Power Management System Market to Worth USD 8.96 Billion by 2032, Driven by Renewable Energy Integration | Research by SNS Insider

Power Management System (PMS) Market growth is attributed to increased energy efficiency needs, renewable energy integration, and the adoption of smart grids.

Austin, Dec. 05, 2024 (GLOBE NEWSWIRE) — Market Size & Growth Analysis:

The SNS Insider report indicates that,“The Power Management System Market Size was valued at USD 5.18 Billion in 2023 and is expected to reach USD 8.96 Billion by 2032 and grow at a CAGR of 6.3% over the forecast period 2024-2032.”

Rising Demand for Energy Efficiency Drives the Power Management System Market

The power management system market is experiencing strong expansion due to rising energy management needs, technological progress, and the increasing use of renewable energy solutions. These systems are essential for improving operational efficiency for both industries and consumers. Facilities make up almost 90% of the demand on the ERCOT grid in Texas, underscoring the urgent necessity for efficient energy control, as stated by the U.S. Energy Information Administration (EIA).

Increasing energy demand from data centers and cryptocurrency mining operations are the main factors driving the trend. ERCOT’s Short-Term Energy Outlook (STEO) forecasts a significant rise in electricity consumption from large flexible load (LFL) customers, estimating it will reach 54 billion kilowatt-hours (kWh) in 2025, almost 60% higher than the 2024 projections. This highlights the need for advanced PMS technologies to guarantee grid stability and maximize energy consumption, especially during peak times.

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Dominant Market Players with their Products Listed in this Report are:

• ABB (ABB Ability™ Power Grid Control System, ABB Microgrid Solutions)
• General Electric (GE Digital PowerHouse, GE Power Grid Solutions)
• Siemens (Spectrum Power Management System, Smart Grid Solutions)
• Schneider Electric (EcoStruxure™ Power Management System, EcoStruxure™ Microgrid Solutions)
• Emerson Electric (Plantweb™ Optics Power Management Solutions, Emerson Ovation™ Distributed Control System)
• Eaton (Eaton PowerXL Power Management System, Eaton UPS Systems)
• ETAP (ETAP Power System Analysis Software, ETAP Microgrid Simulation Software)
• Mitsubishi Electric (MELSEC iQ-F Series PLC, Power Conditioning Systems)
• Rockwell Automation (PlantPAx Distributed Control System, Power Monitoring Software)
• Honeywell (Experion™ PKS Process Knowledge System, Home Energy Management System)
• Fuji Electric (Fuji Electric Power Management System, Fuji Electric UPS Systems)
• Larsen & Tourbo (L&T Power Management Solutions, L&T Smart Grid Solutions)
• Yokogawa (Yokogawa CENTUM VP DCS, Yokogawa Power Management Software)
• Wartsila (Wärtsilä Power Management Systems, Wärtsilä Microgrid Solutions)
• Cpower, Brush (Demand Response Solutions, Brush Generator Control Systems)
• Albireo Energy (Albireo Microgrid Solutions, Albireo Energy Storage Systems)
• Greystone Energy Systems Inc. (Power Management Software, Microgrid Solutions)
• Omron (Omron Sysmac Automation Platform, Omron Energy Management Solutions)
• Lineage Power (Power Management Systems, Power Quality Solutions)
• Delta Electronics (Delta Power Management Solutions, Delta UPS Systems).

Increasing Adoption of Renewable Energy Sources

The incorporation of sustainable energy sources into the worldwide energy mix is a main factor influencing the Power Management System market. Solar, wind, and other sustainable energy sources bring fluctuations to the energy supply, necessitating advanced PMS solutions for grid stabilization. The worldwide drive to decrease carbon emissions has sped up investment in renewable energy infrastructure, leading industries to embrace PMS technologies that enhance energy efficiency, reduce waste, and meet regulatory requirements.

PMS providers are using IoT technologies and automation to allow real-time monitoring and control, improving energy efficiency and sustainability. These solutions are crucial for the support of smart grids, which guarantee the smooth incorporation of renewable energy sources into conventional power grids.

“Market Segment Insights: Detailed Analysis Reveals Strategic Growth Pathways”

By Application Type: In 2023, the load-shedding and management segment dominated with 24% of the PMS market revenue. This segment is essential for balancing energy supply and demand, especially during peak hours. Leading players such as ABB and General Electric have developed advanced solutions like ABB’s Relion 670/650 series and GE’s Advanced Distribution Management System (ADMS), integrating IoT sensors for automated load-shedding and enhanced grid stability. These technologies prevent blackouts, improve operational efficiency, and promote automation in energy distribution.

By End-Use Type: The oil & gas segment held the largest revenue share in 2023, driven by the industry’s need for uninterrupted power in exploration and production activities. Power management systems in this segment focus on high reliability and compliance with regulatory standards. Advanced systems with emergency shutdown features and renewable energy integration are gaining traction, minimizing operational risks and reducing the carbon footprint of oil and gas operations.

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Key Market Segments:

By Application Type

• Load Shedding & Management
• Power Control & Monitoring
• Generator Control
• Switching and Safety Management
• Power Simulator
• Energy Cost Accounting
• Data Historian
• Others

By Component Type

• Hardware
• Software
• Services

By End-use Type

• Oil & Gas
• Marine
• Metal & Mining
• Chemical & Petrochemical
• IT & Data Centers
• Utilities
• Paper & Pulp
• Others

“Regional Market Breakdown: Identifying Growth Hotspots and Emerging Trends”

North America led the market in 2023, capturing a 29% market share, influenced by the extensive use of smart grids and IoT technologies, backed by significant investments from important stakeholders. Eaton revealed investments exceeding USD 500 million to improve manufacturing capabilities throughout North America, specifically targeting advanced electrical solutions and grid integration.

The Asia-Pacific region is expected to experience the highest CAGR in the forecast period 2024-2032, driven by the expansion of renewable energy infrastructure. Nations such as China, India, and Japan are at the forefront of this shift by making substantial investments in solar and wind energy initiatives. The International Energy Agency observed a historic 50% increase in the installation of renewable energy sources in 2023, fueled by this area’s dedication to decreasing dependence on fossil fuels.

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Recent Developments in the Power Management System Market

• April 2024: Schneider Electric unveiled a Battery Energy Storage System (BESS) that is carefully planned to be integrated into a versatile, expandable, and extremely effective framework. BESS serves as the foundation for a comprehensive microgrid solution powered by Schneider Electric’s control systems, optimization techniques, and renowned digital and onsite services.
• March 2023: Siemens Smart Infrastructure introduced Connect Box, an IoT solution that is open and user-friendly for controlling small to medium-sized buildings.

Table of Contents – Key Points Analysis

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Key Vendors and Feature Analysis, 2023

5.2 Performance Benchmarks, 2023

5.3 Integration Capabilities, by Software

5.4 Usage Statistics, 2023

6. Competitive Landscape

7. Power Management System Market Segmentation, by End-use Type

8. Power Management System Market Segmentation, by Application Type

9. Power Management System Market Segmentation, by Component Type

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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