Global power management system (PMS) market is anticipated to grow at a considerable CAGR of 6.4% during the forecast period (2024-2031). The growing energy demand, rising energy costs, environmental concerns, and stricter regulations for energy conservation is a key factor driving the global market growth. According to the US Energy Information Administration (EIA), the global oil demand is expected to rise between 3.0% and 10.0% by 2030 and 6.0% and 42.0% by 2050, compared to 2022. The High Economic Growth case shows the most significant increase in global oil demand, and global oil production is set to reach approximately 120 million barrels per day by 2050.
Browse the full report description of “Power Management System Market Size, Share & Trends Analysis Report by Component (Hardware, Software and Others), by Application (Load Shedding & Management, Power Control & Monitoring, Generator Control, Switching and Safety Management and Others) , by End-User(Oil & Gas, Marine, Metal & Mining, Chemical & Petrochemical and others) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/power-management-system-market
It also helps reduce reliance on fossil fuels and integrate renewable energy sources. Companies adopting PMS demonstrate their commitment to responsible energy management and reduce their environmental footprint.
In November 2022, ABB, an electrification and automation technology and solutions provider, launched ABB Ability OPTIMAX, an energy management system for hydrogen production. The software aims to reduce production costs by up to 20.0% for hydrogen-producing companies. ABB's OPTIMAX software supports scaling up hydrogen production capacity by 50 times and reducing the cost of producing green hydrogen by 50.0%. The software covers all aspects of a hydrogen plant lifecycle, from simulation and design to concurrent monitoring during operation. Such developments are further anticipated to drive the global market growth.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Component
o By Application
o By End-User
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
Competitive Landscape-ABB, General Electric, Siemens, Eaton, Schneider Electric, Emerson Electric Co., MITSUBISHI HEAVY INDUSTRIES, LTD., Rockwell Automation, Honeywell International Inc, among others.
Key questions addressed by the report.
Global Power Management System Market Report by Segment
By Component
By Application
By End-User
Global Power Management System Market Report by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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