The global market for power system analysis software is anticipated to increase over the course of the projected period due to rising demand for electric power. Over the projected period, favourable rules and regulations are anticipated to fuel the expansion of the global market for power system analysis software. The global market for power system analysis software in North America is anticipated to grow rapidly over the projected period, making it one of the key regions in the world market. This is due to a rise in demand for software for power system analysis in developing nations like the United States and Canada. Therefore, it is anticipated to boost market expansion. In terms of value, the North America region controlled 32.6% of the global market for power system analysis software in 2021, followed by Europe, Asia Pacific, and Latin America. The programme offers assistance to resolve aberrant operation and gives loading recommendations through the adoption of models utilising real field condition assessment data.
According to the Coherent Market Insights, The market for Power System Analysis Software was valued at US$ 6922.7 million in 2021, and it is anticipated to expand to US$ 21104.7 million by 2030, at a CAGR of 13.4%.
Market Players in the Power System Analysis software Industry:
1. ABB Ltd.,
The business was established in 1988 and its headquarters are located in Zürich, Switzerland. Power and automation technologies are offered by ABB Ltd. Power products, power systems, automation products, process automation, and robots are some of the business's operating segments. ABB inaugurated a massive robotics complex in Shanghai in December 2022. ABB declared in March 2020 that it has reached a deal with Italian solar inverter producer Fimer to sell its company.
2. Siemens AG
The business was established in 1847 and is located in Munich and Berlin, Germany. The business offers engineering solutions for automation and control, electricity, transportation, and medical diagnosis. It focuses on electrification, automation, and digitalization. The business declared in August 2020 that it intended to buy Varian Medical Systems, a provider of software and cancer-related devices, in an all-stock deal worth $16.4 billion. Siemens purchased Wattsense, a maker of IoT hardware and software for buildings, in October 2021 for an unknown fee.
3. Atos SE,
The business was established in 1997 and has its headquarters in Bezons, France. It specialises in cloud, big data, cybersecurity, unified communications, and high-tech transactional services. The "Joliot-Curie" supercomputer, developed by Atos, GENCI, and CEA, was unveiled in June 2020. It would support open research in academia and industry. Atos is planning to deliver a new 5G security service in February 2023.
4. General Electric Company,
The business was established in 1892 and has its headquarters in Massachusetts, United States. The organisation works in the fields of venture funding and banking, energy, renewable energy, the internet industry, and additive manufacturing. The business declared its intention to split into three investment-grade public entities on November 9, 2021. GE announced the names of the businesses it intends to separate on July 18, 2022: GE Aerospace, GE HealthCare, and GE Vernova.
5. Unicorn Systems,
The business was established in 1990 and has its headquarters in Prague. The dynamic Unicorn group of businesses offers sophisticated services in the fields of information systems and information, communication, and technology. The company creates software that helps firms manage their information technology, architect their operations, and match their information technology with their businesses.
6. Schneider Electric DMS
The company was established in 2002 and is based in Novi Sad, Serbia. The business develops installation components for energy management and specialises in automation management and electricity distribution. In addition to producing electrical power items, the company also sells voltage transformers, sensors, valves, motor starters, cables, accessories, light switches, home security systems, and automobile chargers.
7. Artelys SA.
The company was established in 2000 and is based in Paris. Computer programming services are among the company's areas of expertise. The decision support software suite Artelys Crystal is produced by Artelys, a business with a focus on modelling, data science, and optimisation.
*Definition: To analyse data, model, and simulate the power electric system, power utilities utilise specialised software called power system analysis software. This software provides a number of capabilities to help power utilities diagnose and find anomalies.
