Dublin, May 19, 2022 (GLOBE NEWSWIRE) — The “Power Management Systems – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Power Management Systems Market to Reach US$5.2 Billion by the Year 2026
The global market for Power Management Systems estimated at US$4 Billion in the year 2022, is projected to reach a revised size of US$5.2 Billion by 2026, growing at a CAGR of 6.1% over the analysis period.
Growth in the global is set to be driven by numerous growth encouraging factors. While uptrend in key end-use verticals such as data centers, oil & gas, metals & mining, and marine has a strong bearing on market expansion, increased emphasis on industrial automation and roll out of advanced PMS platforms instigated widespread growth of the market.
The rise of digital lifestyle and digital economy induced a healthy trajectory in global data center industry, creating large-scale opportunities to various electrical systems markets including PMS, which aid data centers in streamlining their electrical system efficiency and performance. Similarly, stupendous increase in oil & gas sector along with critical requirement of reliable and consistent power in on-shore, off-shore, storage and refinery units, triggered widespread deployments of PMS in oil & gas plants.
Likewise, the mining industry’s strong lenience towards reliable power sources that eliminate production floor disturbances due to power outages enhanced the…
