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The global power management system market will likely reach USD5.47 billion by 2022, rising from USD3.57 billion in 2016. Thanks to rising demand for efficiency, transparency, and management solutions in power management, the demand for power management systems will likely soar at 6.93% CAGR during 2021-2027 period. The power management system will remain essential to cater to growing demand for power generation through renewable energy sources. The renewable energy sources like wind, solar, electric remain more intermittent sources of energy. Moreover, the power management sector is also shifting to small-grid based power distribution as costs of purchasing large power management DC units, and the problems related to energy transfer across large grids continue to drive demand more efficient, small, and more compatible energy grid solutions. The rising demand for renewable, growing demand for smaller distribution centres, and growing focus on energy efficiency initiatives will drive robust growth for the power management system market during 2021-2027 period.
Rising Demand for Energy in Industries to Remain a Key Driver of Growth
According to the US Energy Administration forecast in 2019, the demand for energy use will increase by 50% during 2018-2050. Moreover, the agency also predicts rising demand from industries like refining, manufacturing, mining, agriculture, and construction will account for largest share of growth. The demand from these industries will account for more than 50% share of the total growth in the market, with total industrial share accounting for more than 30% in the total usage by end of 2050. The agency predicts that the total industrial consumption will reach 315 quadrillion British Thermal Units by 2050 end. The demand for energy will be highest in the transportation sector, which is expected to increase by 40% during 2018, and 2050. The rising demand in OECD countries, wherein the energy consumption in the sector is expected to increase by 80% during the same period will be major driver of growth during the 2021-2027 period. Furthermore, the energy consumption in residential, and commercial sector will also grow during the same period, and amount to a 65% rise between 2018-2050 period. The consumption from this sector stood at 91 quadrillion British Thermal units in 2018, and will reach 139 quadrillion Btu, driven by rising income, growing urbanization, and increased access to electricity.
Rapid Electricity Generation from Solar, and Growing Demand for Electrical Appliances to Remain Key to Growth
The rising demand from the OECD region, due to growing disposable incomes, and increased rapid electricity generations through renewables remain a promising driver of growth in the power management systems market. Today, the OECD countries account for 80% of world trade, and investment. Moreover, the investment of OECD countries in new energy sources like wind, solar, and hydroelectric power continues to surpass most nations around the world. Furthermore, the US Energy Administration estimates that their demand for renewable energy will likely increase by 3.1% during 2018, and 2050. This is in sharp contrast to demand for petroleum, which is expected to grow at 0.6% during the same period. Moreover, other energy sources like coal are also expected to witness slow growth with coal growing at 0.4%, and natural gas consumption to increase at 1.1% during 2018-2050. Despite the slow growth of natural gas, its consumption will witness major rise, and grow by 40% during 2018-2050. The total consumption of natural gas will reach 200 quadrillion Btu by 2050 end. The natural gas will offer a key source of renewable energy for industrial demand, thanks to robust demand from primary metal, and chemical manufacturing, along with oil and natural gas extraction industry. The demand from non-OECD countries will also account for over 45% growth in the same period, promising robust prospects for players in the power management system market.
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