According to a new market report published by Transparency Market Research entitled, “Power System Analysis Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024,” the global power system analysis software market was worth US$ 3,540.4 Mn in 2015 and is expected to reach US$ 10,245.6 Mn by 2024, expanding at a CAGR of 12.6% from 2016 to 2024. North America was the largest market for power system analysis software in 2015. Growth in this region is expected to be driven by the high degree of investment on smart grid systems. Furthermore, Canada’s ongoing efforts to transform its power supply and upgrade its electricity infrastructure should be a major driver of power system analysis software for the coming years.
Power system analysis software is used to analyze data gathered from smart power systems. Utility providers are the primary consumers of this software. Due to increasing global consumption, coupled with challenges in the production of electricity, utility providers are expected to increasingly shift toward power system analysis software in the coming years. The most significant factor boosting the growth of the power system analytics software market is rising investment on smart power technologies, globally. The global market is also driven by advancements in Big Data analytics and the Internet of Things (IoT).
On the basis of implementation, the global power system analysis software market is segmented into on-premise and cloud-based models. In 2015, the on-premise segment was the larger, and accounted for around 82% of the revenue of the overall power system analysis software market. Moreover, this segment is expected to expand at a CAGR of 12.3% from 2016 to 2024. The most significant driver of the market for on-premise software is their better system uptime, as the servers are owned and maintained at the power utilities’ buildings.
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In terms of application, the power system analysis software market is segmented into distribution and transmission. In 2015, the distribution segment held the larger revenue share of around 62%. Moreover, it is also expected to expand at the highest CAGR in terms of revenue during the forecast period from 2016 to 2024.
Geographically, North America is the largest market for power system analysis software market, globally. In 2015, the region accounted for around 33% of the overall power system analysis software market’s revenue. Furthermore, Asia Pacific is expected to witness the fastest growth during the forecast period. China, India, Japan, Australia, and South Korea are among the major markets for power system analysis software in this region.
Some of the major players in the global power system analysis software market are 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, Energy Exemplar, Electricity Coordinating Center Ltd., PowerWorld Corporation, Open Systems International, Inc., Nexant Inc., Electrocon International Inc., Pöyry, DIgSILENT GmbH, Eaton Corporation Plc, and Neplan AG.