The Global Power System Analysis Software Market, By Implementation model (On-premise and Cloud-based), by Application (Distribution and Transmission) and by Region (North America, Europe, Asia Pacific, RoW) - Global Forecast to 2027, is expected to be valued at US$ 14,715.3 million by 2027, exhibiting a CAGR of 12.8% during the forecast period (2020-2027), as highlighted in a report 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.
The global power system analysis software market is estimated to account for US$ 14,715.3 Mn in terms of value by the end of 2027.
Rising smart power technologies such as smart grids and power grids are expected to propel the global power system analysis software market growth over the forecast period
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 $20,000 Mn in 2018. It is expected that strong growth would be witnessed in China, India, and North America. Adoption of these smart power technologies would require the implementation of power system analysis software to monitor grid performance and enable condition-based maintenance, which in turn is expected to drive the demand for power system analysis software during the forecast period. Therefore, these factors are expected to propel the global power system analysis software market growth in the near future.
New business opportunities in smart power technology
According to the U.S. Energy Information Administration, the world’s electricity generation is projected to increase by 77% from 2006 to 2030. Furthermore, Asian countries such as China and India would increase generation by 200% in the same period. So the need for grid improvements is expected to increase in Asian Markets. The government of India launched the Restructured Accelerated Power Development and Reforms Program in 2008 to strengthen and upgrade the country’s transmission and distribution network. The program calls for an investment of US$ 10,000 Mn over a five-year span.
Challenges associated with data security is expected to hamper the global power system analysis software market growth over the forecast period
There are several challenges associated with power system analysis software, primarily being data security, data theft, and unauthorized access. Since this software requires timely maintenance to prevent unauthorized access, it results into additional cost. Unauthorized access can lead to data theft and various other illegal activities. Thus, these factors are expected to hamper the global power system analysis software market growth in the near future.
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.
Global Power System Analysis Software Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift 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. Countries such as China who is adversely affected by coronavirus, is the main producer of clean energy technologies, such as solar panels, wind turbines and batteries. Due to coronavirus, the deliveries of power equipment’s from China are not getting delivered on time and due to this the renewable energy companies are not meeting the deadlines of equipment installation. Due to this the demand for analysis software have been increased. Companies are using these software analysis report to decide the future strategy and analyze the financial impact due to Covid-19.
Key players operating in the global power system analysis software market are 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.