Jan 18, 2018   SOURCE: BusinessWire

Global Power Management System Market 2017-2022 - A $4.57 Billion Opportunity - ResearchAndMarkets.com

The "Power Management System Market by Type (Hardware, Software, Services), Module (Power Monitoring, Load Shedding, Power Simulator, Generator Controls), End-User (Oil & Gas, Marine, Metals & Mining, Data Centers), and Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.

The global power monitoring market is projected to grow at a CAGR of 5.76% from 2017 to 2022, to reach a market size of USD 4.57 Billion by 2022.

This growth is attributed to the efficient utilization of power resources, increasing electricity prices, and maximizing reliability of electrical infrastructure. The increasing requirement of reliable power supply and replacement of existing infrastructure would also boost the demand for power monitoring systems.

North America is projected to dominate the global power monitoring market by 2022, owing to smart grid investment and aging T&D infrastructure in the region. The market in Asia-Pacific is expected to grow at the highest CAGR from 2017 to 2022. This growth is attributed to growing industrialization and urbanization and rising renewable power generation capacity in the region. Countries such as India, Japan, and China are driving the power monitoring market in the Asia-Pacific region.

Leading players in the power monitoring market include Schneider Electric SE (France), Eaton Corporation plc (Ireland), Siemens AG (Germany), Rockwell Automation, Inc. (U.S.), and General Electric Company (U.S.).

Market Dynamics

Drivers

  • Increasing Focus on Efficient Utilization of Power Resources
  • Growing Attention to Reduce Energy Cost
  • Maximizing the Reliability of Electrical Infrastructure

Restraints

  • High Cost of High-End Monitoring Devices

Opportunities

  • Increasing Adoption of Smart Grid Technologies
  • Growing Urbanization and Industrialization

Challenges

  • Availability of Alternatives Such as Energy Management System
  • Lack of Compatibility With Existing Components

Companies Mentioned

  • ABB Ltd
  • Eaton Corporation PLC
  • Emerson Electric Co.
  • Fluke Corporation
  • Fuji Electric FA Components & Systems Co., Ltd.
  • General Electric Company
  • Littelfuse, Inc.
  • Mitsubishi Electric Corporation
  • Omron Corporation
  • Rockwell Automation, Inc.
  • Schneider Electric SE
  • Siemens AG
  • Yokogawa Electric Corporation

For more information about this report visit https://www.researchandmarkets.com/research/f7bmxl/global_power?w=4