The Global Power System Analysis Software Market was valued at US$ 6922.7 Million in 2021 and is expected to surpass US$ 21104.7 Million by 2030, registering a CAGR of 13.4% during the forecast period (2022-2030), according to the Global Power System Analysis Software Market, By Implementation Model (On-premise and Cloud-based), by Application (Distribution and Transmission) by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Power system analysis software is adopted by power organizations worldwide to perform data analysis, modeling, and simulation of the power electric system. The software suggests loading recommendations through the adoption of models using actual field condition assessment data and also provides support to address abnormal operation. There is various power system analysis software available including Artelys Crystal Suite, Energy Exemplar PLEXOS, CAPE 14.00, ETAP 14.0, etc. Power distribution is the final stage in the delivery of electricity. The main function of an electrical power distribution system is to provide power to individual consumer premises.
Many power organizations are increasingly adopting smart grid technology to efficiently manage power load at peak hours and to permit greater consumer control over household energy usage. According to the U.S. International Trade Commission’s white paper, in June 2014, the global market for smart grids is expected to grow from US$ 60 Bn in 2013 to more than US$ 400 Bn by 2020. The same paper also reports that the use of smart meters has shown strong growth in recent years and the global market for smart meters will grow from US$ 4000 Mn in 2011 to around US $20,000 Mn in 2018. It is expected that strong growth would be witnessed in China, India, and North America. Adoption of these smart power technologies would require the implementation of power system analysis software to monitor grid performance and enable condition-based maintenance, which in turn is expected to drive the demand for power system analysis software during the forecast period. Therefore, these factors are expected to propel the global power system analysis software market growth in the near future.
Key Developments
- Major companies in the market are focused on their product development, in order to gain a competitive edge in the market. For instance, In November 2021, Energy Exemplar, a simulation software developer, announced the release of PLEXOS 9 version as part of its existing energy simulation software (PLEXOS).
Power System Analysis Software Market - Impact of Coronavirus (Covid-19) Pandemic:
Due to Covid-19 pandemic, many industries witnessed significant fluctuations in their business. COVID-19 has negative impact on the renewable energy sector, as delivery of the power plant equipment has delayed due to lockdown imposed by several countries such as China who is adversely affected by coronavirus, which is the main producer of clean energy technologies, like solar panels, wind turbines and batteries. But due to coronavirus, the deliveries of power equipment’s from China were not getting delivered on time so renewable energy companies were unable to meet the deadlines of equipment installation. However, the demand of Power Analysis software is increasing due to increasing use of the system analysis software in the companies to analyze the consumer behavior.
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https://www.coherentmarketinsights.com/market-insight/power-system-analysis-software-market-3937
Browse 150 market data tables* and 90 figures* on “Global Power System Analysis Software Market- Global Forecast to 2030”
Key Trends and Analysis of the Global Power System Analysis Software Market:
- Among regions, North America is expected to witness robust growth in the global power system analysis software market during the forecast period. This is owing to increasing focus on upgrading aging power equipment and the high maintenance cost of aging electricity infrastructure across the region. Furthermore, rising construction of new electrical infrastructure is expected to boost the regional market growth over the forecast period.
- Europe is expected to register a significant growth rate in the global power system analysis software market over the forecast period. This is owing to increase in renewable power generation and rising need to manage and monitor complex grid across the region. Furthermore, growing focus on strengthening energy supply and rising need for reliable energy supply is expected to boost the Europe power system analysis software market growth in the near future.
- Major players operating in the global flight data monitoring and analysis market include ABB Ltd., Electricity Coordinating Center Ltd., Siemens AG, Energy Exemplar, Atos SE, General Electric Company, Unicorn Systems, General Electric Company, ETAP/Operation Technology, Inc., Operation Simulation Associates, Inc., Schneider Electric DMS NS, PSI AG, and Artelys SA.
