Power System Analysis Software is meant to minimize the loss of energy during electricity generation and distribution, by utility companies, ensuring efficient operations management.
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According to the report, “Power System Analysis Software Market, by Implementation Model (On-premise, Cloud-based), Application (Distribution, Transmission) – Global Revenue, Trends, Growth, Share, Size and Forecast to 2022”, the market for power system analysis software is expected to grow at an impressive rate, due to the increased prevalence of diseases and the rising demand from around the world.
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Utility providers are increasingly opting for power system analysis software because they are facing lot of challenges related to energy production.
Also, due to heavy energy loss during electricity production and distribution process the software is high in demand leading to steady market growth.
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KEY PREMIUM INDUSTRY INSIGHTS
- There is a significant increase in the investment by companies in smart power technologies, which is boosting the power system analysis software market growth. Development in Big Data analytics and Internet of Things (IoT) are some more factors promoting the market growth.
- Government is paying more attention and promoting the usage of this software due to its ability to conserve energy. This aspect contributes significantly towards the growth of power system analysis software market.
- A long-term security that the software provides is another major market driving aspect. However, rapid urbanization in the developing as well as developed economies is hampering the market growth.
The power system analysis software market is divided into five major geographical segments which are North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. The North America region holds the highest market share and is the largest revenue contributor for the power system analysis software market.
The region holds dominance because companies are investing heavily in the smart grid systems. Countries like Canada have improved their electricity infrastructure to minimize energy loss during electricity production and distribution.
Hence there is a steady growth of the market in this region. Asia-Pacific region is witnessing a rapid market growth due to increase in population in developing countries and their unmet electricity needs.
Government in countries like India, China, Japan, and Australia is taking efforts to resolve the electricity deficit issue, promoting the power system analysis software market growth.
This report analyzes the power system analysis software market by the following segments:
Power System Analysis Software Market, by Implementation Model
Power System Analysis Software Market, by Application
KEY MARKET PLAYERS
Key players in the power system analysis software market include:
- 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
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