Power Management System Market To Reach $9.69 Billion By 2030

Power Management System Market Growth & Trends

The global power management system market size is anticipated to reach USD 9.69 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to exhibit a CAGR of 6.9% from 2024 to 2030. Factors such as the increasing importance of energy efficiency across industries and growing environmental sustainability awareness drive the demand for power management systems. Moreover, the increased adoption of IoT-enabled sensors, electrical meters, smart breakers, and other intelligent equipment to monitor electrical conditions presents significant growth opportunities for the market.

Renewable energy sources, such as solar and wind power, are becoming increasingly popular due to their sustainability and low environmental impact. Incorporating renewable energy sources such as solar and wind power into the power grid poses a challenge due to their irregular and variable nature. Power management systems play a crucial role in distributing power based on local demand and availability, thereby minimizing the impact of disruptions that may occur because of grid failures or natural disasters.

According to the International Energy Agency, global investment in solar photovoltaic (PV) capacity additions increased by over 20% in 2022, exceeding USD 320 billion. In 2022, solar PV made up nearly 45% of the total global investment in electricity generation, three times more than the amount spent on all fossil fuel technologies combined. Investment in PV is expected to continue growing due to determined government targets, policy support, and increasing competitiveness of solar energy. Companies are responsible for 26% of total installed PV capacity through their own distributed (including rooftop) solar PV installations as of 2022.

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Power Management System Market Report Highlights

• Based on component, the hardware segment accounted for the highest revenue share of 70.7% in 2023 and is expected to retain its position over the forecast period. The demand for efficient and reliable power supply systems is increasing across various industries, thereby driving the growth of hardware components such as power supply controllers and sensors. This demand is further fueled by the rising adoption of renewable energy sources and the increasing number of electronic devices.

• Based on application, the power control & monitoring segment is expected to grow at the fastest CAGR over the forecast period. Power monitoring is growing due to the increasing focus on efficient power utilization, urbanization, and industrialization, along with the need to maximize the reliability of electricity infrastructure. The increasing adoption of smart grid technologies and a focus on industrial development is driving the growth of the power monitoring systems.

• In terms of end-use, the utilities segment accounted for a significant revenue share in 2023. The utility sector has been investing in advanced power management systems to enhance reliability, optimize energy distribution, and integrate renewable energy. The need for efficient load management, real-time monitoring, and demand response capabilities has driven utilities to adopt new power management solutions.

• North America held the largest revenue share of 29.2% in 2023 and is expected to grow at a significant CAGR during the forecast period. The demand for power management systems is rising due to the growing need for energy efficiency. Increased awareness among businesses and consumers about the economic benefits of energy conservation and the potential for cost savings contributes to market growth. Government subsidies and incentives promoting the adoption of energy-efficient technologies further accelerate the expansion of the power management systems market in the region.

• In March 2023, Sumitomo Electric launched an energy management solution, sEMSA, an energy management system architecture. The system offers a unique architecture to control various distributed energy sources like cogeneration systems, photovoltaic power generation, and storage batteries. It enables aggregators, such as electric power service providers, to bundle demand and collectively manage energy resources to optimize power supply and demand response, leading to economic benefits.

Power Management System Market Segmentation

Grand View Research has segmented the global power management system market based on component, application, end-use, and region:

Power Management System Component Outlook (Revenue, USD Million, 2018 - 2030)

• 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

Power Management System Application Outlook (Revenue, USD Million, 2018 - 2030)

• Load Shedding & Management

• Power Control & Monitoring

• Generator Control

• Switching and Safety Management

• Power Simulator

• Energy Cost Accounting

• Data Historian

• Others 

Power Management System End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Oil & Gas

• Marine

• Metal & Mining

• Chemical & Petrochemical

• IT & Data Centers

• Utilities

• Paper & Pulp

• Others

Power Management System Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • Italy

  • France

  • Spain

  • Netherlands

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in the Power Management System Market

• ABB

• General Electric

• Siemens

• Eaton

• Schneider Electric

• Emerson Electric Co.

• MITSUBISHI HEAVY INDUSTRIES, LTD.

• Rockwell Automation

• Honeywell International Inc.

• Fuji Electric Co., Ltd.

• LARSEN & TOUBRO LIMITED.

• OMRON Corporation