Power Management System Market- Outlook, Insights and Revenue Opportunities
Power management system is a device that controls the electrical system and electrical switchgear, further enhancing electricity by preventing blackouts and disturbances. The system also includes various solutions such as electrical SCADA, load forecasting, electrical monitoring and control system, event playback, and system automation.
Demand for power management systems is increasing, as it is highly energy efficient and involves low production cost. It is increasingly being used in businesses and residencies to monitor and decrease energy consumption, in turn reducing electricity expenses. This in turn, is expected to boost growth of the power management systems market in the near future. Industries are increasingly focusing upon reducing their production cost without compromising on quality. Deployment of power management systems, helps reduce operating budget for the production cycle in industries. This in turn, is expected to boost growth of the power management system market.
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The global market for power management system is segmented on the basis of the six regions namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Asia Pacific holds the largest market for power management system. The key factor driving growth of the market is growing industrialization, especially the manufacturing sector along with other industries such as metals and mining and data centres. Rampant development in shipbuilding, especially for commercial vessels and offshore support vessels, is another factor driving growth of the market in the region. According to Coherent Market Insights, China held a dominant position in the global shipbuilding market, in 2017. The country accounted for 45.5% of the market share due to new orders of global shipbuilding, in 2017.
Power Management System Market: Competitive Background
The leading players operating in the global power management system market include ABB, Rockwell Automation, Mitsubishi Electric, Etap, Omron Corporation, General Electric, L&T limited, Cpower Inc., Emerson Electric Corporation, Fluke Corporation, Fuji Electric Corporation Ltd, Eaton Corporation, Yokogawa Electric Corporation, Littelfuse Inc., and Schneider Electric S.E,
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