-user sectors’ growing demand for energy-efficient technologies contributes to an increase in the power management system.

Competition Analysis

To increase their market share and grow their company internationally, the major players in the market concentrate on developing strategic alliances, mergers, and partnerships. Key players can expand their product portfolio by implementing creative product creation and redevelopment strategies. Additionally, working together with supporting businesses enables key players to explore new niche markets and offer their services globally.

Some of the key developments that have taken place in the Power Management System Market include:

• In December 2020, The first UHD display panel PMIC for laptops was announced by MagnaChip Semiconductor Corporation, which also introduced a new line of power management integrated circuits (PMIC). Integrated circuits, known as PMICs, have many power management functions on a single chip.
• In August 2020, A pioneer in power management and automation, Schneider Electric, will introduce its new Cloud-Hosted Power Management software service solution. The EcoStruxure Power system is designed to give Canadian small- and medium-sized organizations more options for power management systems even while these facilities lack the funding to implement comprehensive onsite solutions.

A list of some of the key suppliers present in the market are:

• General Electric Company
• IBM Corporation
• Honeywell International Inc.
• Rockwell Automation Inc.
• Schneider Electric SE
• SAP SE
• Siemens
• Eaton
• Mitsubishi Electric Corporation
• Cisco System Inc.

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.