POWER SYSTEM ANALYSIS SOFTWARE MARKET ANALYSIS

Power system analysis software is a specialty software used by power utilities to perform data analysis, modeling, and simulation of the power electric system. This software offers various features that assist power utilities in the diagnostic and detection of abnormalities. Moreover, it provides 24/7 access to operational data, history, and trends. Power system analysis software is used for adequacy calculations between generation and network capacities. The software suggests loading recommendations through the adoption of models using actual field condition assessment data and also provides support to address abnormal operation.

 The Global Power System Analysis Software market was valued at US$ 6922.7 Mn in 2021.

Recent Developments:

• In October 2022, ETAP/Operation Technology, Inc., a provider of operation and automation solutions for electrical power systems, introduced ETAP 22 an electrical digital twin solution which empowered operators and engineers to  operate, design, and automate safe, compliant, reliable power systems.
• In January 2022, PSI AG, an integrator and developer of software systems, announce the release of PSI Control 4.9 control system featuring new capabilities of protocol extension which allow flexible management of the connections and parallel operations of control centers.

Restraint:

• High upfront investment and security challenges are expected to restrain growth of the global power system analysis software market during the forecast period
• Incompetency to handle novel technology is expected to hinder the global power system analysis software market growth over the forecast period

Power System Analysis Software Market - Impact of Coronavirus (Covid-19) Pandemic:

Due to the Covid-19 pandemic, many industries witnessed a significant shift in their business. There is a significant impact on the power system analysis software market due to the pandemic. Every country is strictly following a complete lockdown and due to this, all manufacturing industries across the globe have been temporarily shut down. This has reduced the electricity demand from the industrial sector and increased the demand from the residential sector. But due to covid-19, the demand for Power Analysis software is increasing as companies are using this software to analyze consumer behavior.

North America held a dominant position in the global power system analysis software market in 2021

Statistics:

North America region dominated the global power system analysis software market in 2021, accounting for a 32.6% share in terms of value, followed by Europe, Asia Pacific, and Latin America, respectively

Figure 1: Global Power System Analysis Software Market Share (%), By Region, 2021

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North America global power system analysis software market is expected to be one of the prominent region in the global market witness high growth during the forecast period. This is owing increasing demand for power system analysis software in emerging economies such as U.S. and Canada. So it is expected to boost the market growth.

Figure 2: Global Power System Analysis Software Market (US$ Mn) Analysis and Forecast, 2017 - 2030

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The global power system analysis software market was valued at US$ 6922.7 Mn in 2021 and is expected to reach US$ 21104.7 Mn by 2030, growing at a CAGR of 13.4% between 2022 and 2030.

Major players operating in the global power system analysis software market include ABB Ltd., Electricity Coordinating Center Ltd., Siemens AG, Energy Exemplar, Atos SE, General Electric Company, Unicorn Systems, ETAP/Operation Technology, Inc., Operation Simulation Associates, Inc., Schneider Electric DMS NS, PSI AG, and Artelys SA.