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 the 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 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 shortly. .. Read more