A power management system is an integrated system of computer-guided tools utilized by operators of electricity transmission or distribution systems to track, control, and optimize the operation of their generation or dispatch network. It is also used in large-scale systems such as microgrids. It is also commonly referred to as energy regulation, grid control, or energy optimization. A power management system has a nonutility function in that it helps to conserve energy by adjusting the generation and demand for electricity. Developed countries such as the U.S. and Canada seem to be showing promising signs in terms of the adoption of power management systems. The presence of a robust infrastructure network and widespread adoption of EMS across various verticals including retail, power, and manufacturing can augment growth of the regional power management system market. Emerging economies are experiencing rapid industrialization, which could potentially boost the regional power management system market growth.
The demand for energy efficiency has increased significantly over the years. This in turn has led to the installation of renewable energy solutions worldwide. Recently, in June 2020, the Government of India inaugurated Asia’s largest solar power plant named Rewa Solar Project in Madhya Pradesh, India with the capacity of 750 MW. Both developed and emerging economies are increasingly laying emphasis on renewable energy sources with the growing construction wind and solar power plants. Such plants require power management systems to ensure that the electrical system safe and efficient. Hence, these factors can stimulate growth of the power management systems market.
The primary objective of a power management system (EMS) is to reduce energy consumption. However, there are numerous risks involved in power management systems with frequent occurrence of cyber-attacks. Operators need to ensure the data remains safe with protection from unauthorized access. Besides, lack of compatibility with legacy power networks is a major hurdle in the adoption of power management systems. Such challenges could potentially impede growth of the power management system market in the near future.
A power management system can provide several benefits. One benefit is that it reduces costs associated with blackouts, increases the reliability of supply and demand, and decreases fuel consumption. In addition to these benefits, an EMS provides economic savings because it improves customer service and retention of customers. In a micro-grid, a power management system reduces the risk associated with equipment downtime. The Internet of Things (IoT) is one of the most brilliant technologies that witnessed gradual adoption in numerous sectors. Power management system with IoT offers various advantages including reduction in operational expenses, energy expenditure, minimization of carbon emission, optimization of asset maintenance, compliance with government regulations, etc. Such factors can augment growth of the power management system market.
Recently, in December 2020, Hitachi ABB Power Grids launched RTU530, an all-new Remote terminal unit (RTU) that enables faster decisions and reliable grid operations.
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