Global Power Management System Market, By Offering (Software, Hardware, and Services), By Module (Power Monitoring & Control, Data Historian, and Switching & Safety Management), By End User (Oil & Gas, Marnie, Metal & Mining, and Utilities), By Region - Forecast till 2026

  • To Be Published : Aug 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Power management system is a device that controls the electrical system and electrical switchgear, further enhancing electricity by preventing blackouts and disturbances. The system also includes various solutions such as electrical SCADA, load forecasting, electrical monitoring and control system, event playback, and system automation.

Demand for power management systems is increasing, as it is highly energy efficient and involves low production cost. It is increasingly being used in businesses and residencies to monitor and decrease energy consumption, in turn reducing electricity expenses. This in turn, is expected to boost growth of the power management systems market in the near future. Industries are increasingly focusing upon reducing their production cost without compromising on quality. Deployment of power management systems, helps reduce operating budget for the production cycle in industries. This in turn, is expected to boost growth of the power management system market.

Global Power Management System Market Taxonomy

The global market for power management system is segmented into:

By Offering:

  • Software
  • Hardware
  • Service

By End User:

  • Manufacturing Companies.
  • Oil & Gas Companies.
  • Utilities
  • Marine
  • Paper and Pulp
  • Chemicals and Pharmaceuticals
  • Metal & Mining

Among end users, the marine segment includes marine vessels such as offshore support vessels, cargo vessels, LNG tankers, cruise ships, and defense vessels. Marine vessels consume large amounts of diesel or natural gas to power these vessels. Thus power management systems are increasingly being deployed on marine vessels, to guarantee advanced load distribution, automatic load shedding, generator start and stop, fuel enhancement, and switching operations.

By Module:

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

Among modules, the power monitoring and control segment is except hold a dominant position in the market. Its dominance is attributed to its application in controlling and measuring parameters such as voltage control, energy demand, frequency, and data analysis, in turn maintaining overall power quality.

Power Management System Market: Regional Insights

The global market for power management system is segmented on the basis of the six regions namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Asia Pacific holds the largest market for power management system. The key factor driving growth of the market is growing industrialization, especially the manufacturing sector along with other industries such as metals and mining and data centers. Rampant development in shipbuilding, especially for commercial vessels and offshore support vessels, is another factor driving growth of the market in the region. According to Coherent Market Insights, China held a dominant position in the global shipbuilding market, in 2017. The country accounted for 45.5% of the market share due to new orders of global shipbuilding, in 2017.

Power Management System Market: Competitive Background

The leading players operating in the global power management system market include ABB, Rockwell Automation, Mitsubishi Electric, Etap, Omron Corporation, General Electric, L&T limited, Cpower Inc., Emerson Electric Corporation, Fluke Corporation, Fuji Electric Corporation Ltd, Eaton Corporation, Yokogawa Electric Corporation, Littelfuse Inc., and Schneider Electric S.E,.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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