Global Power Management Software Market to Register a Staggering 9.1% CAGR from 2023 to 2031, Reaching US$ 4.5 Billion: TMR Report

Wilmington, Delaware, United States, June 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Power Management Software Market stood at US$ 1.9 billion in 2022 and the global market is projected to reach US$ 4.5 billion in 2031. The global power management software industry is anticipated to expand at a CAGR of 9.1% between 2023 and 2031.

Growth in the global market for power management software is set to be driven by various growth-encouraging factors. While the upliftment in key end-use verticals like oil & gas, metals & mining, and marine has a strong comportment on market expansion, where an increased emphasis on industrial automation and a rolled out of advanced power management software platforms instigated widespread growth of the market.

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Market Snapshot:

Key Takeaways of Market Report

• Global power management software market to generate absolute dollar opportunity worth US$ 4.5 billion until 2031.
• Global power management software market to generate absolute dollar opportunity worth US$ 2.24 billion until 2023.
• Global power management software market to generate absolute dollar opportunity worth US$ 1.9 billion until 2022.
• Global power management software market from 2023 to 2031 is 9.1%
• Market value of the global power management software market management from 2018 to 2022 is 7.7%
• Asia Pacific holds 51.3% of the share of the market.
• North America holds 20.94% of the share of the market.
• Power Management Systems market in the United States is estimated at US$ 836.7 million

Global Power Management Software Market: Growth Drivers

• Energy-intensive industries, like oil & gas, petrochemicals, etc, often lack a durable and decisive power supply where these industries require a power management system for ensuring constant energy flow, by controlling costs, enhancing safety, and reducing environmental impact. Power management software continuously monitors industrial installations for detecting any ambiguous or unavailable power supply.
• Power management system expeditiously restores power to the installation when there are chances of a complete blackout. In the case, that grid power is unavailable, the system harmlessly switches to local batteries or generators for ensuring a steady power supply and uninterrupted operations.
• Businesses and organizations worldwide are recognizing the importance of optimizing energy consumption, reducing costs, and minimizing environmental impact. Increasing demand for energy efficiency across industries is driving the power management software market demand.
  

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Global Power Management Software Market (PMS): Regional Landscape

• Asia-Pacific (excluding China and Japan) constitutes the dominant growth in the regional market. PMS deployments in the Asia-Pacific region are being fueled by growing awareness about power management among industrial entities in the region.
• Asia Pacific held a major market share and the industry is expected to continue to maintain its growth during the forecast period. China and India are expected to be key markets during the forecast period. These nations comprise 51.3% of the total global power management software market, due to high industrial activities and the presence of large-scale operating plants and several projects undergoing construction.
• North America is also an attractive market and holds a substantial share. The United States and Canada are completely responsible for significant growth in the power management software market value in the region. Power Management Systems market in the United States is estimated at US$ 836.7 million as the country currently accounts for a 20.94% share of the global market.
  

Global Power Management Software Market: Key Players

• Schneider Electric initiated the construction of a new smart factory in Dunavecse, Hungary, with an investment of €40 Mn. Spanning 25,000 sq. mts. and employing 500 individuals, this facility would be the 36th smart factory in Europe and the 22nd engineering-to-order factory in the region. The factory is anticipated to focus on producing customized primary and secondary switchgears, low voltage cabinets, components, and the innovative SF6-free AirSeT medium voltage switchgear range, catering to individual customer requirements.
• GE Digital focuses on delivering software that accelerates a new era of energy. The company deliver software that accelerates electrification and decarbonization across the energy ecosystem - how power is created, to how it is orchestrated, to how it is consumed. Using data, it transforms how customers solve their toughest challenges. By improving the energy ecosystem to be more intelligent and efficient, they are helping create reliable, affordable, and sustainable energy for all.
• In May, 2022, ETAP, the industry and technology leader in power system design and operation, and Schneider Electric, the global leader in the digital transformation of energy management and automation, announced the integration of EcoStruxure Power Operation with ETAP Operator Training Simulator (eOTS) and ETAP Power System Monitoring & Simulation (PSMS) enabling model-driven power system training and predictive analysis for operators and engineers
  

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Global Power Management Software Market: Segmentation

Software Type

• Supervisory Control and Data Acquisition (SCADA)
• Electrical Power Management System (EPMS)
• Hybrid
  

Deployment

• Cloud
• On-Premises

Application

• Power Monitoring & Control
  • Continuous Real-Time Monitoring
  • Frequency Control
  • Real-time Load Forecasting & Trending
  • Others
• Load Shedding & Management
  • Fast Load Shedding
  • Under Frequency Load Shedding
  • Load Shedding Prediction
  • Others
• Switching & Safety Management
  • Cyber Security
  • Alarm Management & Processing
  • Others
• Energy Cost Accounting
• Power Simulator
• Generator Controls
• Others

End-use

• Power Generation
• Datacenters
• Oil & Gas
• Metal & Mining
• Healthcare
• Transportation
• Petrochemical
• Others

Regions

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
  

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