Power Management System Companies | Forecast by 2033
Published: 30 Sep 2024
Author: Precedence Research
Power Management System Market Growth, Trends and Report Highlights
The global power management system market was exhibited USD 6.14 billion in 2023 and is anticipated to attain around USD 11.98 billion by 2033, poised to grow at a CAGR 6.91% during the forecast period. The power management system helps to find ways to eliminate energy costs, enhance uptime by avoiding unplanned outages, prevent shock, avoid electrical fires, etc. driving the growth of the market.
Market Overview
The power management system market refers to buyers and sellers of power management systems that are in charge of electrical systems and ensure that the electrical system is efficient and safe. It allows a minimum impact on performance and allows switching off devices in many power modes, each with unique power use features related to system performance. The benefits of a power management system include improved maintenance and getting more life from electrical assets, finding ways to reduce energy costs, improving uptime by avoiding unplanned outages, etc.
Market Trends
- Reduction in costs: Constant cost reduction in the installation and production of advanced power management solutions driving the power management system market growth.
- Environmental awareness: The rising awareness of environmental sustainability and the requirement to reduce carbon emissions increase the demand for advanced power management system solutions.
Advanced technologies driving the market
The advanced technologies include digital technologies, materials advancements, and manufacturing process advancements. The advanced technologies that improve the effectiveness and efficiency of advanced power management goods and services. Advanced technologies’ benefits include better accounting preference, improved customer satisfaction, less wastage, better and more effective manufacturing methods, increased profitability, etc., helping the growth of the power management system market.
- In July 2024, an advanced energy management system (EMS) designed especially for improved renewable power plant control was launched by a DNV company, GreenPowerMoniter (GPM). This new system helps to improve renewable energy capacity.
However, the restraints of the power management system include a lack of awareness, disruptions in the supply chain, competing technologies, uncertainty in policies, infrastructure limitations, high initial investment, etc., which can hamper the power management system's market flow.
Top Companies in the Power Management System Market
- OMRON Corporation
- LARSEN & TOUBRO LIMITED
- Fuji Electric Co., Ltd.
- Honeywell International Inc.
- Rockwell Automation
- MITSIBISHI HEAVY INDUSTRIES, LTD.
- Emerson Electric Co.
- Schneider Electric
- Eaton
- Siemens
- General Electric
- ABB Limited
- STMicroelectronics
- Wartsila Oyj Abp
- etap (Operation Technology Inc.)
- Brush Group
- ComAp AS
- Lineage Power
- Omron
- Graystone Energy System Inc.
- Albireo Energy
- Cpower
- Yokogawa
Recent Development in the Power Management System Market by Eaton
| Company Name | Eaton |
| Headquarters | Dublin, Irland |
| Development | In March 2024, the launch of a new modular data center solution was announced by Eaton, the US power management company. Eaton’s SmartRack modular data center includes services, cooling, and rack enclosures to withstand up to 150kW of equipment load. |
Recent Development in the Power Management System Market by STMicroelectronics
| Company Name | STMicroelectronics |
| Headquarters | Geneva, Switzerland |
| Development | In September 2024, the STPMIC25 highly integrated power management IC for STM32MP2 new micro-processer was launched by the STMicroelectronics Community. The new system is now available with 16 channels to provide all the MPU power rails and system peripherals in one suitable package. |
Regional Insights
Asia Pacific is estimated to be the fastest-growing during the forecast period of 2024-2034. China and India are the leading countries for the growth of the power management system market in the Asia Pacific region. Renewable energy sources are increasing investment in the Asia Pacific region due to reducing fossil fuel dependence and environmental concerns. The increasing use of IoT technologies and smart grids is driving the growth of power management systems as it allows for good control and monitoring of energy consumption. There is an increased demand for renewable energy sources like wind, solar, and other renewable energy sources.
- In May 2024, the launch of a smart energy meter, OAKMETER for efficient energy management was launched by Oakter. The smart meter uses advanced technologies like IoT capabilities, advanced metering infrastructure, and real-time data analytics.
North America dominated the power management system market in 2023. In the United States, because of the increasing requirement for energy efficiency, there is a high demand for power management systems. The power management system is increasing in the North American region because of the increased adoption of power management systems that handle irregularity and variability associated with renewable energy sources like wind and solar. There is a rising demand for IoT-powered technology, and market key players are increasing investment in new power management capabilities and manufacturing plants.
- In June 2024, ReliaHome Smart Power energy management solution in the United States and Canada was launched by ABB Limited. It helps in the evolution of traditional home electrical distribution.
Market Opportunity and Growth Potential
Use of artificial intelligence (AI)
The use of artificial intelligence (AI) in the power management system helps electric vehicles' power management by improving battery performance, enhancing charging infrastructure, and integrating electric vehicles with the grid. The use of AI can help to improve workflows and processes, allowing digital assistance, allowing quick decision-making, handling big data, reducing human error, automating repetitive tasks and processes, etc., contributing to the growth of the power management system market in the future.
- In September 2024, an artificial intelligence (AI)-based home energy management feature is live on the Wiser Home App and was launched by the leader in the digital transformation of energy management and automation, Schneider Electric. The company helps to lead in smart home energy management with innovative solutions to help electrical installers, homeowners, and homebuilders.
Power Management System Market Highlights
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 6.56 Billion |
| Market Revenue by 2033 | USD 11.98 Billion |
| CAGR | 6.91% |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Power Management System Market News
- In May 2024, a new version of the Super-S power management meter series, comprising 3 different models with improved optional units and measuring functions was launched by Mitsubishi Electric.
- In September 2024, the new version of the Battery Energy Storage System (BESS) management software platform named- ‘HybridOS V12 Energy Management Software’ was launched by the leading energy storage digital controls and software solutions provider, FlexGen. It is the new version of the company’s AI-based software platform.
Market Segmentation
By Component
- Hardware
- Controllers
- Sensors
- Switches, Relays, & Gateways
- Others
- Software
- Supervisory Control & Data Acquisition (SCADA)
- Advanced Distribution Management Components (ADMS)
- Outage Management Component (OMS)
- Generation Management Components (GMS)
- Others
- Services
By Application
- Load Shedding & Management
- Power Control & Monitoring
- Generator Control
- Switching & Safety Management
- Power Simulator
- Energy Cost Accounting
- Data Historian
- Others
By End-use
- Oil & Gas
- Marine
- Metal & Mining
- Chemical & Petrochemical
- IT & Data Centers
- Utilities
- Paper & Pulp
- Others
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