ICT RESEARCH REPORTS Power-Management-System-Market | Page 2
Among end users, the marine segment includes marine vessels such as offshore support vessels,
cargo vessels, LNG tankers, cruise ships, and defense vessels. Marine vessels consume large
amounts of diesel or natural gas to power these vessels. Thus power management systems are
increasingly being deployed on marine vessels, to guarantee advanced load distribution,
automatic load shedding, generator start and stop, fuel enhancement, and switching operations.
By Module:
Power Monitoring & Control.
Data Historian.
Switching & Safety Management.
Load Shedding & Management.
Energy Cost Accounting.
Power Simulator. Generator Controls.
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Among modules, the power monitoring and control segment is except hold a dominant position
in the market. Its dominance is attributed to its application in controlling and measuring
parameters such as voltage control, energy demand, frequency, and data analysis, in turn
maintaining overall power quality.
Power Management System Market: Regional Insights
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 centers. 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