Power System Analysis Software Market
Power System Analysis Software Market (Implementation Model - On- premise and Cloud-based; Application - Distribution and Transmission) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Global Power System Analysis Software Market: Snapshot
Power system analysis software facilitates utility companies to minimize loss of energy during electricity generation and electricity distribution, thereby optimizing operational efficiency. Due to incessant energy consumption along with challenges in energy production, utility providers are increasingly shifting towards power system analysis software to analyze data collected from smart power systems.
The increasing investment in smart power technologies is the primary factor boosting the global power system analysis software market. Apart from this, advancements in Big Data analytics and Internet of Things is also a major factor boosting the demand for power system analysis software. Furthermore, energy conservancy property of the software is gathering the attention of governments across the world for long-term energy security, which is another factor fuelling the market’s growth.
The power system analysis software market is highly fragmented with the presence of several local players. However, a handful of companies, namely General Electric Company, ABB Ltd., and Siemens AG have established themselves via mergers and acquisitions and strategic alliances with domestic players. For example, in 2016, General Electric Company acquired Alstom and has been making huge investments in India to build smart cities, mission critical facilities, process industries, and government operations.
The global power system analysis software market stood at a valuation of US$3,540.4 mn in 2015 and is expected to be worth US$10,245.6 mn by 2024 rising at a CAGR of 12.6% between 2016 and 2024.
Cloud-based Implementation to Gain Prominence in Near Future
In terms of implementation, the global market for power system analysis software is divided into on-premise and cloud-based models. Of the two, on-premise led the market in 2015 accounting for almost 82% revenue of the overall power system analysis software market. The on-premise implementation segment is expected to rise at a CAGR of 12.3% between 2016 and 2024. The on-premise model offers better system uptime as servers are owned and maintained at the power utilities’ buildings, which is one of the key factors for the lead position of the segment.
However, cloud-based implementation segment is also expected to rise steadily due to the far-reach capabilities of the Internet.
On the basis of application, distribution and transmission are the segments into which the power system analysis software market is divided. In 2015, distribution held 62% of the overall market and is expected to display leading demand through the forecast period.
Asia Pacific to Emerge as Significant Market
Region-wise, North America is the leading contributor to the power system analysis software market. The region held almost 33.0% of the revenue in the global market in 2015. This is mainly due to massive investments in smart grid systems. Furthermore, ongoing efforts in Canada to upgrade its electricity infrastructure with the objective to minimize energy loss during production and transmission is expected to have a positive impact on the power system analysis software market in the coming years.
However, rapid urbanization in emerging economies of Asia Pacific is expected to bode well for the growth of this regional market. In Asia Pacific, countries such as China, India, Japan, South Korea, and Australia are the leading domestic markets with large populations and high unmet energy needs.
Key companies operating in the power system analysis software market include ABB Ltd., General Electric Company, ETAP/Operation Technology Inc., PSI AG, Unicorn Systems, Electricity Coordinating Center Ltd., Open Systems International Inc., Electrocon International Inc., Eaton Corporation plc, Siemens AG, Schneider Electric DMS NS, Atos SE, Artleys SA, Energy Exemplar, PowerWorld Corporation, Nexant Inc., Pöyry, Neplan AG, and DIgSILENT GmbH
Global Power System Analysis Software Market to Expand as Industries Pay Attention to Electrical Safety
The presence of a seamless industry for electrical systems management has created new opportunities for growth across the global power system analysis software market. The use of cutting-edge technologies for studying the load and bearing capacity of electrical lines and circuits has brought power system analysis software under the radar of focus. Moreover, large industries and organizations have become increasingly aware of the need for proper management electrical lines and circuits in their premises. Therefore, use of power system analysis software is slated to advance in the times to follow. In light of these factors, the total volume of revenues flowing into the global power system analysis software market is set to increase in the years to come by.
- The COVID-19 pandemic has compelled several industries to rethink their functional and operational dynamics. Although the pandemic has exerted major shocks on production lines, it has also given several industries and markets to recalibrate their growth strategies. To exemplify, major shutdowns caused the power system analysis software market to come a standstill as no new integrations were underway. However, this provided vendors and large companies to think through various premium technologies that can be deployed for improved management of electrical systems. Henceforth, the COVID crisis has, in some capacity, been a boon for certain market players.
- The archetypes drawn out before conceptualizing and building large units involve the study of electric lines and systems. These electric systems are slated to become a core part of the industrial, residential, and commercial sectors as new construction units emerge in each of these. Therefore, the total volume of sales floating across the global power system analysis software market is set to increase. In addition to this, investments in electrical insulation and safety are also redefining the dynamics of growth within the power system analysis software market.
Global System Analysis Software Market: Overview
The power system analysis software market report provides analysis for the period 2015–2025, wherein the period from 2017 to 2025 is the forecast period and 2016 is the base year. The report covers all the major trends and technologies playing a key role in power system analysis software market growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence market’s growth during the said period. The study provides a holistic perspective on the power system analysis software market’s growth throughout the above mentioned forecast period in terms of revenue (in US$ Mn), across different geographies, including Asia Pacific, Latin America, North America, Europe, and Middle East & Africa (MEA).
The market overview section of the report demonstrates the market dynamics and trends, such as the drivers, restraints, and opportunities that influence the current nature and future status of this market. An attractiveness analysis has also been provided for every geographic region in the report, in order to give a thorough analysis of the overall competitive scenario of the w power system analysis software market, globally. Moreover, the report provides an overview of the various strategies of key players present in the market. Product definition and introduction chapter helps in understanding different technologies of power system analysis software along with their applications which are included in the report.
The report also highlights the competitive landscape of the power system analysis software market, thereby positioning all the major players according to their geographic presence and recent key developments. The comprehensive power system analysis software market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the power system analysis software market’s growth.
Global System Analysis Software Market: Market Segmentation
The report segments the global power system analysis software market on the basis of implementation model into on-premise and cloud -based. By application, the market has been classified into distribution and transmission. Thus, the report provides in-depth cross-segment analysis of the power system analysis software market and classifies it into various levels, thereby providing valuable insights at the macro as well as micro levels.
On the basis of geography, North American market is divided into the U.S., and Rest of North America. Similarly, Europe market is divided into EU7, CIS, and Rest of Europe. Asia Pacific has been segmented into Japan, China, South Asia (India, Pakistan, Bangladesh, and Sri Lanka), Australasia (Australia, NZ, and Guinea), and Rest of Asia Pacific. Middle East and Africa covers the G.C.C., South Africa and Rest of Middle East and Africa. Similarly, Latin American region includes Brazil, and Rest of Latin America. This report provides all the essential information required to understand the power system analysis software and its components. Also, the report provides insights related to the policies and regulations according to the various geographical regions mentioned above. These policies and regulations are directly or indirectly influencing the power system analysis software market.
Global System Analysis Software Market: Competitive Landscape
ABB Ltd., Siemens AG, General Electric Company, Schneider Electric DMS NS, ETAP/Operation Technology, Inc., Atos SE, Artelys SA, PSI AG, Operation Simulation Associates, Inc., Unicorn Systems, Energy Exemplar, Electricity Coordinating Center Ltd., PowerWorld Corporation, Open Systems International, Inc., Nexant Inc., Electrocon International Inc., Pöyry, DIgSILENT GmbH, Eaton Corporation Plc, and Neplan AG. are some of the major players operating within the global power system analysis software market profiled in this study. Details such as financials, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling.
The global power system analysis software market is segmented as follows.
by Implementation Model