The Latin America, Middle East and Africa Power Management System Market would witness market growth of 7.8% CAGR during the forecast period (2023-2030).
Power management systems boost energy efficiency while boosting safety, lowering operational costs, and preventing outages, driving the market's expansion. These systems are widely used in the oil & gas industry due to the increased emphasis on sustainability, boosting market growth.
The market expansion is being stimulated by the incorporation of cutting-edge technologies like artificial intelligence (AI) in power management systems to effectively monitor power consumption. These systems may monitor energy usage patterns and switch to power consumption mode, improving energy efficiency. Power management systems with AI capabilities do not require additional servers because they are self-sufficient, which increases cost-effectiveness.
Furthermore, adopting such systems is anticipated to increase the automated maintenance and operations they provide, which is expected to contribute considerably to the market growth throughout the forecast period. The market has begun to see a major increase in the usage of renewable energy. Due to the growing smart grid infrastructure, power management systems now have more options, which enables two-way communication between utilities and customers.
International Trade Administration (ITA) reports that ADNOC (Abu Dhabi National Oil Company), the leading oil and gas company in the UAE, aims to invest $150 billion over the next five years (2023–2027) to increase oil production capacity to five million barrels per day to fulfil rising energy demand. The technology aims to reduce energy consumption in various processes in the refinery, for instance, turning down a boiler that performs repetitive tasks until they are required. Consequently, the expansion of the oil and gas sector in this region will fuel the growth of the market for power management systems.
The Brazil market dominated the LAMEA Power Management System Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $156.3 million by 2030. The Argentina market is estimated to grow at a CAGR of 8.4% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 7.6% during (2023 - 2030).
Based on Module, the market is segmented into Power Monitoring & Control, Generator Controls, Load Shedding & Management, Switching & Safety Management, Power Simulator, Energy Cost Accounting and Data Historian & Others. Based on Type, the market is segmented into Software, Hardware and Services. Based on Industry, the market is segmented into Oil & Gas, Marine, Metal & Mining, Chemical & Petrochemical, Paper & Pulp, Utilities, Data Center and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Power Management System Market is Projected to reach USD 8.1 Billion by 2030, at a CAGR of 5.2%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include ABB Group, General Electric Company, Siemens AG, Eaton Corporation PLC, Schneider Electric SE, Emerson Electric Co., Mitsubishi Electric Corporation, Rockwell Automation, Inc., Honeywell International, Inc., and Fuji Electric Co., Ltd.
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