GE (US) and Siemens AG (Germany) are the Major Players in the Power Management System Market
The global power management system market is projected to reach USD 5.26 billion by 2022, growing at a CAGR of 6.88% from 2017 to 2022. This market growth is primarily driven by the increasing demand for energy efficiency in the manufacturing sector, rising installation of renewable energy in industry, and rising adoption of IoT and cloud-based platforms. The shale oil & gas boom in North America provides an opportunity for growth in the power management system market.
The power management system market comprises both global and regional players. The global market is dominated by major players including ABB (Switzerland), Siemens AG (Germany), Eaton (Ireland), GE (US), and ETAP (US). The market growth strategies adopted by key players in the power management system market include contracts & agreements, new product launches, expansions and investments, mergers & acquisitions, and joint ventures, partnerships and collaborations. Contracts & agreements was the most commonly adopted strategy by market players from 2014 to October 2017. Industry players also adopted new product launches, the second most adopted strategy during the stated period.
GE is a leading technology and financial services company that operates through eight business segments, namely, aviation, power, healthcare, oil & gas, renewable energy, capital, energy connections and lighting, and transportation. The company offers power management systems under the GE grid solutions business. The company has adopted contracts & agreements and new product launches as its key growth strategies. In October 2014, GE’s energy consulting business launched the Positive Sequence Load Flow (PSLF) analysis software. The software enables customers to model their power systems fast and efficiently.
Siemens is a German industrial conglomerate that was founded in 1847 and is headquartered in Munich, Germany. The company operates through eight business segments, namely, power and gas, wind power and renewables, energy management, building technologies, mobility, digital factory, process industry and drives, and healthcare. The company offers power management systems through its process automation division under its process industries and drives segment. Some of Siemens’s subsidiaries are Dresser-Rand (Germany), Siemens Industry Software (Germany), CD-adapco India (India), and Siemens Transmission & Distribution (UK). The company is focused on inorganic growth strategies such as partnerships and mergers & acquisitions. In November 2016, Siemens and Bentley Systems partnered to work together in the fields of energy management, power generation, building technology, and mobility. In July 2017, ABB acquired the German automation company, B&R, integrating the company’s automation products into its portfolio.
Related Reports:
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
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