An adaptive power management system includes a number of load devices, including a burst load device operable with a time-varying load having a controllable duty cycle. A shared power source supplies power to the load devices. The system adaptively determines a power allocation for the burst load device based on operational requirements of the load devices, and the maximum power supplied to the burst load device is limited to a selected power level based on the determined power allocation. A power storage module stores power supplied by the shared power source and supplies sufficient power to permit the burst load device to operate during burst periods with a peak power that exceeds the average power supplied to the power storage module. The duty cycle of the burst periods of the burst load device is controlled to maintain the power stored by the power storage module above a desired level.