Power System Analysis Software Market to Rise due to Increasing Investments in Smart Grid Systems
Published On : May 05, 2016 | Category : Electronics & Semiconductors
Power system analysis software provides valuable data to designers and operators of distribution systems. It also helps utilities take benefit of cutting-edge energy technologies. Power system analysis software includes enhanced modeling methods coupled with high-performance algorithms in order to present realistic simulation to users. This software is extensively used in the power industry and is also utilized for controller testing and design and operator training.
Global power system analysis software market is also highly used in power system protection and coordination, stability, contingency, economic modelling, and electrical engineering practice, among others. The major features of power system analysis software are: Direct current and alternating current analysis, interactive graphical user interface, and online simulation alerts.
Expansion in Smart Power Technologies to Fuel Power System Analysis Software Market
The power system analysis software market was valued at US$3.54 bn in 2015 and is poised to reach US$10.24 bn by 2024, by expanding at a 12.60% CAGR between 2016 and 2024. The expansion in smart power technologies and the increasing demand for electric power globally are the key factors driving the growth of the market for power system analysis software.
The increasing investments in smart grid systems is also a prime factor fuelling the growth of the market. In addition, the advancements in the Internet of Things (IoT) and Big Data analytics is another key factor augmenting the growth of the market. Furthermore, owing to predictive analysis, utility providers are able to cater to the rising electricity demand more efficiently, hence boosting the growth of the market.
On-Premise Software Held Largest Revenue Share of Around 82% in 2015
In terms of implementation model, the market is segmented into cloud-based and on-premise power system analysis software. Amongst these, the segment of on-premise power system analysis software led the market in 2015 and represented a share of approximately 82% in the market on the basis of revenue. This segment is predicted to rise at a 12.30% CAGR between 2016 and 2024. In terms of application, the power system analysis software market is segmented into distribution and transmission. Amongst these, the segment of distribution led the market in 2015 with a share of approximately 62% in terms of revenue. This segment is poised to expand at a 12.9% CAGR from 2016 to 2024.
North America Power System Analysis Software Market Led with a Share of 33% in 2015
On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Amongst these, North America held the largest share of 33% in the market in 2015 on the basis of revenue. On the other hand, the Asia Pacific power system analysis software market is anticipated to experience the swiftest growth rate in the forecast horizon. Within this region, India, Japan, China, South Korea, and Australia are the chief power system analysis software markets.
The players dominant in the market are Siemens AG, Schneider Electric DMS NS, Atos SE, Artelys SA, Operation Simulation Associates, Inc., Unicorn Systems, Energy Exemplar, PowerWorld Corporation, Nexant Inc., Open Systems International, Inc., DIgSILENT GmbH, Neplan AG., and Eaton Corporation Plc., among others.
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