The global power management system market was valued at USD 3.77 Billion in 2017 and is proposed to reach USD 5.26 Billion by 2022, growing at a CAGR of 6.88%, during the forecast period. The mounting demand for energy efficiency in the manufacturing sector, rising adoption of IoT and cloud-based platforms, and increasing installation of renewables in the industry are driving the power management system market internationally. The ecosystem of the power management system market comprises companies such as Eaton (Ireland), ABB (Switzerland), Siemens (Germany), ETAP (US), GE (US), Wartsila (Finland), and Rockwell Automation (Japan).
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“The power management system market is projected to grow at a CAGR of 6.88%, from 2017 to 2022.”
The power management system market is projected to grow from an estimated USD 3.77 billion in 2017 to USD 5.26 billion by 2022, at a CAGR of 6.88%, from 2017 to 2022.The increasing demand for energy efficiency in the manufacturing sector, shale oil & gas boom in North America, and rising adoption of IoT and cloud-based platforms are driving the market across the world. The risk to data security is a major restraint for the power management system market.
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“The software segment is expected to hold the largest share of the power management system market, by type, during the forecast period.”
The software segment is expected to dominate the power management system market during the forecast period. The upgradation of existing software and increased use of IoT and cloud platforms are the major drivers of the software segment in the power management system market.
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Asia Pacific is expected to be the largest in the power management system market during the forecast period.
“Asia Pacific: The largest market for power management system.”
Asia Pacific is the largest market for power management systems. Government incentives for manufacturing industries are likely to enhance investments and increase the need for power, thereby boosting the demand for power management systems in Asia Pacific.
China, India, and South Korea are expected to grow at a fast pace during the forecast period.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type:Tier 1- 55%, Tier 2- 25%, Tier 3- 20%
- By Designation:C-Level- 35%, D-Level- 30%, Others- 35%
- By Region:AsiaPacific-30%, Middle East- 25%, Europe- 25%, North America- 10%, South America- 5%, Africa-5%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = > USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 = < USD 1 billion
Note: Others includes product engineers, sales managers, regional managers, consultants, and technical experts
The leading players in the power management system market are ABB (Switzerland), Siemens AG (Germany), Eaton (Ireland), GE (US), and ETAP (US).
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The report defines, describes, and forecasts the power management system market bymodule, type, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of major market drivers, restraints, opportunities, and challenges. The report also includes an in-depth competitive analysis of key players in the market along with their company profiles, recent developments, and key market strategies.
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