Global sales of power management systems are likely to total around $3.6 billion in 2023. Over the next ten years, the global power management system market will thrive at 6.6% CAGR. Total market valuation is set to reach $6.8 billion by the end of 2033.
Growth of the power management systems industry is driven by increasing need for energy conservation and rapid industrialisation. Similarly, adoption of smart grid infrastructure and increasing usage of renewable energy will fuel demand.
High adoption of IoT and AI technologies is also contributing to the growth of power management systems market.
Governments are implementing policies and regulations to promote the adoption of energy-efficient technologies and to reduce carbon emissions. This will continue to fuel power management system sales.
Growing number of industries and commercial projects that require efficient power management systems to ensure uninterrupted power supply will elevate demand.
Power management systems are widely used in utilities, followed by data centres. The utilities segment is one of the key users of power management systems. It is likely to hold more than one fourth of the market value share.
Demand for power management systems in data centres will rise at a healthy pace owing to rise in cloud computing and increasing demand for data storage and processing.
· The worldwide market for power management systems will reach a valuation of $6,880.9 million by 2033.
· Global sales of power management systems are likely to soar at a CAGR of 6.6% through 2033.
· By module, power monitoring and control segment is set to hold a dominant share of around 50.2% in 2023.
· Based on end use, the utilities segment will dominate the market by creating an incremental opportunity of nearly $790.3 million from 2023 to 2033.
· Power management system demand across India will increase at 9.0% CAGR through 2033.
· The United States power management system industry is forecast to expand at 5.5% CAGR.
“The ever-expanding industries such as marine, chemical, and so on, are expected to boost the power management system market over the forecast period. This is true for both, developed as well as developing countries. Research suggests that manufacturers will find significant opportunity in shifting their production priorities towards custom-built products to meet changing industrial demands.” – says a Future Market Insights (FMI) analyst.
The power management system market is moderately consolidated with few global players acquiring around 38% to 42% of the market shares. To improve their market presence, these players are making investments in new technological advancements and expanding their distribution networks.
A few of the leading manufacturers and suppliers of power management systems include ABB Ltd., Schneider Electric, Siemens AG, Eaton Corporation PLC, Rockwell Automation, Mitsubishi Electric, General Electric, Honeywell Corporation, and Fuji Electric, among others.
A few recent developments are:
· In July 2021, Mitsubishi Electric announced that it has developed a new power module that is designed to offer improved efficiency and reliability for electric and hybrid vehicles.
· In June 2021, Delta Electronics announced that it has launched a new range of modular UPS systems that are designed to offer improved energy efficiency and reliability.