According to a new report, published by KBV research, The Global Power Management System Market size is expected to reach $8.1 billion by 2030, rising at a market growth of 5.2% CAGR during the forecast period.
The Generator Controls segment is showcasing a CAGR of 5% during (2023 - 2030). A power management system that focuses primarily on monitoring, managing, and optimizing electrical generators is essential and includes the generator controls module. Generators are essential for supplying the main power grid during high demand in various applications, including industrial plants, data centers, ships, and critical infrastructure.
The Software segment is leading the Global Power Management System Market by Type in 2022; thereby, achieving a market value of $3.5 billion by 2030. Power management system software empowers organizations to take control of their energy usage, improve operational efficiency, reduce costs, and contribute to a more sustainable future. PMS software can integrate with building management systems, enabling coordinated control of HVAC systems, lighting, and other building components to optimize energy usage while maintaining comfort and functionality. Therefore, the increasing deployment of these systems in various industries is driving the growth of the segment.
The Marine segment is experiencing a CAGR of 4.9% during (2023 - 2030). The marine segment includes cruise ships, cargo ships, LNG tankers, offshore support vessels, and defense vessels. Marine vessels are propelled by enormous quantities of fuel or natural gas. To ensure improved load distribution, automatic load shedding, generator start and stop fuel enhancement, and switching operations, power management systems are thus being installed on marine vessels progressively.
The North America region dominated the Global Power Management System Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.8 billion by 2030. The Asia Pacific region is estimated to grow at a CAGR of 5.9% during (2023 - 2030). Additionally, The Europe region would register a CAGR of 4.7% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/power-management-system-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB Group, General Electric Company, Siemens AG, Eaton Corporation PLC, Schneider Electric SE, Emerson Electric Co., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Honeywell International, Inc., and Fuji Electric Co., Ltd.
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