The global market for Power Management System is projected to reach US$5.7 billion by 2025, driven by digitalization, electronification and electrification trends sweeping through industries ranging from automotive, maritime transport, oil & gas, mining, heavy engineering to process manufacturing. In sync with digital maturity, electrification and digitalization of everything (DOE) is hitting a peak. On the back of this digital transformation comes the critical need for power management to ensure optimum utilization of power by electrical and electronic systems. With automation, robotics and IoT connectivity proliferating in smart factories around the world, there is a critical need to ensure robustness of electrical systems. Power management systems, in this regard, help improve reliability of electrical distribution and optimize consumption. Plant assets involving hydraulics, electric motors, electrical generators, turbines, and electrical heavy machinery need a mechanism for monitoring power consumption and usage by these myriad equipment. Power management systems enable intelligent monitoring of energy consumed by various electronic/electrical systems; deploy automatic enforcement of power management scheme; ensures timely identification of unusual power consumption patterns and inefficiencies in the system; ensures safety; lowers costs and safeguards against blackouts and unscheduled downtime of assets. Electronification and electrification of vehicles along with the impending commercialization of autonomous cars are pushing up the importance of on-board power management systems for vehicles in the automotive sector. Similarly, the maritime transport industry is also throwing up attractive opportunities for growth supported by a large global maritime transport fleet and an encouraging outlook for seaborne trade.

The heartening outlook for sea trade comes despite the threat of trade wars, protectionist trade policies, and increasing regulations such as the International Maritime Organization (IMO) 2020. Trade patterns will be supported by new trends such as digitalization which will redefine the geography of trade flow. IMO 2020, although will push up the cost of maritime transport, it will also help encourage fleet demolitions and fleet expansion, modernization and upgrades. Owners of inefficient vessels will face the necessity to scrap their ships and upgrade to newer energy efficient fleet to ensure conformance to the regulations. This will push up orders for new generation ships, positively influencing demand for Marine Power Management Systems (PMS). Power management on ships is important in preventing electrical blackout emergency scenarios. A power failure results in failure of engine, steering and deck machinery, and jeopardies a ship`s stability, thereby making power conservation & management an integral part of on-board operations. With vessel electrification being the future of shipping, the new generation of electric, digital and connected ships will present massive opportunity for growth of marine PMS. Also, with the average age of ships in the global fleet approximated to over 21 years, upgrades/replacements/retrofits will be a huge commercial opportunity. General cargo ships will emerge into an attractive pocket of growth with the age of these ships averaging to over 26 years. The United States, China and Europe represent large markets worldwide with a combined share of 52.1% of the market. China also ranks as the fastest growing market with a CAGR of 8.5% over the analysis period supported by the country`s dominance in the global shipbuilding industry. The rise of China as a major maritime power and the largest shipbuilder in terms of gross tonnage and value bodes well for growth in the market. Cumulative shipbuilding orders in the country is among the highest in the world, highlighting the country`s growing global clout in the shipbuilding business.