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.
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.
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 End Use:
By Region and Country:
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
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:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Module, End Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 7.3%.
The installation of smart grids and smart meters in developed and developing nations is expected to increase significantly during the forecast period, leading to significant global energy management system growth.
Major global Power Management System Market players are General Electric Company, IBM Corporation, Honeywell International Inc., Rockwell Automation Inc., Schneider Electric SE, SAP SE, Siemens, Eaton, Mitsubishi Electric Corporation, and Cisco System Inc.
Market growth is constrained by the high implementation costs and lack of awareness needed to deploy the Power Management System.
The Asia Pacific region is expected to account for the largest market revenue share in the Global Power Management System market.
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