Power Management Services Market Product Development Survey 2031

Power Management Services Market Outlook 2031
• The global power management services market was valued at US$ 3.6 Bn in 2021
• It is estimated to grow at a CAGR of 6.9% from 2022 to 2031
• The global power management services market is expected to exceed value of US$ 6.9 Bn by the end of 2031

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Analysts' Viewpoint on Global Power Management Services Market Scenario

Power management services play an important role in ensuring safe operations and periodic maintenance of high load electric consumption equipment in various industries. Several international bodies are providing funds to developing countries in order to enhance their power generation capacity and consumption, which, in turn, is boosting the demand for power management services. Increasing consumption drives the demand for electricity and consequently, propels the power generation industry across the globe. Moreover, growing investments by various market players and governments in building and maintenance of energy infrastructure has fueled the power management services market. Energy management solutions have gained popularity since they help gain competitive advantage, increase productivity, and reduce energy cost. Every industry, small or large, is powered by electricity; thus, it is essential to deploy smart energy management systems. Consequently, the power management services market is estimated to grow during the forecast period.

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Overview of Global Power Management Services Market
Power management system is a computer-aided tool that is responsible for the monitoring and management of power of the electric system. Its responsibility is to ensure that the electrical system is reliable and secure. Power management is important to assure both cost-effective and efficient work of the system. The power management system can visually display historical data or in real-time. The system combines the essential data that formerly had to be checked on numerous data and devices by equipment operators.

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Key Developments in Global Power Management Services Market

On May 18, 2022, Rockwell Automation announced SAGE Automation as its First Platinum System Integrator Partner. SAGE Automation is an independent industrial automation and control systems integrator, delivering industrial automation design and support globally.
On August 10, 2021, Mitsubishi Electric Corporation announced that along with its U.S. subsidiary, Mitsubishi Electric Power Products, Inc., it has entered into an agreement to acquire the U.K.-based Smarter Grid Solutions (SGS). SGS is a leading global provider of distributed energy resources (DER) management software for power distribution utilities and DER operators.

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