Singapore Power Management System Market Future Landscape To Witness Significant Growth by 2030

Introduction

Power management system is used to monitor and balance the generation & consumption of power in an electrical network with multiple loads and sources. Power management system prevents blackouts and disturbances in operations. It also helps controls energy costs and enhances environmental safety.

Power and power management are vital for every industry. Dependence of industries on power has increased significantly over the last few decades. Furthermore, volatility in prices of energy, rise in environmental concerns, and increase in stringent regulations are factors that are compelling companies to seek improved power management systems.

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Key Drivers of Global Power Management System Market

Aging energy generation and distribution infrastructure is one of the major challenges faced by developed countries. It puts high pressure on energy generation and distribution infrastructure to provide reliable and cost effective power. Many countries across the world are grappling with high costs associated with disruptions, customer minutes lost, as well as investment needed to maintain and upgrade the network. Power management system can provide improved reliability at reduced cost; as a result, the power management system market is expected to expand in the near future.

Rise in demand for electricity is another key driver of the power management system market. Governments and companies across the globe are investing in the installation of grids in remote places. This is projected to boost the demand for power management systems. Thus, rise in demand for electricity is anticipated to propel the power management system market during the forecast period.

Global Power Management System Market: Segmentation

The global power management system market can be segmented based on type and end-user

Based on type, the power management system market can be classified into power monitoring and control, load shedding and management, switching and safety management, power simulator, generator controls, and others. Demand for power monitoring and control segment is expected to be high in industries such as oil & gas, mining, data centers, and telecom & IT. These industries are focusing more on the energy efficient system. Thus, the power monitoring and control segment is anticipated to expand substantially in the near future.

Based on end-user, the power management system market can be divided into oil & gas, power & energy, telecom & IT, manufacturing, health care, and others. Oil & gas and telecom & IT segments are estimated to expand at a significant CAGR during the forecast period.

Global Power Management System Market: Regional Segmentation

Based on region, the global power management system market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa

Asia Pacific is lucrative region of the global power management system market in 2019. The market in the region is expected to expand at a high CAGR during the forecast period owing to the rise in industrialization and governments’ initiatives of electrification in all parts of their respective countries. China, India, and Japan are the leading countries in terms of power consumption in Asia Pacific. Increase in awareness about power saving is boosting the demand for power management system in the region. This trend is expected to continue during the forecast period.

The market in North America and Europe is projected to expand significantly during the forecast period due to enactment of stringent government regulations regarding energy-efficient use of power and rise in environmental awareness

The market in Latin America and Middle East & Africa is also projected to expand at a steady pace during the forecast period due to steady increase in investment in grid development in these regions

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COVID Impact on Global Power Management System Market

The COVID-19 pandemic has adversely affected the power management system market by disrupting the supply chain as well as availability of manpower due to the lockdown in various countries. Many projects were put on the hold or were cancelled due to lack of funding. However, the market is expected to expand in the next couple of years after easing of lockdown and opening of international borders. Countries are now focusing more on energy security. This is also expected to propel the power management system market in the near future.

Key Players Operating in Market

ABB

Siemens

Eaton

Schneider Electric

Emerson

Mitsubishi Electric Corporation

Rockwell Automation, Inc.

Honeywell International Inc.

Fuji Electric Co., Ltd

Wartsila

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