According to a new market research report published by Credence Research “Power System Analysis Software Market ((Deployment Type- Cloud-based and On-premise), (Application- Distribution and Transmission – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall power system analysis software market worldwide was valued at US$ 4.34 Bn in 2018 and is set to grow with a CAGR of 9.8% during the forecast period.
Growing adoption of smart power technology and advancements in Big Data Analytics to boost global market demand for power system analysis software. The global market for Big Data Analytics was estimated at around US$ 33.5 billion in 2018 and the market will expand by almost 14 per cent in the coming years. The growing need for global system analysis software and advances in the Internet of Things (IOT) are some of the other key factors driving market growth. Minimizing energy loss, maximizing operational performance and others are some of the advantages of software that businesses are transitioning to power system analysis software. Subsequently, we expect that there will be a huge increase in the demand during the forecast period 2019-2027.
Depending on the implementation model, the demand for power system analysis software is divided into cloud-based and on-premise. The on-site group has the largest share in 2018. The group referred to above has almost 75% of the market share of revenue in the same year. The on-site section is driven by repairs at power utility buildings and better network uptime. The growing number of data centers worldwide is also a key factor in the growth of the market. We therefore expect the on-site segment to continue to dominate over the forecast period. On the other hand, we expect that the cloud-based segment would display the fastest growth during the forecast period due to rising internet penetration worldwide.
Based on geography, North America will be governing the market for power system analysis software in 2018. North America has a share of almost 33% of global market revenue in the same year. North America is dominated by increasing data centers, increased investment in smart grid systems, and early technological growth in the region. In addition, increasing efforts to upgrade Canada’s electricity infrastructure to minimize energy losses are expected to help the region’s market growth. We therefore expect the market to show significant growth in the area during the forecast period. On the other hand, Asia Pacific will show the fastest growth in the world throughout the forecast period due to rapid urbanization and growing government investment in the area to build data centers and electricity infrastructure.
Some of the major companies profiled in the report 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 among others.