[New Market Study] Global Power Management System Market is expected to hit US$ 5.2 billion by 2028, registering a CAGR of over 5.5%, Market Report by RationalStat

The demand for more efficient power use and the growing use of renewable energy sources are driving substantial growth in the global market for power management systems. Monitoring, managing, and optimizing power generation, delivery, and consumption across many industries is made possible by power management systems.

Wilmington, Delaware, Aug. 18, 2023 (GLOBE NEWSWIRE) — According to a deep-dive market assessment by

Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment

In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.

The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.

In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.

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Competition Analysis and Market Structure

These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global power management system market include,

• In 2023, Yokogawa partnered with Radial Software Group to provide a cutting-edge AI-powered solution that offers a single view of all published technical information, Yokogawa will be able to progress its customers’ asset management capabilities, lowering risk, promoting operational excellence, and moving them closer to digital transformation.
• In 2022, ETAP and Schneider Electric announced that the ETAP Power Training Simulator (sOTS) and ETAP Power System Monitoring & Simulation (PSMS) integrated into Schneider Electric’s EcoStruxure Power Operation.

Some of the prominent players that contribute significantly to the power management system market growth include ABB Ltd., Eaton Corporation, Emerson Electric Co., General Electric Company, Honeywell International Inc., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Toshiba Corporation, Yokogawa Electric Corporation among others.

RationalStat has segmented the global power management system market based on offering, module type, end user, and region

• Global Power Management System Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by Offering
  • Hardware and Equipment
  • Software and Solutions
  • Services
• Global Power Management System Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by Module Type
  • Power Simulator
  • Power Monitoring
  • Power Control Systems
  • Generator and Genset Control
  • Others (Tools, Management Software, etc.)
• Global Power Management System Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by End User
  • Marine
  • Oil & Gas
  • Utilities
  • IT Sector and Data Center
  • Manufacturing Units
  • Power Generation and Distribution
  • Others
• Global Power Management System Market Value (US$ Million), Volume (units), and Market Share (2019-2028) Analysis by Region
  • North America Power Management System Market
    • US
    • Canada
  • Latin America Power Management System Market
    • Brazil
    • Mexico
    • Rest of Latin America
  • Western Europe Power Management System Market
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe Power Management System Market
    • Russia
    • Poland
    • Hungary
    • Other CIS Countries
    • Rest of Eastern Europe
  • Asia Pacific Power Management System Market
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • ASEAN
      • Indonesia
      • Thailand
      • Philippines
      • Vietnam
      • Malaysia
      • Rest of ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa Power Management System Market
    • GCC
      • Saudi Arabia (KSA)
      • United Arab Emirates (UAE)
      • Rest of the GCC
    • South Africa
    • Nigeria
    • Turkey
    • Rest of the Middle East & Africa

• Leading Companies and Market Players
  • ABB Ltd.
  • Eaton Corporation
  • Emerson Electric Co.
  • General Electric Company
  • Honeywell International Inc.
  • Rockwell Automation, Inc.
  • Schneider Electric SE
  • Siemens AG
  • Toshiba Corporation
  • Yokogawa Electric Corporation

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Key Questions Answered in the Power Management System Report:

• What will be the market value of the global power management system market by 2028?
• What is the market size of the global power management system market?
• What are the market drivers of the global power management system market?
• What are the key trends in the global power management system market?
• Which is the leading region in the global power management system market?
• What are the major companies operating in the global power management system market?
• What are the market shares by key segments in the global power management system market?

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Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.

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