Market Synopsis:
Power managements systems are among the emerging technologies equipped with advanced software that collect real time data and allows organizations to monitor, assess and analyze the power consumption. It helps organizations to optimize the electricity generation, usage and isolate the major disturbances. Power management systems can be implemented where there is no or a poor grid supply or the need to optimize imported/exported power, in power generation facilities, on large ships’ generators and such high power demand locations. It helps organizations in increasing their productivity reducing energy cost, operational cost and avoiding power outages. It enables organizations to access fine-grained information in few clicks. That information is used to manage power generation efficiencies and other systems in power generation stations and substations.
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Market Growth Factors:
Improved power efficiency and lowering the production cost are the major drivers for the growth of Power management system market. Power management system is the essential tool which helps organizations to monitor and reduce energy consumption which ultimately helps them to reduce electricity expenses. Strict government policies regarding energy conservation, improved productivity, rise in electric vehicles, IoT devices and cloud-based platforms are some of the other growth drivers for this market. High initial investment and longer payback period impact the market negatively.
Market Segmentation:
Power management system market is segmented on the basis of type, End-user, and module. On the basis of product type, this market is divided as Hardware, Software, and Services. On the basis of Module, this market is segmented as Power Monitoring & Control, Generator Controls, Switching & Safety Management, Power Simulator, Data Historian, Load Shedding & Management, and Energy Cost Accounting. Power management system can be implemented in various industries such as Marine, Oil & Gas Paper & Pulp, Chemicals & Pharmaceuticals, Metal & Mining, Telecom & IT and others.
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Regional Analysis:
Geographically power management system is split into North America, Europe, Asia-Pacific, and LAMEA. Asia Pacific region is expected to dominate the global market. Increase in the industrialization, specifically manufacturing sectors in China and India driving the market growth in this region.
Competitive Analysis:
Top players in power management system are ABB, GE, Siemens, ETAP, Wartsila, and others. Acquisitions and partnerships are the two major strategies adopted by key players in this market. Along with the top players, market is comprises of the regional, mid-sized organizations.
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Latest News:
• ABB acquired GE’s global electrification solutions business. With this acquisition, ABB expands its access to the North American market.
• Aida Fleet launched its new cruise ship with Siemens system to monitor and control onboard functions. Its 9th passenger vessel from Aida with Siemens technology.
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